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Markets fall as Greek debt crisis escalates


Banks in Greece will be shut all week following the European Central Bank’s decision not to extend emergency funding.

The BBC reports as Greece failed to reach a deal with its creditors over the weekend the euro has fallen, down from $1.1165 on Friday to below $1.10 at its lowest point over the last two days.

The Greek government has limited cash withdrawals to €60 (£42) a day for this week, ahead of a referendum on Greece’s bailout terms on 5 July.

Greece is due to repay €1.6bn to the International Monetary Fund tomorrow.

Greeks have been queueing to withdraw their cash over the weekend, emptying cash machines. A decree from the government says cash machines would “operate normally again by Monday noon at the latest.”

Asian markets have slid on the news, with Japan’s Nikkei down 2.88 per cent at 20,109.95.

Hong Kong’s Hang Seng Index is also down 2.73 per cent at 25,928.31 as at 8.30 this morning.

The FTSE 100 has fallen in early trading by 2.16 per cent to 6,606.76.



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There are 2 comments at the moment, we would love to hear your opinion too.

  1. How is Greece EVER going to repay debts reportedly totalling €350 billion when it can’t find €1.6 billion by the end of this month?

    The EU/ECB/IMF should have admitted years ago that the whole idea of economic union has been chronically mis-managed from the word go and stopped pouring money into what’s just a bottomless black hole with no conditions as to how Greece must manage its economy.

    It’s crazy and, as much as any other party, the Greek government is to blame for allowing its citizens to avoid paying their taxes year after year.

    It’s a bit like banks and building societies here increasing peoples’ mortgages whenever they get behind with the payments on what they’ve already borrowed. Sooner or later the whole thing comes apart at the seams and crashes to earth in flames. That’s exactly what’s going to happen to Greece on Wednesday.

    It’ll rock markets for a while but, eventually, the market makers will realise that what’s happened has been coming for years and some semblance of normality will return.

    How the Europhiles can believe that the UK won’t be better off disengaging totally from this monumental mess is beyond me. Will it really matter if we have no sway or influence in shaping European policy. We’ll save a ton of money just by no longer having to pay towards subsidising it all and be able to run our own ship without having to kow-tow to Brussels all the time. Bring on the referendum.

  2. Personally, I do feel sorry for Greece, and I fear they are the ones who will be made an example of !, from the the, German, Brussels, and French (GBF) bully’s.

    A learned man told me a few years back, countries need not fear the atomic threat, from larger countries as it will come down to money !! if some-one wants rid, or bring them back in line, it will be done via the banks !! not military action.

    And Greece is being firmly held by the nuts, from the loan sharks !

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