Greece Shuts Banks; Limits Daily ATM Withdrawal to 60 Euros

[RandySF]

Athens: Greece moved to check the growing strains on its crippled financial system on Sunday, closing its banks and imposing capital controls that brought the prospect of being forced out of the euro into plain sight.

After bailout talks between the leftwing government and foreign lenders broke down at the weekend, the European Central Bank froze vital funding support to Greece's banks, leaving Athens with little choice but to shut down the system to keep the banks from collapsing.

Banks will be closed and the stock market shut all week, and there will be a daily 60 euro limit on cash withdrawals from cash machines, which will reopen on Tuesday. Capital controls are likely to last for many months at least.

"The more calmly we deal with difficulties, the sooner we can overcome them and the milder their consequences will be," a sombre-looking Prime Minister Alexis Tsipras said in a televised address. He promised bank deposits would be safe and salaries paid.


http://profit.ndtv.com/news/global-economy/article-greece-shuts-banks-limits-daily-atm-withdrawal-to-60-euros-776242

[PoliticAverse]

1. If you still had money in the banks that didn't have to be there you weren't paying attention. n/t