Greece bailout: Europe turns up pressure as cash runs out

ECB looks at restricting emergency lending to Greek banks

More pressure has been heaped upon Athens, as reports suggested the European Central Bank is looking at placing greater restrictions on the use of its emergency lending facilities by Greece’s domestic banks.

Greek banks have tapped around €74bn (£53bn) in emergency liquidity assistance from the ECB to replace the deposits that nervous domestic savers have pulled out of the financial system in recent months. Without that lifeline, the country’s banks would rapidly collapse.