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The risk of Greek default has increased as a result of the prolonged political uncertainty and the increased withdrawal of bank deposits, the European Central Bank warns in its six-month Financial Stability Review. It points out that the risk of Greek crisis contagion in the economies of the other euro zone member states has decreased.

The European Central Bank describes the situation in Greece as "a political uncertainty over the past six months, while Greek banks have witnessed substantial deposit outflows, a loss of access to funding and deteriorating asset quality."

Simultaneously and despite the fact that the reactions of capital markets to the developments in Greece have been muted to date, the European Central Bank warns that if Athens and its creditors fail to reach an agreement in the short term in order to reduce the burden of the crisis, there is a risk for the value of loans in other weaker euro zone members to increase.