Greek Banks to Remain Closed All Week

Greek banks are closed and will stay shut for the week, after the country’s debt crisis took a dramatic turn.
But cash machines are due to reopen in the afternoon and there are reports of fresh queues.

Greece decided on Sunday to shut banks and restrict cash withdrawals after the European Central Bank resolved not to extend emergency funding.

It followed the failure on Friday of talks with Greek creditors on continuing with the bailout programme.

A critical deadline looms on Tuesday, when Greece is due to pay back €1.6bn to the International Monetary Fund – the same day the bailout expires. There are fears of a default and a possible exit from euro.

The French cabinet met on Monday in emergency session. President Francois Hollande said afterwards that a deal was still possible if the Greeks wanted it.

“There are a few hours before the negotiation is definitively closed, in particular for the prolongation of the Greek aid programme.”

via BBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza