A teleconference between the BoG and the ECB is ongoing, after just after noon (10.00 GMT). According to sources, once the teleconference is complete, a new conference between central bankers and BoG Gov. Yannis Stournaras will take place. During the conference, crucial decisions will be made.

According to European sources, there is no chance that a bailout program will be extended past July 1, as the Greek government requested. This is basically impossible since such an extension requires voting by all eurozone states’ Parliaments. Thus, from Wednesday on, it is certain that Greece will be left out in the cold — in terms of funding needs — and the discussion at present is whether or not there will be an ELA ceiling hike on Monday and Tuesday.

The decision will be made during the Board meeting of the ECB tomorrow if ECB head Mario Draghi has discussed and agreed with the views of Greek Deputy PM Yannis Dragasakis and Alt. FM Euclid Tsakalotos who are in Frankfurt for this exact reason.

Said sources also state, however, that it is possible that the Eurogroup will make such a decision, as it convenes this afternoon at 2pm Brussels local.

Deutsche Bank, in an emergency communiqué states that Europeans may not approve of Tsipras’ request for a few days of extension, while the ECB will keep the ELA on the same level or proceed with a radical “haircut” of collaterals.