The European Central Bank refused to increase emergency credit to Greek banks on Sunday, a day after the government threw Greece's bailout negotiations into turmoil by calling a referendum on creditors' financial proposals. The central bank's decision left Greece's banks under increasing pressure since they are seeing deposits drain away. The ECB said it could reconsider its decision on credit levels, AP reported. "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," ECB chief Mario Draghi said. Yannis Stournaras, governor of the Bank of Greece, said the bank would "take all measures necessary to ensure financial stability for Greek citizens in these difficult circumstances."
