Greek banks to stay closed, says PM

Greek banks will remain shut for an unspecified time and the country is imposing restrictions on bank withdrawals following a recommendation by the Bank of Greece, the country’s prime minister has said.

Greek banks to stay closed, says PM

Greek banks will remain shut for an unspecified time and the country is imposing restrictions on bank withdrawals following a recommendation by the Bank of Greece, the country’s prime minister has said.

Sunday’s move comes after two days of long lines forming at ATMs across the country, following Prime Minister Alexis Tsipras’ sudden decision to call a referendum on creditor proposals for Greek reforms in return for vital bailout funds.

Earlier, the European Central Bank decided not to increase the amount of emergency liquidity the lenders can access from the central bank – meaning they have no way to replenish fast diminishing deposits.

“It is now more than clear that this decision has no other aim than to blackmail the will of the Greek people and prevent the smooth democratic process of the referendum,” Mr Tsipras said in a televised address to the nation.

The referendum is set for next Sunday. But Greece’s current bailout expires on Tuesday, and the €7.2bn remaining in it will no longer be available to Greece after that date.

Without those funds, Greece is unlikely to be able to pay a €1.6bn International Monetary Fund debt repayment due the same day.

Tsipras gave no details of how long banks will remain closed or what restrictions will be placed on transactions. Two financial sector officials said the banks would likely remain shut for several days.

more courts articles

Gary Glitter victim seeking six-figure sum in damages, court told Gary Glitter victim seeking six-figure sum in damages, court told
Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van

More in this section

Russia wears down Ukrainian defences with missile and drone attacks Russia wears down Ukrainian defences with missile and drone attacks
Paramedics among 16 people killed by Israeli airstrikes in Lebanon Paramedics among 16 people killed by Israeli airstrikes in Lebanon
French legislators ponder law to ban discrimination based on a person’s hair French legislators ponder law to ban discrimination based on a person’s hair
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited