Greece crisis live: banks 'to close' on Monday as ECB caps funding at current levels

[brooklynite]

Source: The Telegraph

The Greek Financial Stability Council meeting, which ended in the last half an hour, has reportedly agreed to impose capital controls and has said there will be a bank holiday next week.

Athens Stock Exchange is to also stay closed, according to early reports.

Some report Greek banks may stay closed all week until the referendum. Since Friday night alone, €1.3bn has been withdrawn from Greek banks, said the head of the bank workers' union Stavros Koukos.



Read more: http://www.telegraph.co.uk/finance/11704054/Greece-crisis-live-banks-to-close-on-Monday-as-ECB-caps-funding-at-current-levels.html

[Wellstone ruled]

1. Well the 1%ers are the usual winners!

Wonder if they gave their Wealthy a 10 day notice like last time to pull their money.

[brooklynite]

2. "They" would be the leftist Government of Greece you're talking about?

[Wellstone ruled]

5. Not. The last time the Greek Banks did this,

they notified their largest depositors ten days in advance and I don't believe those folks were any so called leftest. Just the wealthy Greeks who moved their money to Switzerland.

[brooklynite]

6. But the banks didn't decide this; the Government did.

[Wellstone ruled]

10. Seems to me the IMF and Euro Bank

were the one's calling in the Greek Loans. This did not start like yesterday,the Greeks wanted to join the EU and with the help of some certain Bankers,Bonds were let and with the use of Engineering and a couple of Algorithms,whala,here they are today. Forty to fifty per cent unemployment,and the regular Greek Citizens taken a Government Mandated forfeiture of forty per cent of their savings. Just to cover JP Morgan and Goldman Sachs Bonds.

[roamer65]

3. People have been pulling money out for months.

That is why Greek banks have been tapping the ECB ELA program. Anyone with a large amount of money left in Greek banks is stupid.

[GliderGuider]

4. This could be the leading edge of something much bigger.

Europe's version of the Japanese tsunami. Just this thin line-ripple of white way out near the horizon, in the direction of Greece...

[brooklynite]

7. I have a solid strategy; I plan to do nothing...

I have domestic and international investments; some will go up and some will go down. Anyone who panics in a situation like this is being foolish.

[GliderGuider]

8. That's the safest strategy if you're not European.

This is a very big game being played way over our heads. Anybody who moves stands to get hurt. Of course so does anyone who sits still, but that's a lower probability so waiting is the smart move.

[CountAllVotes]

11. This is a very dangerous precedent

and the EU should have not allowed Greece to fail.

[Sunlei]

9. Does this mean Italy will stand with Greece? I mean Italy still owes them a lot over WW2 damages.

[sadoldgirl]

12. It does not matter at all. IF

the referendum does not support the government.

If it dos though, Greece may pull out of the Eurozone.

If it does that, it will be hard on the Greeks, but I
think the other countries involved have taken that
risk into account.

A lot of serious IF questions here.

[geek tragedy]

13. The Eurozone ministers were serious about Plan B.

They no longer plan to prop Greece up but rather to contain the fallout from its implosion and escape/exit from the EU.