The European Central Bank is expected to end emergency lending to Greece’s banks on Sunday, the BBC understands.
BBC, June 28
Well-placed sources told BBC economics editor Robert Peston a decision to end the Emergency Liquidity Assistance (ELA) would be made by the ECB’s governing council later on Sunday.
Greek banks depend on ELA funds daily.
Greek Finance Minister Yanis Varoufakis said his government would consider overnight what measures to take “to minimise the burden on our people”.
Cutting the ECB lifeline could push Greece out of the euro.
Such an ECB cut would mean “Europe has failed”, Mr Varoufakis told the BBC’s World this Weekend.
Via Naked Capitalism: BBC: ECB to Stop Emergency Support of Greek Banks on Monday; Bank Holiday Likely
Greek banks will not open until July 7 in an attempt to avoid financial panic, after ECB capped the emergency funds keeping them running
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