Bank of England confirm plans to protect UK from Greek crisis
The Bank of England's governor, Mark Carney, has announced that it is drawing up plans to protect the UK's financial system from the Greek crisis, with tests being taken over the next few days, including ensuring that Greek banks based in the UK continue to receive the cash flow they need.  However, Carney added that the UK faced "very little exposure" to Greek banks, compared to other European countries.
Bank of England is making plans to “protect” the UK from Greece, says governor Mark Carney

The Bank of England (BoE) is drawing up plans to protect the UK's financial system from the crisis unfolding in Greece, according to governor Mark Carney.

In an interview with Sky News, he said the central bank was going to test out protection methods in the coming days, to ensure the UK suffers as little as possible if Greece does end up leaving the Euro.

He added that compared to other European countries, the UK faced “very little exposure" to Greek banks, but that it was nonetheless best to be prepared. Among the precautions being taken, he said it is important for Greek banks based in the UK to continue receiving the cash flow they need.

Britain is not the only one drawing up contingency plans, according to Carney – other European central banks also looking for ways to minimise the impacts.

He also praised the way ECB President Mario Draghi had dealt with the situation, saying there was nothing he would have done differently. Despite facing pressure to demand more collateral in return for funding, the ECB is continuing to support the Greek banking system.

Last night, Athens failed to meet its 11pm deadline for a €1.6bn (£1.1bn) loan repayment to the IMF, making it the first developed country to miss a repayment to the international creditor.