ECB

Finding a deal on Greece takes time because it is hard to strike the right balance between the new government's plans and the euro zone's rules, ECB executive board member Benoit Coeure said on Wednesday.

The government is being pressured by time, and worries whether it will be able to reach an agreement with European partners in this ever-tightening noose of a timeline.

Greek PM Alexis Tsipras appeared confident on Friday that his radical leftist government will come close to clinching a deal with institutional creditors over the weekend and make a €750m repayment to the IMF next week.

Greece would face significant costs if it introduced a parallel currency or capital controls to manage its financial crisis, European Central Bank Executive Board member Yves Mersch said.

Talks between cash-strapped Athens and its institutional lenders ended on Sunday – as previously scheduled – without a final deal achieved, winding up a marathon round of negotiations that began on Thursday within the so-called “Brussels Group” framework.

By Yiannis Papadoyiannis

Greek banks are sailing in uncharted waters as they hope for a swift agreement between the government and its eurozone peers to lift the current uncertainty. Deposits have declined to their lowest levels since the outbreak of the crisis.

ECB President Mario Draghi was attacked by a protester on Wednesday during a press conference after the central bank’s latest meeting.

The young woman, reportedly a member of the FEMEN, jumped on Draghi’s desk shouting slogans such as “End ECB dictatorship” and throwing …glitter on him.

By John O'Donnell

European Central Bank policymakers gathering on Wednesday will examine possible further emergency funding for Greece's banks as they take stock of a wider economic picture showing early signs of improvement.

A new letter was sent to Greek banks by ECB president Mario Draghi. The letter contained a strong urging for banks to avoid exposure to Greek public debt. He suggested that not only should banks not participate in Treasure Bills but to also limit this exposure further.

A long night appears ahead for Greek PM Alexis Tsipras in Brussels, as a crucial multi-party meeting began a half hour before midnight (EET).