REPORT: The ECB just approved more emergency funding for Greek banks

Athens (AFP) - The European Central Bank (ECB) again increased emergency liquidity funds for Greece's banks Tuesday, according to a Greek bank source.

The amount of the new increase of the ECB's Emergency Liquidity Assistance (ELA) was not specified, but is the fourth one since Wednesday and came as Greek savers continued withdrawing their money in large volumes from the country's banks.

Greece's situation is looking more positive after new proposals were discussed at an emergency summit of European leaders Monday night. The meeting broke up without a final deal, but the summit's chair, European Council President Donald Tusk, left hopeful that a cash-for-reform package would be approved by Europe's finance ministers on Wednesday night, Reuters reports.

European and Greek stocks rose on news of a possible deal, though it's clear that Leftist Prime Minister Alexis Tsipras will have to compromise on some of the anti-austerity promises he was elected on.

Greece needs to shore up a deal to unlock €7.2 billion ($8.2 billion, £5.16 billion) in bailout money to make debt repayments due to the International Monetary fund on June 30 and the European Central Bank on July 20.