European Central Bank to meet on Greece

The European Central Bank (ECB) says its governing council will meet imminently as Greece appears increasingly to be heading towards a default.

"The Governing Council of the ECB will hold a meeting in due course to discuss the situation. The ECB is closely monitoring developments," an ECB statement said on Saturday.

A source told AFP that the meeting would most likely take place on Sunday and could take the form of a teleconference.

The Governing Council, which brings together the six members of the Executive Board and 19 central bank governors of the eurozone countries, can take decisions to keep Greek banks afloat through emergency loans.