European Union

The ECB's governing council will hold a special meeting on Monday at 11.30 a.m. Greek time to examine whether to raise the level of emergency funding for Greek banks, according to sources, after Greece?s banking system came under intense pressure with clients withdrawing billions in savings.

By Michele Kambas

As Cyprus's financial system imploded in the spring of 2013, the island's leaders were given an ultimatum: sign up to a bailout deal or watch your banking system collapse.

The brief, painful drama that unfolded on the Mediterranean island led to the first capital controls in the eurozone to stem a bank run and stop money fleeing the country.

Bank of Greece Governor Yannis Stournaras is willing to appear before Parliament?s institutions committee following the panel?s decision to summon him to testify in connection with the Siemens cash-for-contracts scandal but not on Monday, as requested, because emergency talks on Greece will require him to be on standby, sources close to Stournaras indicated over the weekend.

 European Central Bank grants more liquidity to domestic banks as 1.7 billion euros of deposits take flight

By Yiannis Papadoyiannis

 Commissioner says Dublin II, which burdens Greece, could be amended

European Commissioner for Migration Dimitris Avramopoulos on Friday hailed a European plan aimed at distributing immigrants and refugees across EU member-states in a way that spreads the burden while tackling a humanitarian problem.

Three days of negotiations between the Greek government and lenders begin with the PM’s return from St. Petersburg. The ultimate goal is Monday’s Summit and a possible solution for Greece.

Greece was told on Friday that if it does not agree a deal with lenders on Monday it will face default and a potential exit from the eurozone.

An escalating debt crisis that may force Greece?s banks to shut next week has only slightly dented tourists? appetite for island holidays in the country, with advance demand for package tours still robust, travel operators said this week.

The European Central Bank (ECB) continued its beneficial “Lone Ranger-like” role vis-a-vis Greece on Friday by again raising the ceiling on its Emergency Liquidity Assistance (ELA) for Greece’s banks by 3.3 billion euros.

Eurozone finance ministers will discuss how to hand a looming Greek default at a meeting on Monday unless Athens submits new proposals in the loans-for-reforms talks, EU officials said.