Over the weekend, JPM made it clear that absent some deal (or at least framework thereof since optimism for a deal today just crashed) being finalized today, Tuesday could be a very difficult day for Greece if and when the ECB finally revises the ELA calculation (a calculation which according to JPM may have already seen the ECB overstep the limits of its Greek borrowing base) or simply refuses to increase the emergency liquidity for Greece in what, thanks to the accelerating bank run, is becoming a daily routine.

Then, earlier today, the ECB confirmed that the entire emergency ELA boost from Friday had already been used up, and with the previously noted €1 billion in Greek deposit withdrawals ahead of Monday (and according to unconfirmed reports another €1.7 billion already withdrawn today), it was forced to hike the ELA once again this time by what is still an unknown amount. However, this time the ELA boost came with an explicit ultimatum, when ECB's Nowotny said that the latest round of funding was enough only to last Greek banks for the day. From Reuters: