Greece's banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a €1.6 billion payment due to the International Monetary Fund on Tuesday.
The ECB had made it difficult for the banks to open tomorrow because it decided to freeze the level of funding support it gives the banking system, rather than increasing it to cover a rise in withdrawals from worried depositors.
Amid drama in Greece, where a clear majority of people want to remain inside the euro, the next few days present a major challenge to the integrity of the 16-year-old euro zone currency block. The consequences for markets and the wider financial system are unclear.
The head of Piraeus Bank, one of Greece's top four banks, speaking after a meeting of the country's financial stability council, said banks would be shut tomorrow while a financial industry source told Reuters the Athens stock exchange would not open.
"It is a dark hour for Europe....nevertheless from where we're sitting we have a clear conscience," Greek Finance Minister Yanis Varoufakis said earlier in an interview with the BBC..............http://www.rte.ie/news/2015/0628/711122-greece-economy/
28/6/15
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Greece to shut banks, stock exchange on Monday as crisis deepens...
ReplyDeleteGreek banks and the stock exchange will be shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level.
Greece's banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday.
The ECB had made it difficult for the banks to open on Monday because it decided to freeze the level of funding support it gives the banking system, rather than increasing it to cover a rise in withdrawals from worried depositors.
Amid drama in Greece, where a clear majority of people want to remain inside the euro, the next few days present a major challenge to the integrity of the 16-year-old euro zone currency bloc. The consequences for markets and the wider financial system are unclear......Reuters........timesofindia.indiatimes.com
28/6/15
Alexis Tsipras kündigt Kapitalverkehrskontrollen an...
ReplyDeleteDie griechische Notenbank wird nach Angaben von Regierungschef Alexis Tsipras Kapitalverkehrskontrollen einführen. Zudem sollten die Banken einen Tag geschlossen bleiben, sagte Tsipras.
TSIPRAS ANNOUNCES CAPITAL CONTROLS AND BANK HOLIDAY...
ReplyDeleteIt’s official, capital controls are being imposed in Greece, as the financial crisis takes an even more alarming turn tonight.
Speaking on live TV, Alexis Tsipras is saying that the Greek central bank has been forced to recommend a bank holiday and the introduction of capital controls.
He blames the ECB, and other institutions, for trying to obstruct the democratic referendum he has called for next Sunday. This is a “insult” that shames European democracy, he says.
Tsipras also appeals for calm, and he insists that bank deposits are secure.............http://www.theguardian.com/business/live/2015/jun/28/greek-crisis-ecb-emergency-liquidity-referendum-bailout-live
President Barack Obama and German Chancellor Angela Merkel spoke on Sunday and agreed that it is "critically important" to find ways to keep Greece in the euro zone, the White House said...
ReplyDelete"The leaders affirmed that their respective economic teams are carefully monitoring the situation and will remain in close touch," the White House said in a statement.
"The two leaders agreed that it was critically important to make every effort to return to a path that will allow Greece to resume reforms and growth within the euro zone."
Reuters
Le Nikkei chute de 2,4% dans les premiers échanges, plombé par la crise grecque...
ReplyDelete(Belga) L'indice Nikkei de la Bourse de Tokyo chutait de 2,40% lundi matin peu après son ouverture, les acteurs du marché fuyant les risques liés à la crise grecque et la hausse du yen.
A la première minute des échanges, l'indice des 225 valeurs vedettes abandonnait 1,93% mais la baisse s'est rapidement accélérée, à -2,40% (soit -516 points) à 20.190,08 points. L'indice élargi Topix de tous les titres du premier tableau cédait aussi 1,93% à l'ouverture, et jusqu'à 2,80% par la suite, à 1.620,27 points. Les investisseurs préfèrent ne pas prendre de risque. Ils se défont des actions des entreprises japonaises en raison non seulement des craintes des répercussions de la crise grecque sur l'économie mondiale mais aussi et surtout pour échapper aux effets de la remontée du yen qu'entraîne cette situation. La devise japonaise est en effet considérée comme une valeur refuge: l'euro, qui valait encore 138,26 yens vendredi soir, ne cotait plus que 135,3 yens au moment de l'ouverture de la place tokyoïte lundi. Quant au dollar, il est dans le même temps passé de 123,89 yens à 122,95 yens. (Belga)
29/6/15