The European Central Bank has raised the funding cap on its Emergency Liquidity Assistance for Greece’s banks by 3.3 billion euros ($3.7 billion), according to reports. The decision, made in a conference call Friday and first reported by Reuters, followed a meeting of the euro zone’s finance ministers on Thursday, where the ability of the country’s lenders to open up for business next week was questioned. It comes as a specter of a run on Greek banks is looming, after yet another round of failed rescue-for-reforms talks. The valuation of the Greek banking sector has fallen by nearly a third since the start of June as concerns about the risk of Greece leaving the euro zone grow. Office Depot (ODP) shareholders have voted overwhelmingly in favor of the company’s $6.3 billion acquisition by one-time rival Staples (SPLS). The deal, announced in February, is part of a rapid consolidation in the office supply sector that has been hammered by technological changes in the work place and by competition from Amazon.com and other online retailers. Staples has closed dozens of stores in preparation. Office Depot said Friday that 99.5 percent of the votes cast were in favor of the deal. Office Depot shareholders will receive $7.25 in cash and 0.2188 of a share in Staples Inc. for each share at closing. McDonald’s (MCD) is ready to take its all-day breakfast experiment to Mississippi. The fast-food giant announced on Thursday that after finding success this spring with its experiment of offering the McMuffin menu all day at San Diego locations it is now prepared to try the all-day premise with biscuit sandwiches in an entirely different U.S. market. The next iteration of the all-day breakfast menu comes on June 22 to 12 locations in Greenville and Greenwood, Miss. All but one of the restaurants make their biscuits from scratch.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
