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See more Images of April Follow Reuters Facebook Twitter RSS YouTube Read Busy Jennifer Lopez casts doubt on more "American Idol" 16 May 2012 ECB move on Greek banks hits euro confidence | 16 May 2012 Several brokerages stop taking Facebook IPO orders 16 May 2012 Several brokerages stop taking Facebook IPO orders | 16 May 2012 J.C. Penney stock has worst fall ever 16 May 2012 Discussed 171 Romney apologizes for bullying incident at school 157 Germany’s Merkel dealt heavy blow in state vote 112 Weary warriors favor Obama Watched A look at the UK’s most beautiful face Thu, May 10 2012 Paralysis patient tastes freedom through thought control Wed, May 16 2012 Drought blamed for fall of Mayan civilization Tue, May 15 2012 Pictures Reuters Photojournalism Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption Nigeria's oil thieves Nigeria is Africa's largest crude oil exporter but its production capacity has been slashed by thieves drilling into pipelines. Slideshow Life in an Amazon tribe A look at life in the Brazilian Amazon basin with the Yawalapiti tribe. Slideshow ECB move on Greek banks hits euro confidence Tweet Share this Email Print Related News Greece slides on bailout targets in political paralysis Wed, May 16 2012 Greece euro exit could hit Spain, Italy: Zoellick Wed, May 16 2012 Analysis & Opinion How Europe’s banking crises threaten the eurozone Puerto Rico’s black swans Related Topics World » Greece » Related Video Greek party leaders set fresh election date Wed, May 16 2012 Greece, growth preoccupy Merkel, Hollande Breakingviews: Greek banks' rickety crutches ECONOMY 2012: Bosses must earn their pay - Shell CEO Worried Greeks withdraw savings 1 of 2. Newly appointed caretaker Prime Minister Panagiotis Pikrammenos (2nd R) shakes hands with Greece's President Karolos Papoulias during their meeting in Athens May 16, 2012. Credit: Reuters/John Kolesidis By Andreas Framke and Harry Papachristou FRANKFURT/ATHENS | Wed May 16, 2012 11:39pm EDT FRANKFURT/ATHENS (Reuters) - The European Central Bank has stopped offering liquidity to some Greek banks it does not consider solvent, and international concern about the euro zone rose as Athens called new elections that look set to be won by parties opposing austerity measures. Fears that Athens is on the brink of crashing out of the euro zone and igniting a renewed financial crisis have rattled global markets and alarmed world leaders, with Greece set to figure high on the agenda at a G8 summit later this week. The risk of the contagion spreading to bigger European economies that are vulnerable due to high debt or weak banks has sent stocks and commodities tumbling, and driven Europe's single currency towards its lowest levels this year. "The core question will be not Greece, but Spain and Italy," World Bank President Robert Zoellick said on Wednesday. If Greece left the euro zone, the ripple effects could be very damaging and reminiscent of when Lehman Brothers investment bank collapsed in 2008, spreading panic on global financial markets. Recession-hit Spain, which faces deep concerns over the health of its banks, is set to see its medium-term borrowing costs rise sharply at an auction on Thursday of 1.5-2.5 billion euros of bonds expiring in 2015 and 2016. FRAGILE BANKING SYSTEM Highlighting the fragile state of Greece's banking system, the ECB said on Wednesday it had stopped providing liquidity to some lenders because their capital was too depleted, confirming an earlier report by Reuters. "As recapitalization wasn't in place, the ECB stopped monetary policy operations," a euro zone central bank source told Reuters, declining to be identified. That meant the affected banks can no longer offer assets to the ECB as collateral for loans, and would have to seek costlier emergency financing from the Bank of Greece. It was not immediately clear which banks, or how many of them, were affected. One person familiar with the matter said the capital of four Greek banks was so low they were operating with negative equity. International Monetary Fund chief Christine Lagarde warned of "extremely expensive" consequences were Greece to leave the euro zone, a once taboo possibility that European leaders have now begun to discuss openly. Echoing Zoellick's comments, Lagarde told Dutch television any Greek departure from the euro "would be extremely expensive and hard, and not just for Greece". LEFTIST LEAD IN POLLS In March, Greece agreed to extensive budget cuts as conditions of a 130 billion euro ($165 billion) bailout package organized by the European Union and International Monetary Fund. But the country has had no elected government since an inconclusive election on May 6 at which parties opposed to the unpopular austerity measures that were part of the bailout did well, raising the chance that the rescue funds could be halted and push the country towards bankruptcy and out of the euro. The failure of pro- and anti-bailout parties to agree on a coalition forced President Karolos Papoulias to call the second election in two months, and prompted him to say the chaos risked causing panic and a run on bank deposits. A new opinion poll confirmed that leftists who reject the bailout are poised to win next month, and the two establishment parties that agreed to the rescue are sinking further. A little-known judge was installed as head of an emergency government on Wednesday and a senior finance ministry official appointed as finance minister in the early hours of Thursday, but the administration will have no power to take political decisions, only steer the country to the election on June 17. "The only thing we are doing is waiting," said a government official who declined to be named. GREECE'S DECISION An EU official conceded other Group of Eight countries, whose leaders meet at U.S. President Barack Obama's Camp David retreat at the weekend, had signaled heightened concern at the deepening political crisis in Athens. "We have been confronted ... by a number of concerns on what might happen," the official said. "This concern has become more pronounced after the result of the Greek elections." The leftists argue they can tear up the bailout deal and keep the euro, but European leaders say that if Greece fails to meet promises to them, lenders will pull the plug on financing. Greeks have withdrawn hundreds of millions of euros from banks in recent days as the fears grow that the country might be forced out of the euro zone, although there has been no sign of a run on Athens bank branches. ECB President Mario Draghi said that under the EU treaty, it wasn't his job to decide what happened to Greece. "I want to state that our strong preference is that Greece will continue to stay in the euro zone," he said in Frankfurt. However, he added: "Since the treaty does not foresee anything on (an) exit, this is not a matter for the ECB to decide." ($1 = 0.7849 euros) (Additional reporting by Annika Breidthardt in Berlin, Lefteris Papadimas, Ingrid Melander, George Georgiopoulos and Karolina Tagaris in Athens, Stella Dawson in Washington and John O'Donnell and Luke Baker in Brussels; Writing by Alex Richardson; Editing by John Mair) World Greece Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (3) Parker1227 wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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