ECB ponders extending assistance to Greece

The European Central Bank (ECB) is expected to make a decision on whether to continue providing emergency liquidity assistance (ELA) to Greece at a conference call of its governing council on Monday.

A Greek government's spokesman told ANT1 television that the Bank of Greece would make a formal request to this effect on Monday. “And we believe there are valid grounds for there to be an increase in ELA liquidity.”

Read more: ECB to continue with emergency funding to Greece

“There is no reason not to increase liquidity,” he added.

The Greek people backed the government's position by voting “no” on the referendum that the country held on the bailout conditions proposed to Greece by its international creditors on 25 June.

Read more: Greeks back government by voting 'no' to bailout conditions

Before announcing he would step down, former Greek finance minister Yanis Varoufakis had commented after the voting outcome was made public on Sunday night that Greek banks would reopen on Tuesday, after they were closed last week and restrictive measures on withdrawals were put on place.

Read more: Greek finance minister Yanis Varoufakis steps down despite no vote

ECB executive board member Benoit Coeure said on Sunday, before the the result of the referendum was announced, that the Bank was ready to apply additional measures if needed.

“In the current circumstances of great uncertainty in Europe and the world, the ECB has been clear that if we need to do more we will do more. We will find the necessary instruments,” Coeure said.

“Our will to act in this matter should not be doubted,” he added.