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GREECE BANK RUN – Greece Issues Capital Controls of 60 Euro Per Day Withdrawal & Shuts Banks
Athens, pensioners have been queuing outside some bank branches – even though the system has been shut down for a week. Greek newspaper Kathimerini, Greece’s government has formally issued a legislative decree instituting capital controls.
Capital controls are restrictions on how money can be moved out of a banking system and are typically put in place to avoid a bank run. Greece has closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks with its international creditors. Greek banks will remain closed until at least July 6 and capital controls — which will limit the amount of money that can be withdrawn at an ATM to 60 euros per day Cameron: Greece bolsters UK case for EU reform Chancellor Angela Merkel and top German politicians will hold emergency talks to discuss Greece’s financial crisis Equity markets entered unchartered territory this morning as Greece’s debt crisis deepens. In London, travel stocks are among the worst hit. FTSE 100 UK-based printing company that prints money for about 150 countries worldwide. reprinting the drachma Hollande: referendum is a mistake Going on holiday to Greece? Will my credit card still work? Greek bonds: shaken, not stirred FTSE down, Bunds surge, Euro slides
The European Central Bank Customers queued for cash in Athens on Saturday outside a bank branch whose doors remained shut It matters, because Greek banks are wholly reliant on support from the ECB – which is provided via the Bank of Greece
ECB’s governing council will fear that it would be breaking all central banking rules by continuing to provide support. inevitable that Greece will miss the 30 June deadline for making a €1.5bn ($1.7bn; £1.06bn) payment to the International Monetary Fund solvency of the government. existing bailout programme will have expired by then.
solvency of Greek banks, since the Greek state is the ultimate guarantor of the banks and they own so much Greek sovereign debt. central bank is never supposed to lend to insolvent banks central bank could be failing in its primary responsibility of preserving the value and integrity of the currency.
Eurozone finmin meeting in Riga, where Yanis Varoufakis hostile reception yet being called “a time-waster, gambler, and amateur governments prepared for the plan B of a Greek default. Jeroen Dijsselbloem slammed the door on Varoufakis’ proposal for early cash after partial reforms. ECB boost Greek bank collateral, and both a depositor bail-in and capital controls become inevitable. greece bank ATM “stock market” bonds “bank account” banking savings “savings account” credit debt euros “credit card” greek finance collapse crisis loan europe germany russia “european union” european “payday loan” withdrawal poverty poor rich wealthy asset gold silver bullion forex “forex trading” currency euro usd dollar china uk “united kingdom” 2015 summer “summer 2015” queue shopping visa “gold coin” “gold etf” “safe deposit” deposit money cash “silver coins” “elite nwo agenda” “holiday money” elite news plan end times gerald celente lindsey williams max keiser alex jones infowars rant review unboxing The radical wing of Greece’s Syriza party Icelandic-style default and a nationalisation of the Greek banking system, deeming it pointless to continue talks with Europe’s creditor powers. marc faber the trews montagraph we are change anonymous alex jones infowars louis farrakhan lindsey williams rich dad poor dad riots total collapse
Europe must be prepared Greek society would face an unprecedented crisis with power blackouts, medicine shortages and no money to pay for police, they said. The FOMC meeting is the most important economic event next week. impact on the US dollar strong economic data. The risk of a failed state on the EU’s southern flank, in terms of the consequences for immigration, defense, and the ability to block a Russian pipeline alternative to Ukraine, Russian naval base in Greece, where the possibility can only rise if it is forced out of EU and EMU. Would its NATO membership be secure?
Greek parliament and Syriza member, Zoi Konstantopoulou, debt the IMF and the Europeans insist the people of Greece owe to the bankers is “illegal, illegitimate and odious.” billionaire George Soros tells Bloomberg TV in this brief clip, the chances of Greece leaving the euro area are now 50-50 and the country could go “down the drain.” talks between Greece and ‘the institutions’ could “break down,” adding that “Greece is a long-festering problem that was mishandled from the beginning by all parties,” country could go “down the drain.”