Loading ...Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday
Update 2: Greece’s Skai reports that if/when banks reopen (supposedly on Tuesday), a 60€ withdrawal limit will be imposed.
Update: In a televised address to the nation, Greek PM Alexis Tsipras assured Greeks that their deposits are safe despite an upcoming bank holiday and despite the fact that Greek stocks will not open for trading on Monday. Tsipras also said Athens has re-applied for a bailout extension and urged Greeks to “remain calm” in the face of what is sure to be a turbulent week.
- GREEK PRIME MINISTER SAYS GREEK PEOPLE SHOULD REMAIN CALM
- GREEK PM: BANK OF GREECE PROPOSED BANK TRANSACTION RESTRICTIONS
- GREEK PRIME SAID GREECE RE-APPLIED FOR BAILOUT EXTENSION
- GREEK PRIME MINISTER SAYS DEPOSITS ARE COMPLETELY SAFE
Earlier:
Despite the reassurances from any and all elected (and unelected) officials, given the run on bank ATMs in Greece has turned into a stampede, it is not surprising that:
- GREEK BANKS TO REMAIN CLOSED FROM MONDAY FOR A WEEK: PIRAEUS BANK CEO
- PIRAEUS BANK CEO THOMOPOULOS SPEAKS TO REPORTERS IN ATHENS
The announcement was made when Piraeus Bank CEO Anthimos Thomopoulos told reporters after a meeting of the government’s financial-stability panel on Sunday. The launch of capital controls just as the Greek summer tourism season starts, is sure to be the final crushing blow to Greece, whose entire economy will now grind to a halt.
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My comment: The Euro will get smashed, will that be the reason to smash gold? Hope not.