ECB's Noyer: No More ELA For Greece Without a Deal

There will be no more emergency lending to Greek banks if the country's government fails to secure a bailout deal with lenders, European Central Bank Governing Council member Christian Noyer said on Wednesday. Speaking on French radio station Europe 1, Noyer warned that there must be an agreement by Sunday July 12 otherwise it "will be too late and the consequences will be grave", media reports said. When asked when the ECB will be forced to pull the plug on the emergency lending assistance, or ELA, to Greek banks, Noyer replied: "From the moment there is no longer the prospect of a political deal on a program ... or from the moment when the Greek banking system collapses, which will come if Greece goes into general default on all its debts." After a summit of eurozone leaders late Tuesday, president of the European Council Donald Tusk said Greece now has until Sunday to secure a bailout deal to stay in the eurozone.