Cutting the lifeline could push Greece out of the euro. Some analysts have tweeted that the ECB is likely to cap, but not end, the ELA.
And French Prime Minister Manuel Valls said the ECB "is independent but... I don't think it can cut off rations [for the Greeks]". He said "it's the Greek nation that is suffering".
Greece will probably have to "announce a bank holiday on Monday, pending the introduction of capital controls", our economics editor says.
The bailout for heavily indebted Greece expires on Tuesday and talks have broken down.
Greek banks would find themselves in serious straits as soon as Monday if the ECB went ahead and cut the lifeline, our economics editor says.
It is one of the most momentous decisions the ECB has ever faced, since the euro was launched on 1 January 1999.
Capital controls are restrictions on how much customers can withdraw from banks. Until now, the Greek government has signalled that it does not want to impose such controls.
In recent weeks, Greeks have withdrawn billions of euros from banks, and long queues formed at cashpoints on Saturday, amid fears that banks would not open on Monday.
The ECB has been sending emergency funds on a daily basis to the Greek central bank, which then allocates it to the high-street banks.
A withdrawal from the euro - known as "Grexit" - is not inevitable, says our editor, as the eurozone did resolve Cyprus's banking crisis in 2013 and the country stayed in the euro.
Capital controls were imposed on Cypriot banks, and remained in place for a long time - the last restrictions were only lifted in April this year.
Greece's situation is more difficult, Robert Peston reports. Capital controls are seen as an important step towards leaving the euro, because the single currency's rules require free movement of capital.
But Greece could remain in if its government and the bailout providers - the EU and IMF - can restart constructive negotiations, he reports.
A country on the brink - chief correspondent Gavin Hewitt writes:
It is the most important decision in the ECB's history.
A withdrawal of funding could plunge Greece into chaos and yet the ECB cannot break its own rules by funding a banking system where the country is heading for a default.
Alexis Tsipras has gambled both with his future and that of his country. He committed Greece to a vote, but only after the current bailout has expired, so leaving Greece vulnerable and exposed.
On Saturday eurozone finance ministers - the Eurogroup - refused to extend Greece's desperately-needed bailout beyond Tuesday.
The ministers blamed Greek Prime Minister Alexis Tsipras's surprise call for a referendum on 5 July on the bailout conditions.
Greek PM Alexis Tsipras says voters must decide whether the bailout is acceptable
The final €7.2bn (£5bn; $8bn) of Greece's second bailout has been frozen since last summer, as lenders demanded more Greek progress on deep economic reform.
Without more lending to Greece the country will default on a €1.6bn repayment due to the IMF on Tuesday.
Economic pain
Under the rules governing the euro, the ECB's emergency lifeline could not be continued if the ECB considered Greek banks to be insolvent.
Robert Peston says that with Greece no longer participating in a formal rescue programme, the solvency of the Greek state would be in doubt, as it is so intimately linked to the banks' solvency.
Mr Tsipras's leftist Syriza government rejects the bailout terms, after five years of lender-imposed austerity that has increased Greek unemployment and cut pensions and welfare benefits.
Greece has endured five years of recession, and total output (GDP) has shrunk by 25%.
Greek referendum preparations are under way at the interior ministry
Cutting the lifeline could push Greece out of the euro. Some analysts have tweeted that the ECB is likely to cap, but not end, the ELA.
And French Prime Minister Manuel Valls said the ECB "is independent but... I don't think it can cut off rations [for the Greeks]". He said "it's the Greek nation that is suffering".
Greece will probably have to "announce a bank holiday on Monday, pending the introduction of capital controls", our economics editor says.
The bailout for heavily indebted Greece expires on Tuesday and talks have broken down.
Greek banks would find themselves in serious straits as soon as Monday if the ECB went ahead and cut the lifeline, our economics editor says.
It is one of the most momentous decisions the ECB has ever faced, since the euro was launched on 1 January 1999.
Capital controls are restrictions on how much customers can withdraw from banks. Until now, the Greek government has signalled that it does not want to impose such controls.
In recent weeks, Greeks have withdrawn billions of euros from banks, and long queues formed at cashpoints on Saturday, amid fears that banks would not open on Monday.
The ECB has been sending emergency funds on a daily basis to the Greek central bank, which then allocates it to the high-street banks.
Grexit risk looms
A withdrawal from the euro - known as "Grexit" - is not inevitable, says our editor, as the eurozone did resolve Cyprus's banking crisis in 2013 and the country stayed in the euro.
Capital controls were imposed on Cypriot banks, and remained in place for a long time - the last restrictions were only lifted in April this year.
Greece's situation is more difficult, Robert Peston reports. Capital controls are seen as an important step towards leaving the euro, because the single currency's rules require free movement of capital.
But Greece could remain in if its government and the bailout providers - the EU and IMF - can restart constructive negotiations, he reports.
A country on the brink - chief correspondent Gavin Hewitt writes:
It is the most important decision in the ECB's history.
A withdrawal of funding could plunge Greece into chaos and yet the ECB cannot break its own rules by funding a banking system where the country is heading for a default.
Alexis Tsipras has gambled both with his future and that of his country. He committed Greece to a vote, but only after the current bailout has expired, so leaving Greece vulnerable and exposed.
On Saturday eurozone finance ministers - the Eurogroup - refused to extend Greece's desperately-needed bailout beyond Tuesday.
The ministers blamed Greek Prime Minister Alexis Tsipras's surprise call for a referendum on 5 July on the bailout conditions.
Greek PM Alexis Tsipras says voters must decide whether the bailout is acceptable
The final €7.2bn (£5bn; $8bn) of Greece's second bailout has been frozen since last summer, as lenders demanded more Greek progress on deep economic reform.
Without more lending to Greece the country will default on a €1.6bn repayment due to the IMF on Tuesday.
Economic pain
Under the rules governing the euro, the ECB's emergency lifeline could not be continued if the ECB considered Greek banks to be insolvent.
Robert Peston says that with Greece no longer participating in a formal rescue programme, the solvency of the Greek state would be in doubt, as it is so intimately linked to the banks' solvency.
Mr Tsipras's leftist Syriza government rejects the bailout terms, after five years of lender-imposed austerity that has increased Greek unemployment and cut pensions and welfare benefits.
Greece has endured five years of recession, and total output (GDP) has shrunk by 25%.
Greek referendum preparations are under way at the interior ministry
Εκλογές στην Τουρκία - Μέρος Α' Αντίστροφα μετράει η Τουρκία για την εκλογική αναμέτρηση της 22ας Ιουλίου ΑΠΕ Γυναίκα ψηφοφόρος του ΑΚΡ σε προεκλογική συγκέντρωση του Ρεζτέπ Ταγίπ Ερντογάν στην Κωνσταντινούπολη Κωνσταντινούπολη Στείλε το άρθρο με emailΤύπωσε το άρθρο Στην τελική ευθεία για τις εκλογές της Κυριακής βρίσκεται η Τουρκία, με τον πρωθυπουργό Ρετζέπ Ταγίπ Ερντογάν να εμφανίζεται σίγουρος για τη νίκη του. Τα βλέμματα στρέφονται στο πώς θα διαμορφωθούν οι πολιτικές ισορροπίες την επομένη των εκλογών. Τα κύρια θέματα στην εκλογική ατζέντα είναι οι σχέσεις ισλαμιστών-κεμαλιστών και το Κουρδικό, με τις όποιες πολιτικές προεκτάσεις τους στην Οικονομία και τις σχέσεις τις χώρας με τις ΗΠΑ και την ΕΕ. Σε μεγάλη ανοικτή συγκέντρωση του Κόμματος Δικαιοσύνης και Ανάπτυξης (ΑΚΡ), την περασμένη Κυριακή στην Κωνσταντινούπολη, ο κ. Ερντογάν ανέβασε τον πήχη λέγοντας ότι αναμένει εκλογικό ποσοστό άνω του 34%. Στελέχη του ισλαμιστικού κόμματος πάντως εκτιμούν ότι το ποσοστό αυτό ενδέχετ...
Κεφαλονίτικα ανέκδοτα Συζητούν τρεις παπάδες, ένας από το Αγιο όρος, ένας από την Αθήνα και ένας Κεφαλονίτης για το πως κατανέμουν τα έσοδα των εκκλησιών τους. Λέει ο παπάς από το Αγιο όρος: «Εγώ Πετάω στον αέρα όλα τα νομίσματα και όσα έρθουν κορώνα είναι του Θεού και τα δίνω για τις ανάγκες της εκκλησίας και όσα έρθουν γράμματα είναι δικά μου». Λέει ο Αθηναίος παπάς: «Και εγώ πετάω τα νομίσματα στον αέρα και όσα σταθούν όρθια είναι του Θεού και της εκκλησίας, όσα πέσουν στο πλάι (κορώνα ή γράμματα) είναι σαφώς δικά μου». Και στο τέλος ο Κεφαλονίτης ο παπάς: «Εγώ κύριοι συνάδελφοι κάνω το ίδιο που κάνετε και εσείς με πιο απλές διαδικασίες για να μη χάνουμε και χρόνο. Πετάω στον αέρα όλα τα νομίσματα. Όσα θέλει τα κρατάει ο Θεός και όσα πέσουν κάτω είναι δικά μου!» Είναι ένας Κερκυραίος, ένας Κεφαλλονίτης κι ένας Λευκαδίτης, που ξεμονάχιασαν, κάπου σ' ένα αραχνιασμένο, σκοτεινό υπόγειο ένα λυχνάρι, απ' αυτά τα μυστήρια με τα τζίνια. Το τρίψανε και ξεπετάχτηκε το τζίνι. «Έχετε ο...
1959: Anglo-US TV debate makes history British prime minister Harold Macmillan and American president Dwight Eisenhower have given an historic live television broadcast from Downing Street. Among the subjects the two leaders discussed were world peace and global poverty. War has become so frightening in its capacity for destruction of the whole of civilisation President Eisenhower President Eisenhower told the prime minister he thought Anglo-American relations had never been stronger. But, he said, the two countries' efforts to achieve world peace must remain at the top of the agenda. 'Peace is imperative' He said: "When we are talking about peace, we're talking about something that's the imperative of our time. "War has ...
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