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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/jun/28/greek-crisis-ecb-emergency-liquidity-referendum-bailout-live
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| Version 1 | Version 2 |
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| Greek crisis: ECB to decide on emergency support as France urges a deal - live updates | |
| (35 minutes later) | |
| 11.36am BST11:36 | |
| Here’s the official line from Britain’s government on the crisis this morning: | |
| A spokesperson for HM Treasury says: | |
| We urge the people of Greece to resolve the current uncertainty, and ensure economic and financial stability across Europe. | |
| “We have taken measures to increase our economic security so we can deal with risks like this from abroad, and we continue to take steps to prepare and protect ourselves from all eventualities”. | |
| 11.25am BST11:25 | |
| One senior executive at one of Greece’s largest conglomerates says her firm has taken steps to cope with the possibility of capital controls being imposed. | |
| She told John Hooper, our Southern Europe editor, that: | |
| “We are ready for everything.... | |
| “We have foreign banks ready to support us and enough cash to deal with payments inside and outside Greece We have ensured that, for a long period ahead, we have everything we need.” | |
| But smaller firms, she added, will be much more dependent on the Greek banks. | |
| Here’s John’s take: | |
| Related: Greek referendum call prolongs political uncertainty and raises capital fears | |
| Updated at 11.25am BST | |
| 11.08am BST11:08 | 11.08am BST11:08 |
| Austria: Greece would have to ask to leave | |
| Austria’s finance minister, Hans Jörg Schelling, has flagged up that Greece would have to ask to leave the eurozone, and get the permission of the rest of Europe: | |
| “Greece would have to file a request to do so. The other EU countries would have to approve the request. Only then could Greece leave the eurozone.” | “Greece would have to file a request to do so. The other EU countries would have to approve the request. Only then could Greece leave the eurozone.” |
| There simply isn’t a clear way for a country to simply exit the single currency. | There simply isn’t a clear way for a country to simply exit the single currency. |
| Martin Schulz, president of the European Parliament, told my colleague Ian Traynor recently that any country leaving the euro must also leave the EU. | Martin Schulz, president of the European Parliament, told my colleague Ian Traynor recently that any country leaving the euro must also leave the EU. |
| Updated at 11.41am BST | |
| 11.00am BST11:00 | 11.00am BST11:00 |
| The Foreign Office hasn’t changed its advice on managing your finances when travelling to Greece. | The Foreign Office hasn’t changed its advice on managing your finances when travelling to Greece. |
| A spokeswoman tells us that the advice was “always under review” and the FCO website would be updated if necessary. | A spokeswoman tells us that the advice was “always under review” and the FCO website would be updated if necessary. |
| At present, the current advice says: | At present, the current advice says: |
| “When travelling outside of the UK, you should take more than one means of payment with you (cash, debit card, credit card). Make sure you have enough money to cover emergencies and any unexpected delays.” | “When travelling outside of the UK, you should take more than one means of payment with you (cash, debit card, credit card). Make sure you have enough money to cover emergencies and any unexpected delays.” |
| 10.44am BST10:44 | 10.44am BST10:44 |
| William Hill stops taking Grexit bets | William Hill stops taking Grexit bets |
| William Hill, the UK bookmaker, has refused to accept any more bets on Greece leaving the eurozone, after a flood of wagers on an early Grexit. | William Hill, the UK bookmaker, has refused to accept any more bets on Greece leaving the eurozone, after a flood of wagers on an early Grexit. |
| Hill’s spokesman Graham Sharpe says: | Hill’s spokesman Graham Sharpe says: |
| ‘The only option people want to back at the moment is that Grexit will happen this year and we can no longer hope to balance the market so we have decided to pull the plug’ | ‘The only option people want to back at the moment is that Grexit will happen this year and we can no longer hope to balance the market so we have decided to pull the plug’ |
| Greece is also the 1/3 favourite to be the first country to leave the European Union, followed by the UK at 4/1, and Hungary at 12/1. | Greece is also the 1/3 favourite to be the first country to leave the European Union, followed by the UK at 4/1, and Hungary at 12/1. |
| 10.38am BST10:38 | 10.38am BST10:38 |
| French PM Manuel Valls also urged Greece to return to the negotiation table and reach a deal: | French PM Manuel Valls also urged Greece to return to the negotiation table and reach a deal: |
| “I cannot resign myself to Greece leaving the euro zone ... We must find a solution.” | “I cannot resign myself to Greece leaving the euro zone ... We must find a solution.” |
| 10.37am BST10:37 | 10.37am BST10:37 |
| French PM: ECB should keep supporting Greek banks | French PM: ECB should keep supporting Greek banks |
| France’s prime minister, Manuel Valls, has dropped a clear hint that the European Central Bank should keep supporting Greece’s banks: | France’s prime minister, Manuel Valls, has dropped a clear hint that the European Central Bank should keep supporting Greece’s banks: |
| Speaking on Europe 1 radio, Valls said: | Speaking on Europe 1 radio, Valls said: |
| “The European Central Bank is independent, but I don’t doubt it will assume its responsibilities. | “The European Central Bank is independent, but I don’t doubt it will assume its responsibilities. |
| I don’t think it can cut off support, to put it another way.” | I don’t think it can cut off support, to put it another way.” |
| Technically, it takes a two-thirds majority at the ECB to reject a request for more emergency funding from a national central bank. | Technically, it takes a two-thirds majority at the ECB to reject a request for more emergency funding from a national central bank. |
| ECB Governing Council consists of EZ's 19 national central-bank chiefs, incl Greece plus 6 on Executive Board. 2/3rd majority to rein in ELA | ECB Governing Council consists of EZ's 19 national central-bank chiefs, incl Greece plus 6 on Executive Board. 2/3rd majority to rein in ELA |
| Valls also warned Greek voters that a “no” vote in the upcoming referendum would effectively be a decision to leave the euro zone. | Valls also warned Greek voters that a “no” vote in the upcoming referendum would effectively be a decision to leave the euro zone. |
| “The Greek people must be able to decide lucidly. If there’s a negative vote, there is a real risk ...of exiting the euro zone.” | “The Greek people must be able to decide lucidly. If there’s a negative vote, there is a real risk ...of exiting the euro zone.” |
| 10.27am BST10:27 | 10.27am BST10:27 |
| The BBC is reporting this morning that the European Central Bank will vote to ‘turn off’ Emergency Liquidity Assistance (ELA) for Greek banks at its meeting later today, but many experts are doubtful. | The BBC is reporting this morning that the European Central Bank will vote to ‘turn off’ Emergency Liquidity Assistance (ELA) for Greek banks at its meeting later today, but many experts are doubtful. |
| Economics editor Robert Peston had blogged that the ECB will conclude that it can’t continue extending credit to Greek banks, given the high risk of the Greek government defaulting. | Economics editor Robert Peston had blogged that the ECB will conclude that it can’t continue extending credit to Greek banks, given the high risk of the Greek government defaulting. |
| One ‘well-placed source’ told Peston: | One ‘well-placed source’ told Peston: |
| “We think the Greek government will have no choice but to announce a bank holiday on Monday, pending the introduction of capital controls.” | “We think the Greek government will have no choice but to announce a bank holiday on Monday, pending the introduction of capital controls.” |
| ECB to turn off emergency help for Greek banks | ECB to turn off emergency help for Greek banks |
| We’ll find out later today. However, there’s a huge problem with the ECB pulling the plug -- Greece is technically still in a bailout programme for another three days. Crashing the banking sector now would be a deeply political decision, with the referendum coming up. | We’ll find out later today. However, there’s a huge problem with the ECB pulling the plug -- Greece is technically still in a bailout programme for another three days. Crashing the banking sector now would be a deeply political decision, with the referendum coming up. |
| It’s more likely that the ECB would vote to cap the existing ELA, at its current level of €89bn. That would still leave Greek banks exposed if funds continued to be withdrawn. | It’s more likely that the ECB would vote to cap the existing ELA, at its current level of €89bn. That would still leave Greek banks exposed if funds continued to be withdrawn. |
| Greece is still in a programme, until Tuesday. If ECB shuts the door on ELA before then it is intervening in a political process | Greece is still in a programme, until Tuesday. If ECB shuts the door on ELA before then it is intervening in a political process |
| The idea that the ECB is about to "switch off" Emergency Liquidity Assistance to #Greece, as per reports today, is bonkers (1/2) | The idea that the ECB is about to "switch off" Emergency Liquidity Assistance to #Greece, as per reports today, is bonkers (1/2) |
| Yes the ECB will possibly freeze ELA or tighten haircuts. Greek banks may not open on Mon. But after yday that was already the assumption | Yes the ECB will possibly freeze ELA or tighten haircuts. Greek banks may not open on Mon. But after yday that was already the assumption |
| 10.18am BST10:18 | 10.18am BST10:18 |
| Introduction: Greece on the brink | Introduction: Greece on the brink |
| Good morning, and welcome to our rolling coverage of the Greek debt crisis. | Good morning, and welcome to our rolling coverage of the Greek debt crisis. |
| The eurozone is entering the most perilous period since the creation of the single currency 16 years ago, after yesterday’s dramatic scenes in Brussels and Athens. | The eurozone is entering the most perilous period since the creation of the single currency 16 years ago, after yesterday’s dramatic scenes in Brussels and Athens. |
| And today could be just as gripping, | And today could be just as gripping, |
| Greece is on the brink of default this morning, after eurozone finance ministers yesterday refused to extend its bailout to allow a referendum to be held. | Greece is on the brink of default this morning, after eurozone finance ministers yesterday refused to extend its bailout to allow a referendum to be held. |
| And in the early hours of this morning, Greek MPs voted to press on and hold the poll anyway, a week today: | And in the early hours of this morning, Greek MPs voted to press on and hold the poll anyway, a week today: |
| Related: Greek crisis: Parliament approves referendum, after bailout extension rejected - as it happened | Related: Greek crisis: Parliament approves referendum, after bailout extension rejected - as it happened |
| The path to that vote looks perilous though. Without the extension, Greece will exit its bailout at the end of Tuesday night, and presumably unable to repay the €1.6bn it owes the IMF on the same day. | The path to that vote looks perilous though. Without the extension, Greece will exit its bailout at the end of Tuesday night, and presumably unable to repay the €1.6bn it owes the IMF on the same day. |
| The other eurozone finance ministers have already been drawing up measures to protect themselves, as our Europe editor Ian Traynor wrote last night: | The other eurozone finance ministers have already been drawing up measures to protect themselves, as our Europe editor Ian Traynor wrote last night: |
| Europe’s single currency entered the stage of rupture for the first time in its 16-year life on Saturday night when 18 governments told Greece its bailout package would be terminated within days. The country plunged towards financial collapse after its leftwing prime minister, Alexis Tsipras, abandoned negotiations and called a referendum on his lenders’ terms for continuing the lifeline. | Europe’s single currency entered the stage of rupture for the first time in its 16-year life on Saturday night when 18 governments told Greece its bailout package would be terminated within days. The country plunged towards financial collapse after its leftwing prime minister, Alexis Tsipras, abandoned negotiations and called a referendum on his lenders’ terms for continuing the lifeline. |
| An emergency meeting of eurozone finance ministers took place in Brussels on Saturday evening without Greece for the first time since the crisis began in 2010. It turned into a crisis planning session devoted to quarantining Greece and insulating the rest of the eurozone from the impact of anticipated financial mayhem... | An emergency meeting of eurozone finance ministers took place in Brussels on Saturday evening without Greece for the first time since the crisis began in 2010. It turned into a crisis planning session devoted to quarantining Greece and insulating the rest of the eurozone from the impact of anticipated financial mayhem... |
| EU ministers refuse bailout extension for Greece as referendum looms | EU ministers refuse bailout extension for Greece as referendum looms |
| Attention now turns to the European Central Bank, which must now decide today whether to continue providing the emergency liquidity needed by the Greek banking sector to keep running. | Attention now turns to the European Central Bank, which must now decide today whether to continue providing the emergency liquidity needed by the Greek banking sector to keep running. |
| We’ll be tracking all the main events through the day... | We’ll be tracking all the main events through the day... |