The European Central Bank "is on standby to keep banks flush with liquidity" if Greeks effectively vote on Sunday to support politicians who want to reject austerity measures and pull the nation out of the eurozone, The Financial Times writes this morning.
The ECB joins "a global chorus of central bankers pledging support ahead of Sunday's elections," the FT adds.
Spain will ask, and European finance ministers will agree, to offer up financial aid for the country's struggling banks.
Spanish and eurozone officials announced their intentions after a three-hour emergency conference call on Saturday. If they make good on it, Spain will be the fourth – and largest — member of the 17-nation eurozone to receive outside help as Europe's debt crisis marches on.
On July 1, the European Union says it will stop buying oil from Iran. Europe is one of the most important markets for Iran's oil, and in anticipation of the boycott, Iranian oil exports worldwide are already down by more than 25 percent.
Iran's leaders say they can weather this pressure, and so far they have refused to budge on their controversial nuclear activities, ones that prompted a series of economic sanctions.
As a result, it appears as if Iran will only face even greater difficulties when it comes to exporting oil, the lifeblood of its economy.