The on-going Greece debt crisis has gotten to a critical stage as more and more people queues up to withdrawl cash at ATM-posts at banks. Over one billion euros had been cashed-out over the weekend in Greece.
The European central bank, ECB refuses to extend emergency lending to banks in Greece. And they will be
due to repay the international monetary fund, IMF the sum of 1.6 billion euros, Tuesday 30, June, same day bailout expires.
Greece risks default and moving closer to a possible exit from the eurozone. The fear and tension seems increasing and something needs to be done about it. Only 40% of cash machines had money for withdrawals over the weekend.
The PM of Greece, Alexis Tsipras however for the sustainability of the Greece's currency market value has called for the inevitable implementation of "capital control". What this mean is government limiting people from how they move money about freely.
The capital control in Greece are as follow below;
- A maximum of €60 (£42; $66) can be withdrawn from an account in one day
- Overseas transfers of cash prohibited, except for vital, pre-approved commercial transactions.
Also due to the situation at hand in Greece, prime minister, Tsipras ordered banks to remain closed till 7th July. The Athens stock exchange will also be closed.
But while all these are happening, Mr Tsipras remains optimistic and calm as he guaranteed wages and pensions, as well as bank deposits are safe.
No comments:
Post a Comment