No more extra emergency funding to Greece’s banks, despite steady outflow of deposits since crisis escalated.Latest: ECB maintains ELA Varoufakis: Capital controls incompatible with monetary unionFrance urges ECB to keep supporting GreeceWilliam Hill stops taking Grexit betsIntroduction: Perilous time for eurozone 1.42pm BST It’s official, the European Central Bank has decided to maintain the emergency liquidity support on offer to Greece, but it has also not provided any extra help.“We continue to work closely with the Bank of Greece and we strongly endorse the commitment of Member States in pledging to take action to address the fragilities of euro area economies.”“The Bank of Greece, as a member of the Eurosystem, will take all measures necessary to ensure financial stability for Greek citizens in these difficult circumstances.” 1.33pm BST Varoufakis also insisted that Greece needn’t be forced out of the eurozone. Indeed, there’s no mechanism to exit the single currencyThe euro was never designed to solve a problem such as Greek insolvency, and we’ve had a comedy of errors since. Continue reading...
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