Greece: ECB to Withdraw Support for Greek Banks

News is being broken by Robert Peston that the ECB will remove the support for Greek banks, now they won’t have access to emergency lending funds to keep the banking system liquid with amount of deposits being withdrawn by customers. Capital Controls it is then.

However this does not mean that Greece coming out of the Euro is a formality, it is possible to remain in the Euro, as Cyprus has proved, but it would be very painful for the country.