Greek debt: ECB 'to maintain funding limit'

The European Central Bank says it will maintain its emergency funding of Greek banks at the level agreed on Friday.

The ECB said that it stood ready to review the decision on its Emergency Liquidity Assistance (ELA) and would work closely with the Bank of Greece.

BBC economics editor Robert Peston says the ECB is not providing any additional aid to Greece, which will lead to huge pressure for capital controls.

Greek banks depend on ELA, and cutting it could push Greece out of the euro.

An ECB spokesman told the BBC: "Greece still has access to the ELA."

The ECB statement quotes Bank of Greece Governor Yannis Stournaras as saying: "The Bank of Greece, as a member of the eurosystem, will take all measures necessary to ensure financial stability for Greek citizens in these difficult circumstances."

The statement comes after eurozone finance minsters on Saturday refused a Greek request to extend Greece's current bailout.

The bailout expires on Tuesday, the same day that Greece has to make a payment of €1.5bn (£1.1bn) to the International Monetary Fund (IMF) that it risks defaulting on.

Greece and its creditors had been locked in negotiations over a new bailout on Friday when the Greek government called a surprise referendum for 5 July over whether to accept the terms it was being offered. It has described the international offer as "not viable".

It then asked for an extension of its current deal until after the vote was completed.