European Central Banks to Maintain Emergency Support to Greece

[libertybele]

ECB maintains emergency support to Greek banks at current level

The European Central Bank said Sunday that it has decided to maintain emergency support for Greek banks at their current level.

The emergency liquidity assistance (ELA) currently stands at just under 90 billion euros ($100 billion), the Associated Press reported earlier Sunday.

It comes after Greece's parliament voted in favor of Prime Minister Alexis Tsipras' motion to hold a referendum on whether to accept a bailout deal offered by the country's international creditors. The vote is due next Sunday, July 5.

The ECB said its Governing Council stands ready to review the decision...

...Greece must come up with a loan payment of $1.8 billion to the International Monetary Fund by Tuesday to avoid a default...

http://www.usatoday.com/story/money/2015/06/28/ecb-greece-funding/29422351/

[Ptarmigan]

Greece fails to make key IMF debt payment
http://www.washingtonpost.com/world/europe/european-leaders-seek-last-ditch-offer-to-bring-greece-from-brink-of-default/2015/06/30/960aded8-1ea2-11e5-a135-935065bc30d0_story.html

ATHENS — Greece lost its financial lifelines Tuesday, as the country missed a crucial payment to the International Monetary Fund amid growing questions about whether it would be able to remain in the euro zone.

Greek leaders had made a last-ditch attempt to come up with the necessary cash, asking European countries for a new bailout hours before its last ones were set to expire, but E.U. finance ministers rejected the request as unrealistic. The missed payment, confirmed by the IMF, was a landmark moment in Europe’s five-year battle to preserve its common currency.

It gets worse for Greece. No matter what deal they have, Greece and EU come out as losers.