Monday, 29 June, 2015
WSJ- Greece Orders Banks Closed, Imposes Capital Controls to Stem Deposit Flight – Greece shut down its banking system, ordering lenders to stay closed for six days starting Monday, and its central bank moved to impose controls to prevent money from flooding out of the country.The steps, a fateful climax to five years of debt crisis, puts Greece closer than it ever has been to an exit from the euro and pushes the common currency itself into uncharted waters. The decision came after the European Central Bank—meeting in an emergency session Sunday—opted not to expand a lifeline of emergency funds that has been sustaining Greek banks while nervous depositors pulled their money out. On Athens’s rainy streets late Sunday, many ATMs had already been emptied. Prime Minister Alexis Tsipras’s announcement that he would call a referendum on the economic terms that Greece’s creditors want for fresh aid sent many Greeks scurrying to bank machines over the weekend to grab what remaining cash they could.
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