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| Greek crisis: ECB meeting to decide on €3.5bn emergency funding | Greek crisis: ECB meeting to decide on €3.5bn emergency funding |
| (35 minutes later) | |
| The European Central Bank is holding an emergency meeting on Friday morning to discuss whether to pump more funds into Greek banks to prevent a full-blown banking crisis. | The European Central Bank is holding an emergency meeting on Friday morning to discuss whether to pump more funds into Greek banks to prevent a full-blown banking crisis. |
| The meeting, starting at noon (11am UK time) via conference call, comes after the acrimonious breakdown of talks between finance ministers in Luxembourg on Thursday night raised the prospect of Greece’s exit from the eurozone. | The meeting, starting at noon (11am UK time) via conference call, comes after the acrimonious breakdown of talks between finance ministers in Luxembourg on Thursday night raised the prospect of Greece’s exit from the eurozone. |
| Related: Greece faces banking crisis after eurozone meeting breaks down | |
| After the talks broke up with a war of words between Greece and its creditors, European leaders agreed to an emergency summit on Monday evening. The timing - just three days before a scheduled summit of all European Union leaders - was determined by fears of a run on the banks. | After the talks broke up with a war of words between Greece and its creditors, European leaders agreed to an emergency summit on Monday evening. The timing - just three days before a scheduled summit of all European Union leaders - was determined by fears of a run on the banks. |
| Greek depositors have withdrawn more than €3.2bn since Monday, including €1.2bn on Thursday, raising fears of a run on the banks. | Greek depositors have withdrawn more than €3.2bn since Monday, including €1.2bn on Thursday, raising fears of a run on the banks. |
| The ECB warned finance ministers on Thursday that Greek banks may not open on Monday. According to Reuters, when asked whether the banks would be open on Friday, ECB executive board member Benoit Coeure said: “Tomorrow yes. Monday I don’t know.” | The ECB warned finance ministers on Thursday that Greek banks may not open on Monday. According to Reuters, when asked whether the banks would be open on Friday, ECB executive board member Benoit Coeure said: “Tomorrow yes. Monday I don’t know.” |
| On Friday morning, the ECB’s decision-making governing council will discuss a request from the Bank of Greece for an increase in liquidity to Greek banks. According to newspaper Kathimerini, the Bank of Greece will ask for – and expects to get – €3.5bn (£2.5bn) of assistance via the Emergency Liquidity Assistance (ELA) facility. The request comes just two days after the ECB threw Greece a €1.1bn lifeline in ELA funds. | On Friday morning, the ECB’s decision-making governing council will discuss a request from the Bank of Greece for an increase in liquidity to Greek banks. According to newspaper Kathimerini, the Bank of Greece will ask for – and expects to get – €3.5bn (£2.5bn) of assistance via the Emergency Liquidity Assistance (ELA) facility. The request comes just two days after the ECB threw Greece a €1.1bn lifeline in ELA funds. |
| The talks between finance ministers broke down after barely an hour of discussions on the Greek crisis. Christine Lagarde, the head of the International Monetary Fund, said there was an urgent need for dialogue with adults in the room. | The talks between finance ministers broke down after barely an hour of discussions on the Greek crisis. Christine Lagarde, the head of the International Monetary Fund, said there was an urgent need for dialogue with adults in the room. |
| Greece’s prime minister, Alexis Tsipras, has insisted that only a political deal at the level of heads of state and government can end the crisis. Speaking on Friday morning, he said Monday’s summit was a positive development on the road towards a deal. | Greece’s prime minister, Alexis Tsipras, has insisted that only a political deal at the level of heads of state and government can end the crisis. Speaking on Friday morning, he said Monday’s summit was a positive development on the road towards a deal. |
| “All those who are betting on crisis and terror scenarios will be proven wrong. There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro” | “All those who are betting on crisis and terror scenarios will be proven wrong. There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro” |
| European stock markets opened flat on Friday morning, reflecting the fact that investors have already priced in the chaotic negotiations over the five-year Greek debt crisis. | European stock markets opened flat on Friday morning, reflecting the fact that investors have already priced in the chaotic negotiations over the five-year Greek debt crisis. |
| The UK chancellor, George Osborne, has urged Greece to come to a deal with its creditors. Arriving in Luxembourg for a meeting of EU finance ministers, he said: “We have entered the eleventh hour of this Greek crisis and we urge the Greek government to do a deal.” | The UK chancellor, George Osborne, has urged Greece to come to a deal with its creditors. Arriving in Luxembourg for a meeting of EU finance ministers, he said: “We have entered the eleventh hour of this Greek crisis and we urge the Greek government to do a deal.” |
| “We hope for the best, but we now must be prepared for the worst.” | “We hope for the best, but we now must be prepared for the worst.” |