For Quick Alerts
For Daily Alerts

    Crisis-Hit Greece Imposes Capital Controls, Bank Holiday

    By Super

    Athens, Jun 28 (AFP) Greek Prime Minister Alexis Tsipras announced today that the country's crisis-hit banks will be shut tomorrow and capital controls imposed to prevent withdrawals, after cash machines ran dry.

    Crisis-Hit Greece Imposes Capital Controls, Bank Holiday

    The emergency measures were agreed at a cabinet meeting after a gathering of Greece's systemic stability council, called after Eurogroup eurozone finance ministers refused to extend its bailout beyond Tuesday, sparking default fears over an IMF loan repayment due the same day.

    The European Central Bank (ECB) subsequently left its Emergency Liquidity Assistance (ELA) financial lifeline for Greek banks unchanged on Sunday.

    "This decision (by Eurogroup) led today the ECB not to raise ELA for the Greek government and made the Bank of Greece ask for the activation of measures of bank holiday and restriction of bank withdrawals," Tsipras said in a statement that also called again for an extension to Greece's current bailout programme.

    The Greek stock market will also remain closed on Monday as part of measures designed to prevent fresh panic. Ahead of the announcement, Greeks raced Sunday to find functioning cash machines in an increasingly anxious run on the banks, as speculation mounted over impending drastic restrictions.

    "It's more than obvious that this (Eurogroup) decision has no other goal than to blackmail Greek people ... and to raise obstacles to the democratic process of the referendum," Tsipras added in the statement.

    "People's deposits are safe, totally safe. Equally safe is the reimbursement of salaries and pensions.

    "Any difficulties that may arise must be dealt with with calmness. "The more calm we are, the sooner we will get over this situation." T

    sipras added that he had again asked for "the prolongation of the programme this time from the president of the European council and the 18 leaders of the other eurozone member countries, as well as the chief of ECB, the Commission and the European Parliament." 

    Read more about: greece banks eurozone
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more