Greek banks to shut for six days

p46031World-News-1-1

Published: Monday 29th June 2015 by The News Editor

Comments (0)

Greece’s five-year financial crisis took its most dramatic turn yet, with the cabinet deciding banks would remain shut for six business days with restrictions imposed on cash withdrawals.

The Athens Stock Exchange would also not open today, financial sector officials confirmed after an eight-hour cabinet meeting.

The moves were meant to staunch the flow of money out of Greek banks and spur the country’s creditors to offer concessions before a bailout programme expires tomorrow.

The accelerating crisis has thrown into question Greece’s financial future and continued membership in the 19-nation shared euro currency – and even the European Union.

For the past two days, Greeks have been rushing to ATMs to withdraw money across the country following Prime Minister Alexis Tsipras’ sudden weekend decision to call a referendum on creditor proposals for Greek reforms in return for vital bailout funds.

Published: Monday 29th June 2015 by The News Editor

Comments (0)

Local business search