No changes likely to ELA for Greece

First, the ECB will discuss the level of emergency lending to Greek banks today and may reassess the haircuts it imposes on Greek bank collateral in exchange forfunds. No changes are likely. 

Second, without a bailout extension or a new programme in the next two weeks, Greece will miss the 20 July deadline for repaying €3.50bnto the ECB. 

Last night, Greece submitted a last-minute proposal (a two-year €29.1bn extension with debt restructuring) in return for calling-off a referendum, but unless there is a U-turn by EU officials, no breakthrough is likely before Sunday's referendum, states Societe Generale.

The Eurogroup is holding another teleconference today, but German chancellor Merkel has already ruled out new negotiations until after the referendum. 

Third, on Sunday 5 July, Greek voters must choose between accepting or rejecting the latest bailout proposal.