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		</div><figure id="attachment_76104" aria-describedby="caption-attachment-76104" style="width: 600px" class="wp-caption aligncenter"><a href="http://londonglossy.com/wp-content/uploads/2015/06/alexisTsiprasPensive2_large.jpg"><img src="http://londonglossy.com/wp-content/uploads/2015/06/alexisTsiprasPensive2_large.jpg" alt="Alexis Tsipras" width="600" height="325" class="size-full wp-image-76104" /></a><figcaption id="caption-attachment-76104" class="wp-caption-text">Alexis Tsipras</figcaption></figure>
<p>The European Central Bank has refused to increase emergency credit to Greek banks, maintaining its current level of funding instead.</p>
<p>The decision comes a day after the government threw Greece&#8217;s bailout negotiations into turmoil by calling a referendum on creditors&#8217; financial proposals.</p>
<p>The move could keep the bailout talks going but leaves Greece&#8217;s banks under increasing pressure as deposits drain away.</p>
<p>Anxious Greeks have been lining up at cash machines, worried about the possibility of financial controls being imposed to stop banks from haemorrhaging funds.</p>
<p>Greece&#8217;s international bailout runs out on Tuesday and it needs the last tranche of those funds to pay some €1.6bn it owes to the International Monetary Fund on the same day.</p>
<p>The developments have thrown Greece&#8217;s financial future and its continued membership in the 19-nation shared euro currency into question.</p>
<p>The ECB said it could reconsider its decision on credit levels.</p>
<p>&#8220;We continue to work closely with the Bank of Greece and we strongly endorse the commitment of member states in pledging to take action to address the fragilities of euro-area economies,&#8221; ECB chief Mario Draghi said.</p>
<p>Yannis Stournaras, governor of the Bank of Greece, said the bank would &#8220;take all measures necessary to ensure financial stability for Greek citizens in these difficult circumstances&#8221;.</p>
<p>The Greek finance ministry said the country&#8217;s financial stability council, the Systemic Risk Board, would meet to discuss the situation.</p>
<p>The board is a seven-member body that includes the finance minister, the central bank governor and the heads of the Greek banks association, the capital markets commission and the financial stability fund.</p>
<p>Finance Minister Yanis Varoufakis meanwhile, tweeted that the government &#8220;opposes the very concept&#8221; of capital controls within a monetary union. He also suggested that his country might not pay the money it owes to the IMF on Tuesday.</p>
<p>He told the BBC that the ECB should pay the money to the IMF out of the profits it made on Greek bonds in 2014.</p>
<p>&#8220;We are owed money by one part of the troika and we owe money to another part of the troika. Why don&#8217;t they sort themselves out and transfer money from one pocket &#8230; to the other?&#8221; Mr Varoufakis said.</p>
<p>Greek Prime Minister Alexia Tsipras&#8217; move for a national vote on the creditors&#8217; financial proposals startled and angered Greece&#8217;s European partners, who said they would not accept an extension of the current bailout. The Greek parliament approved the referendum call in a majority vote.</p>
<p>France&#8217;s prime minister, meanwhile, urged all in Europe to do everything they could to keep Greece in the eurozone.</p>
<p>&#8220;We don&#8217;t know &#8211; none of us &#8211; the consequences of an exit from the eurozone, either on the political or economic front. We must do everything so that Greece stays in the eurozone,&#8221; French Prime Minister Manuel Valls told France&#8217;s i-Tele TV.</p>
<p>&#8220;But doing everything, that means respecting Greece and democracy, but it&#8217;s also about respecting European rules. So Greece needs to come back to the negotiating table.&#8221;</p>
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