Money Continues to Run Out at Greek Banks

Pictures of Greeks queuing outside banks on Wednesday have added to the pressure on the country’s far-left government to capitulate to its creditors’ demands.

After a combination of disastrous borrowing and years of austerity, the country’s fiscal situation has become so dire that its banks are shut, citizens can only withdraw 60 euros ($67) a day from ATMs—which are reportedly running out of 20 euro notes—and there are even concerns that pension funds will not have enough euros left to pay pensions.

“The pressure on the banking system is already great and the message to account holders (voters) is already crystal clear. Time has almost run out,” strategists at Rabobank warned in a research note on Wednesday.