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There's plenty of talk about ELA being pulled from Greece at the end of the month, but the ECB could still significantly tighten the squeeze on banks while keeping the umbilical cord of emergency funding alive.  The governing council could do this by raising the haircut they demand from the banks in return for the emergency funding. President Draghi has said the current haircut will be reviewed. Any more to tighten the screw through the collateral rules may inexorably lead to some for of capital controls.  More from Barclays:  If there is overwhelming evidence that a deal is out of reach, the quality of Greek collateral would drop and the ECB would very likely have to react by increasing haircuts as early as next week, before the end-of-month expiration of the IMF programme. In turn, this could lead to temporary bank controls, possibly of the type imposed in Cyprus in 2013. The ECB's governing council is set to reassess the state of the banking system on Monday, report Reuters.   This is the day EU leaders have convened an emergency meeting to thrash out their differences. It also the day when ECB representatives told finance ministers on Thursday that the banks might not be able to open.  Well, they've been handed a reprieve today for a while at least. Interesting to note that the €3bn buffer had previously been enough to keep the banks afloat for a week. Now it seems, it's barely enough for two days.