The European Central Bank’s policymaking Governing Council is meeting to decide if it will allow any extra emergency funding to handed to Greece’s struggling banks. The governors decision is seen to be key to Greece’s fate.

It’s believed the ECB is unlikely to lower the ceiling on the fund – the emergency lending assistance (ELA) but a refusal to increase it could be bad news for Greek banks which are close to using up the full 65 billion euros which have been granted so far.

It’s understood Bundesbank chief Jens Weidmann will take what’s been described as “a restrictive stance” at the meeting.