Emergency EU summit possible this weekend to discuss Greece

There has been little success in negotiations between Greece and the institutions so far. While the real deadline for some compromise between the two sides is 30 June, another round of negotiations takes place on 22 June, this time between the Heads of State, which may deliver a more fruitful outcome than the 18 June Eurogroup meeting. 

Even so, there is little chance that funds can now be disbursed in time for the end-June IMF payment of EUR 1.5bn, raising the prospect that Greece enters into arrears with the IMF. 

With deposits leaving the Greek banking system at an accelerating pace, capital controls may be needed by month end, especially if there is a default on the IMF. Key will be whether the European Central Bank (ECB) continues to provide support to Greek banks, a decision that the ECB is only likely to take with the backing of euro-area politicians