Greek ATMs running out of money – capital controls on

There are growing reports that banks in Greece are beginning to run out of cash, with more and more pictures saying “This ATM is temporarily unavailable for withdrawals. We regret for any inconvenience. Please take your card”.

Greece’s financial stability committee meets at 14:00 GMT to discuss the situation in banks. The meeting will be led by Greek finance minister Yanis Varoufakis.

The ECB is set to cut the ELA following the latest developments. Varoufakis said that there is no mechanism from a “Grexit”.

Update: ECB maintains Greek ELA at €89.4 billion – opts for middle ground

More from Varoufakis: Cutting ELA would be a failure of the monetary union and democracy

However, an end to ELA is not a clear cut decision. France is urging the ECB to leave the door open. There is some talk that the ECB will continue with the Emergency Liquidity Assistance for 48 more hours, giving negotiations a chance towards the deadline.

The ECB provides the emergency assistance on the grounds of collateral. The Greek banks provide Greek government bonds as collateral, but as the government is short on money, the collateral could be deemed as worthless.

Here is a tweet about the cash machine message:

A lot of these around this morning … #Greecepic.twitter.com/VEdht2bhaN

— jon henley (@jonhenley) June 28, 2015

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