Greece Will Shut Banks in Fallout From Debt Crisis
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Posted On: 06/28/2015 10:43:19 PM
Greece Will Shut Banks in Fallout From Debt Crisis
By JIM YARDLEYJUNE 28, 2015
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Cabinet members applauded Greece's prime minister, Alexis Tsipras, on Sunday amid debate over a bailout referendum. Credit Simela Pantzartzi/European Pressphoto Agency
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Recent Comments
Rob DL 3 minutes ago
Economic calamity surrounding the increasingly fragile EU, with Greece the symbol of all that is dysfunctional, may not be anything new to...
Jon Davis 4 minutes ago
I've already taken my vacation for this year.However, next summer Greece is definitely a possibility.Meanwhile South Carolina is on the list...
BK 7 minutes ago
It is hard to imagine that anyone would have left money in any Greek bank by now.
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ATHENS — Prime Minister Alexis Tsipras announced Sunday night that Greece’s banks would be closed as of Monday, as the fallout from ruptured debt negotiations with the nation’s creditors began inflicting pain on ordinary people while raising alarm in Washington, Brussels and Berlin.
The emergency measures escalated the confused and unpredictable state of a crisis that some analysts say could ripple through global financial markets and undercut European unity. Most Asian markets opened lower on Monday.
With so much at stake, leaders in other capitals encouraged a continued search for a way to prevent Greece from being forced out of Europe’s currency union. Greece owes a large debt payment by the end of Tuesday, and has scheduled a referendum for next Sunday on whether to accept the terms of an offer from its creditors to release bailout aid it needs to meet its financial obligations.
Mr. Tsipras announced the emergency banking shutdown, which will also close the stock exchange, and imposed capital controls several hours after the European Central Bank said it would not expand an emergency loan program that had been propping up Greek banks for weeks. The banking system had neared insolvency after panicked account holders withdrew billions of euros, a pattern that continued over the weekend.
By JIM YARDLEYJUNE 28, 2015
Photo
Cabinet members applauded Greece's prime minister, Alexis Tsipras, on Sunday amid debate over a bailout referendum. Credit Simela Pantzartzi/European Pressphoto Agency
Advertisement
Continue reading the main story
Continue reading the main story
Related Coverage
An anti-austerity protester burned a euro note at a demonstration in Athens on Sunday.
Currency Crisis: The Next Few Days Have the Potential to Transform Greece and EuropeJUNE 28, 2015
Greeks lined up outside the National Bank of Greece. The prime minister said the banks would not open on Monday.
Panic Sets in Among Hardy Hedge Fund Investors Remaining in GreeceJUNE 28, 2015
People lined up Saturday at an Athens bank. Eurozone finance ministers met in Brussels, trying to salvage a Greek bailout plan.
Greek Debt Crisis Intensifies as Extension Request Is DeniedJUNE 27, 2015
Alexis Tsipras, Greece’s prime minister, right, with Chancellor Angela Merkel of Germany and President François Hollande of France, left, in Brussels on Friday.
Greek Prime Minister Calls for Referendum on Bailout TermsJUNE 26, 2015
Continue reading the main story
Recent Comments
Rob DL 3 minutes ago
Economic calamity surrounding the increasingly fragile EU, with Greece the symbol of all that is dysfunctional, may not be anything new to...
Jon Davis 4 minutes ago
I've already taken my vacation for this year.However, next summer Greece is definitely a possibility.Meanwhile South Carolina is on the list...
BK 7 minutes ago
It is hard to imagine that anyone would have left money in any Greek bank by now.
See All Comments Write a comment
Continue reading the main story
Share This Page
Share
Tweet
Save
more
Continue reading the main story
ATHENS — Prime Minister Alexis Tsipras announced Sunday night that Greece’s banks would be closed as of Monday, as the fallout from ruptured debt negotiations with the nation’s creditors began inflicting pain on ordinary people while raising alarm in Washington, Brussels and Berlin.
The emergency measures escalated the confused and unpredictable state of a crisis that some analysts say could ripple through global financial markets and undercut European unity. Most Asian markets opened lower on Monday.
With so much at stake, leaders in other capitals encouraged a continued search for a way to prevent Greece from being forced out of Europe’s currency union. Greece owes a large debt payment by the end of Tuesday, and has scheduled a referendum for next Sunday on whether to accept the terms of an offer from its creditors to release bailout aid it needs to meet its financial obligations.
Mr. Tsipras announced the emergency banking shutdown, which will also close the stock exchange, and imposed capital controls several hours after the European Central Bank said it would not expand an emergency loan program that had been propping up Greek banks for weeks. The banking system had neared insolvency after panicked account holders withdrew billions of euros, a pattern that continued over the weekend.
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Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'