Greek government and banking officials are scrambling to find a solution to the country’s suffocating banking system. Reports say the Bank of Greece (BoG) is expected to submit an official request to the ECB for an increase in liquidity as of Monday.

A crucial meeting has reportedly been scheduled on Sunday evening at the finance ministry offices between the heads of the four systemic Greek banks, as well as the Bank of Greece (BoG) and government officials.

The ECB will convene on Monday after it has the final result of the Greek referendum in its hands to decide whether to extend liquidity to the crumbling Greek banks.

The ECB’s decision will affect whether the limit for cash withdrawals from local ATMs, which currently stands at 60 Euros per day per account, will be raised. It should be reminded that the president of the Greek Banks’ Association and President of National Bank (NBG), Louka Katseli has warned that the cash reserves in Greek banks will run out by Monday night.