The BBC has reported that the European Central Bank’s governing council, which is convening on Sunday, is expected shut down the Emergency Liquidity Assistance (ELA) mechanism for cash-strapped Greek banks.
The media outlet quotes “well-placed sources”.
The problem, in that case, will shift to Monday morning, when markets will watch if Greek banks open, and by extension, the Athens Stock Exchange.
“We think the Greek government will have no choice but to announce a bank holiday on Monday, pending the introduction of capital controls,” the BBC quoted the source as saying.