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Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday
Update 3: Bloomberg, citing Kathimerini, reports that Greek banks will remain closed until July 6.
- GREEK BANKS TO REMAIN CLOSED UNTIL JULY 6 : KATHIMERINI
- GREEK GOVERNMENT ISSUES CAPITAL CONTROLS, BANK HOLIDAY DECREE
- GREEK GOVT LIMITS CASH WITHDRAWALS TO EU60/DAY AS OF JUNE 28
- GREEK CAPITAL CONTROLS INCLUDE LOCAL BRANCHES OF FOREIGN BANKS
- GREEK GOVT SETS UP COMMITTEE TO APPROVE PAYMENTS ABROAD
Update 2: Greece's Skai reports that if/when banks reopen (supposedly on Tuesday), a 60€ withdrawal limit will be imposed.
Update: In a televised address to the nation, Greek PM Alexis Tsipras assured Greeks that their deposits are safe despite an upcoming bank holiday and despite the fact that Greek stocks will not open for trading on Monday. Tsipras also said Athens has re-applied for a bailout extension and urged Greeks to "remain calm" in the face of what is sure to be a turbulent week.
- GREEK PRIME MINISTER SAYS GREEK PEOPLE SHOULD REMAIN CALM
- GREEK PM: BANK OF GREECE PROPOSED BANK TRANSACTION RESTRICTIONS
- GREEK PRIME SAID GREECE RE-APPLIED FOR BAILOUT EXTENSION
- GREEK PRIME MINISTER SAYS DEPOSITS ARE COMPLETELY SAFE
Earlier:
Despite the reassurances from any and all elected (and unelected) officials, given the run on bank ATMs in Greece has turned into a stampede, it is not surprising that:
- GREEK BANKS TO REMAIN CLOSED FROM MONDAY FOR A WEEK: PIRAEUS BANK CEO
- PIRAEUS BANK CEO THOMOPOULOS SPEAKS TO REPORTERS IN ATHENS
The announcement was made when Piraeus Bank CEO Anthimos Thomopoulos told reporters after a meeting of the government’s financial-stability panel on Sunday. The launch of capital controls just as the Greek summer tourism season starts, is sure to be the final crushing blow to Greece, whose entire economy will now grind to a halt.
At the same time, Finance Minister Yanis Varoufakis said an announcement would be made after a Cabinet meeting due to start imminently in Athens. Which is ironic considering just earlier today Varoufakis said he is opposed to the "very concept" of capital controls:
Capital controls within a monetary union are a contradiction in terms. The Greek government opposes the very concept.
— Yanis Varoufakis (@yanisvaroufakis) June 28, 2015
Banks will remain shut until at least after a July 5 referendum called by Prime Minister Alexis Tsipras on whether to accept austerity in exchange for a European bailout, Kathemerini newspaper reported, citing unnamed sources.
Reuters is also reporting that the Greek stock market will not open on Monday (leaving us wondering just what that will do to the Greek ETFs liquidity in US markets) as hedgers scramble to protect un-closable losses wherever they can.
More from Reuters, which reports that "Greece's banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday."
The ECB had made it difficult for the banks to open on Monday because it decided to freeze the level of funding support it gives the banking system, rather than increasing it to cover a rise in withdrawals from worried depositors.
Amid drama in Greece, where a clear majority of people want to remain inside the euro, the next few days present a major challenge to the integrity of the 16-year-old euro zone currency bloc. The consequences for markets and the wider financial system are unclear.
The head of Piraeus Bank, one of Greece's top four banks, speaking after a meeting of the country's financial stability council, said banks would be shut on Monday while a financial industry source told Reuters the Athens stock exchange would not open.
"It is a dark hour for Europe....nevertheless from where we're sitting we have a clear conscience," Greek Finance Minister Yanis Varoufakis said earlier in an interview with the BBC.
Greece's left-wing Syriza government had for months been negotiating a deal to release funding in time for its IMF payment. Then suddenly, in the early hours of Saturday, Tspiras asked for extra time to enable Greeks to vote in a referendum on the terms of the deal.
Creditors turned down this request, leaving little option for Greece but to default, piling further pressure on the country's banking system.
The creditors want Greece to cut pensions and raise taxes in ways that Tsipras has long argued would deepen one of the worst economic crises of modern times in a country where a quarter of the workforce is already unemployed.
Pro-European Greek opposition parties have united in condemning the decision to call the referendum on the bailout terms, but people on the streets of Athens backed the decision.
"I want him (Tsipras) to knock his fist on the table and to say 'enough!'," said resident Evgenoula.
Many leading economists have voiced sympathy with the Greek government's argument that further cuts in spending risk choking off the growth which would give Greece some prospect of servicing debts worth nearly twice its annual national income.
The IMF has pressed European governments to ease Athens' debt burden, something most say they will only do when Greece first shows it is trimming its budget.
Long lines formed outside many ATMs on Sunday, including some of 40 to 50 people outside some in central Athens.
The Bank of Greece said it was making "huge efforts" to ensure the machines remained stocked.
The German foreign ministry said tourists heading to Greece should take plenty of cash to avoid possible problems with local banks and some tourists said they were joining the ATM queues.
"I am trying to go over to the bigger banks," said Cassandra Preston, a Canadian tourist. "I am here for another month and I would like to make sure I have some cash on me."
* * *
In other words, Greek speculators (and of course, those depositors who were dumb enough to still have money in local banks) just got CYNK'd - you can buy stocks all you want, but if the market is about to fall out of the bottom, you simply are not allowed to sell.
Which, incidentally, is coming to every centrally-planned, banana "market" near you...
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Fixed.
sorry for the crazed media but nothing spectacular will happen very soon. greeks are scared enogh to vote no, syriza they will look like fools and in the end guess what - elections. then some cuts will be made by the new government in order to keep the show going
and that's that. until september or something
Buzzkill!
So should we all go long US markets monday am? I mean afterall, they've thrown trillions at problems thus far, they might throw quadrillions in now! They've repeatably told us Greece wasn't a problem. Therefore let's all plow in long!! LMAO.
Balls Deep!
If you like your Euros, you can keep your Euros -- only once you put them into a bank, they are no longer your Euros!
Oh yeah, and on other stupidity fronts I have ANOTHER INGENIOUS IDEA!!!! Let's get pocketfulls of CASH and take a vacation to a country full of starving people, committing suicide in record numbers, and just stroll around like nothing will happen because words on paper say people aren't allowed to stab you and take your cash. Fucking dumbasses. When you're done, go visit Fukushima while you're at it.
Any guys who still have money on a Greek bank now deserve to be ass fucked without lube.
Double post.
Its at 1.10 right now.
Hoping for 1.08 at the end of Monday
http://www.xe.com/currencyconverter/convert.cgi?language=nl&Amount=1&Fro...
How about two for one?
Excellent!!!!!!!!!!!
I have to pay off my teeth this month (1000 euros).
Euro crashes is good for me because I get paid in US dollars AND Euros ( US SS =1500) Euro pensions =2500
You wore out the old ones.
Tooth dragger.
I think last week may have been the last week that gold will be under $1200 and silver under $16 for.... for.... well, for a long time!
I can smell the universal currency sewage coming down the pipe.
THE END
The Greek people now have the right to decide whether or not they want to accept more austerity measures in return for loans that have thus far failed to help the Greek economy
GR Final Countdown:
http://tersee.com/#!q=greece&t=text
The real funny thing about this is that no matter what they vote for,
it doesn't matter, they are hosed.
Austerity with loans, austerity without loans, I know which one
I'd pick.
It's time to trade BJs for food stuff.
I bet you will be busy
If you have good lip & tongue skills, or if you have food?
Yeah, I'm one hungry motherfucker.
You like the creamy stuff ,huh?
You can make use of some olive oil to speed things up a bit.
GREEK PEOPLE CAN BLOW TOURISTS FOR HARD CURRENCY
They may have come on to someone...er... something there.
Do yourselves a favor and download plans for a wood gasifier and print it out. Just in case.
A few solar panels can solve that problem. I know people that pay ZERO for electricity and heating and have electric vehicles.
One guy pays 150 euros a month to the power company and gets a check every quarter for 600 euros that he pumps back into the grid.
Electric vehicles are the only way to make solar panels pay off in less than 20 years. Obviously it means you have to have an electric vehicle you can commute every day in.
Obviously, our commutes here are around 50 km per day MAX., I am retired so I barely put 3000 km on my car lastyear, rest of the time I use electric bike and scooter.
If everything you do goes by ROI you will never be a modern up to date country.
I paid over 400 euros to redo my house and garden in LED lighting. Did I think about ROI? Not at all .
The internal combustion engine is key. Best get that thru your head.
Whatever you say.
I guess you didn't see the 24 Le Mans this year.
The bread and circus that is bigtime racing? Pft.
hahaha, says the NASCAR fan with fat guys who only can make one long left turn.
Let me ask you., Do you enjoy making a fool out of yourself?
Dont real care what others think of me. Stopped giving a shit about that when I was a kid.
Well that was only a year ago,
Yes, you are right, I would much rather pay 9 euros a gallon than 20 cents to charge my vehicle.
I considered that sort of thing in the US but the power compnaies here in the USA have us by the balls. Local areas that favor individual electric production are few and hard to find.
If power companies even do buy your electricity, they don't pay nearly enough for it. Worse, they make you pay extra for mandated "monthly regular inspections" of your residential solar farm so you can't hardly ever net positive. Start up costs don't justify prospect of breakeven.
Do you realize how treeless this planet would become if everybody decided to
use a wood gasifier? It's a great idea if you and me and a couple other idiots
are doing it. (no offense)
But it would be like having all wood fueled steam powered automobiles.
Andy is stuck in 1970. give him a break.
I like to think of myself as half Buck Rodgers and half Buck Toothed. But hey pannel up if that floats ur boat. I just want folks to be able to choose for themselves. Its all about having real options.
yes, and we have real options here, don't you??
I used to be a petrol head like you. I had a MB 500 SEC AMG for 3 years. Cost me an arm and a leg to fuel and insurance. just so I could go 160 mph on the autobahn.,
I had one just like this but in silver colour.
Great car
https://www.youtube.com/watch?v=R5w_WtThS8M
Facepalm.
SMDH
So bankrobbers used to use guns to hijack banks and its clientele; nowadays banks use ATM's to hijack whole nations.
Best way to rob a bank is to OWN one.
Movin on down., down to 1.09 yee haaa
http://www.xe.com/currencyconverter/convert.cgi?language=nl&Amount=1&Fro...
Your deposits are safe
Is that the same as ''Your check is in the mail'' or 'I promise not to cum in your mouth''?
3 cent drop in Euro since HongKong opened. Keep it going
DJIA down 303, SPX minus 37 for starters:
Watch the collapse here.
http://www.investing.com/indices/us-30-futures-advanced-chart
Meh, 1%?
Lets see 10%. 5% per day for weeks.
We need war on banksters and their money. Let them eat it.
There is a world without bankster's money we just need to open our eyes.
Know your enemy, know what their money is for:
https://contrarianopinion.wordpress.com/2015/04/14/plutus-and-the-myth-o...
In the new normal banks do not need depositors. They simply borrow an infinite amount of money from the Fed or IMF at 0% interest.
Since the banks have no need for depositor money. They should be able to pay back to depositors with no problem, right?
If banks NEEDED depositor money then they would be paying interest on it, right? If not, then it is a monopolistic action designed to DEFRAUD depositor out of market rates of interest.
In a world where the rule of law mattered, this would matter as well.
And if depositors call bullshit, we'll all be on holiday. Remember, our Dear Fedcoats labelled as a 'potential terrorist' any American who has 1 or more weeks worth of food on hand. Those fuckers can all drop dead.
Monday here in the U.S. Janet Yellin cleared her throat, stocks up. Six hundred and sixty six people bought a car,stocks up. Warren ( I make money the old fashion way) Buffett says "Yes, but we don't live in Greece" stocks up. Steve LIESman sets us all straight "The fed is our friend" stocks up. They're up alright, up to your ass in loses. The Greeks get to vote "More of this or EU poision pill, choose now.
not this time.
All the traders know that US is 20% overpriced.
And we have all been waiting for the trigger.
And here it is.
Silly Janet Yellen and her advisors got thsi WRONG. OUTTA AMMO.
not this time.
All the traders know that US is 20% overpriced.
And we have all been waiting for the trigger.
And here it is.
Silly Janet Yellen and her advisors got thsi WRONG. OUTTA AMMO.
Mons Olympus (ZH): Janet Yellen today announced the US Federal Reserve would immediately implement "Quantitative Ouzo" (QO) to offset the effects of the Greek financial trouble. "Frankly we've been drinking the stuff here for years, so what's the harm in a little more?" she asked, squinting. "Ooopah!"
With the 3rd update; expect all art works to become monetized collateral along with all commingled gold bullion bank reserves.
This lookin' like a divorce, it's gonna be nasty! Clean off the wall fixtures, painting & pick up the porcelain/marbles statuettes. What else or should I say whatever else suits the bill!
MONDAY
Wall street will lose 2 percent. Shanghai 6
TUESDA Wall street will lose 5% Shanghai 8
WEDNeSdAY Wall street another 5%
I think a 15% correction in order
The world is watching. When the Greeks jettison the Euro, start printing drachmas as fast as every other globalist bloc is printing their own fiat, and extend/pretend some more, the world is going to scream 'bullshit', and the metal will meet the meat. This game is over, but many wish to pretend whilst they stack their monopoly money. Guns, broads, whiskey. If it doesnt shoot, fuck, or get you drunk, it aint worth shit.
>>>
Greek Banks...Will Not Open On Monday
<<<
True
But also true that Merkel _really believes_ in the United States of Europe.
So:
1. The banks are shut because (at last) the ECB has switched off ELA;
2. The ECB has switched off ELA because insufficient pledged capital (or otherwise credible guarantees);
Question: How long before Merkel (on behalf of her taxpayers) pledges _German_ guarantees for more ELA to Greece?
Watson
Perhaps Merkel is a diehard US stooge, or is being blackmailed by the CIA. She is supposed to represent the interests of Germany, not those of the US / US military industrial complex. She should resign if she can't fulfil that role.
Greece declares default. Returns to Drachmae.
China Russia (BRICS) provide aid package to Greece and special trade deal.
China 'leases' Greece's gold.
Greece approves Russian pipeline, Chinese port.
>>>
Greece declares default
<<<
I think that would be a bad move.
To me, best strategy for Greece right now is to do _nothing_, and see if Merkel panics out (thus Greece collecting yet more EUR).
Your other options remaining in the background...
Watson
Greece has no gold. Russia and China will have to lease something else.
Before or after Greece declares default, there might be a couple of high-profile assassinations.