ECB to continue with emergency funding to Greece

The European Central Bank (ECB) said on Sunday that it would continue to provide emergency liquidity assistance (ELA) to Greek banks at the level previously agreed on Friday.

However, the governing council "stands ready to review decision" and will be "closely monitoring the situation".

The ECB welcomed the commitment by ministers from euro area member states to do all they could to keep their economies resilient and to "stand ready to take decisive steps" to strengthen economic and monetary union.

President Mario Draghi said: "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 ECB's governing council will be closely monitoring the situation in financial markets and the potential implications for the monetary policy stance and for the balance of risks to price stability in the euro area, it explained.

"The Governing Council is determined to use all the instruments available within its mandate," it added.

Yannis Stournaras, the governor of the Bank of Greece, also commented, saying: “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."