BREAKING: ECB Will Not Provide Emergency Funds to Greek Banks

The European Central Bank has just announced that it will not provide emergency funding for Greek banks.

In a statement, the Governing Council of the European Central Bank said it “decided today to maintain the provision of emergency liquidity assistance (ELA) to Greek banks at the level decided on 26 June 2015 after discussing a proposal from the Bank of Greece.” Thisd meand no additional funds to Greek banks.

It is likely Greek banks only have a day or two of liquid funds available, then even the limited amount of funds allowed to be withdrawn by Greek citizens on a daily basis from ATMs could dry up.

-RW