Greek Crisis Moving Fast as Emergency Measures Considered

The European Central Bank (ECB) began discussions on Sunday to extend emergency financial support for Greece as the country moves forward with a referendum on a proposed bailout, at the same time as its current bailout speeds to a June 30 expiration.

In a conference call, the ECB considered whether to extend or scrap Emergency Liquidity Assistance (ELA), which would keep Greek banks running long enough for the country to hold a popular vote on the bailout deal proposed by foreign creditors. Greek Prime Minister Alexis Tsipras called for the referendum on Saturday after high-stakes negotiations over the financial aid package with creditors, known as the Troika—the ECB, the European Commission, and the International Monetary Fund (IMF)—fell apart in Brussels, Belgium.

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Meanwhile, Greece’s Financial Stability Council announced plans to meet in the afternoon to discuss the country’s banking situation. The council consists of Greek Finance Minister Yanis Varoufakis, his deputy Dimitris Mardas, Central Bank Governor Yiannis Stournaras, and the heads of several financial commissions.