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European Central Bank (ECB) President Mario Draghi arrives for the European heads of state and governments summit at the EU Council headquarters in Brussels, Belgium, 25 June 2015. Photo: EPA
The European Central Bank (ECB) is expected to end its emergency lending to Greek banks at the forthcoming meeting of its governing council on Sunday.
According to sources, Greece will probably have to “announce bank holiday on Monday, pending the introduction of capital controls”, the BBC reports.
Greek banks, which are dependent on the ECB's Emergency Liquidity Assistance (ELA), will find themselves in serious trouble in case the decision is taken.
Capital controls are restrictions on the amount customers can withdraw from banks and until now the Greek government has not signified its intention to impose such controls.
In the past weeks, Greeks have withdrawn billions of euros from banks and long queues formed at cashpoints on Saturday amid fears that banks would not open on Monday.
The ECB has been sending emergency funds on a daily basis to the Greek central bank, which then allocates it to the high-street banks.
This news comes as the Greek Parliament approved the proposal of Prime Minister Alexis Tsipras for the country to hold a bailout referendum on July 5.
The introduction of the euro in Bulgaria has so far produced only a limited and largely one-off effect on consumer prices, according to an analysis by the European Central Bank
A criminal network linked to Bulgaria has been accused of defrauding dozens of elderly people in northern Greece through an elaborate telephone scam that resulted in losses exceeding 600,000 euros, according to Kathimerini.
The United States is expanding shipments of liquefied natural gas to Southeast Europe and Ukraine via Greece, according to remarks by the US Ambassador to Athens, Kimberly Guilfoyle
Greece has raised its minimum monthly wage to 920 euros as of today, marking an increase from the previous level of 882 euros, according to official information
Greece has reportedly expanded its regional air defense involvement, including measures linked to the protection of Bulgarian airspace, amid heightened tensions in the wider Middle East following strikes involving the US, Israel and Iran
Eurostat provisional estimates, cited by Bulgaria’s National Statistical Institute, indicate significant disparities in GDP per capita across the European Union in 2025 when measured in purchasing power standards
A group of Members of the European Parliament has raised concerns over the potential leakage of confidential EU information to Russia, urging stronger safeguards within the European Parliament
The European Public Prosecutor’s Office (EPPO) has carried out a series of coordinated investigative actions across several countries, including Bulgaria and Romania, as part of a probe into suspected large-scale fraud involving EU funds
The caretaker government has approved a decision endorsing the Partnership Agreement between the European Union and its Member States and the Mercosur bloc
US Vice President JD Vance launched a sharp attack on the European Union during a visit to Budapest, accusing Brussels of interfering in Hungary’s election just days before a closely contested vote that could reshape the country’s political landscape
Fuel prices in Germany have recently reached new highs, with diesel briefly exceeding 2.40 euros per litre during the Easter holiday period before easing slightly afterward
A recently revised German military service framework has triggered public debate after it emerged that it places new travel-related obligations on men aged between 17 and 45
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