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.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.