ECB takes steps towards bank bail-in

In carefully choreographed moves, the ECB has agreed to continue providing emergency liquidity assistance to Greek banks, but adjusted the collateral needed, in effect taking the first steps towards a Greek bank bail-in.

At the same time, the Greek Central Bank announced the capital controls and bank holiday in force for over a week will continue until tomorrow night.

It is believed the ECB will increase the amount of collateral it needs to hold to sufficient levels so as to continue to allow around €88bn in emergency liquidity assistance.