Central bankers are preparing radical action to stem the turmoil if Sunday’s Greek elections wreak havoc in the markets.

by Emma Rowley

Speculation is mounting that central banks including the Bank of England, Bank of Japan and US Federal Reserve are readying emergency support measures to fight the market fall-out which the result of the polls could unleash.

G20 officials said central banks were ready to step in if needed to stabilise financial markets after the vote. Canada is “ready to act” if the situation takes a serious turn for the worse or there is “an external shock”, a spokesman for its prime minister said.

The head of the European Central Bank, Mario Draghi, also fuelled speculation of looming action, as he indicated inflation was not a threat which would prevent a move.

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