16 Jun 2012

ECB ready to keep banks stocked

6:35 am on 16 June 2012

The European Central Bank is ready to provide further support to eurozone banks fearing a rush of fund withdrawals in the wake of the Greek election.

''The eurosystem will continue to supply liquidity to solvent banks where needed,'' said ECB president Mario Draghi in Frankfurt.

The BBC reports the general election in Greece on Sunday has heightened fears of further instability on financial markets.

Mr Draghi said that it was now (time) for politicians to take the lead.

"Political choices have become predominant over monetary policy instruments," he said.