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Greek Banks Remain Closed, Capital Controls Imposed

Greek Banks Remain Closed, Capital Controls Imposed

Greek Banks

The Greek banks are to remain closed and capital controls will be imposed, said, the Prime Minister Alexis Tsipras.

Alexis, Speaking after the European Central Bank (ECB) reported it was not increasing emergency funding to Greek banks.

However, Mr. Tsipras said Greek deposits were safe.

Greece is due to make a €1.6bn (£1.1bn) payment to the International Monetary Fund (IMF) on Tuesday – the same day that its current bailout expires.

Greece risks default and moving closer to a possible exit from the eurozone.

Greek have been queuing to withdraw money from cash machines over the weekend, and the Bank of Greece said it was making “huge efforts” to keep the machines stocked.

Greek banks are expected to stay shut until 7 July, two days after Greece’s planned referendum on the terms it had been offered by international creditors for receiving fresh bailout money.

The Athens stock exchange will also be closed on Monday.

The Greek prime minister said that wages and pensions, as well as bank deposits, were guaranteed.

He also said he had sent a new request for an extension to the bailout. “I am awaiting their immediate response to a fundamental request of democracy,” added.

Greece’s capital controls

  • A maximum of €60 (£42; $66) can be withdrawn from an account in one day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.

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