IMF walks out of Greece talks

[Askari]

ok so there is a difference between ending it, maintaining it at its current levels and raising it. the ECB has said it will maintain it at its current levels

http://www.ecb.europa.eu/press/pr/date/2015/html/pr150628.en.html

PRESS RELEASE
28 June 2015 - ELA to Greek banks maintained at its current level

ECB takes note of decision on Greek referendum and the non-prolongation of the EU adjustment programme
ECB will work closely with Bank of Greece to maintain financial stability
Emergency liquidity assistance maintained at Friday's (26 June 2015) level
Governing Council stands ready to review decision
Governing Council closely monitoring situation and potential implications for monetary policy stance
The Governing Council of the European Central Bank today welcomed the commitment by ministers from euro area Member States to take all necessary measures to further improve the resilience of euro area economies and to stand ready to take decisive steps to strengthen Economic and Monetary Union.

Following the decision by the Greek authorities to hold a referendum and the non-prolongation of the EU adjustment programme for Greece, the Governing Council declared it will work closely with the Bank of Greece to maintain financial stability.

Given the current circumstances, the Governing Council decided to maintain the ceiling to the provision of emergency liquidity assistance (ELA) to Greek banks at the level decided on Friday (26 June 2015).

The Governing Council stands ready to reconsider its decision.

Mario Draghi, ECB President, said: "We continue to work closely with the Bank of Greece and we strongly endorse the commitment of Member States in pledging to take action to address the fragilities of euro area economies."

Yannis Stournaras, Governor of the Bank of Greece, said: "The Bank of Greece, as a member of the Eurosystem, will take all measures necessary to ensure financial stability for Greek citizens in these difficult circumstances."

The Governing Council is closely monitoring the situation in financial markets and the potential implications for the monetary policy stance and for the balance of risks to price stability in the euro area. The Governing Council is determined to use all the instruments available within its mandate.

For media enquiries, please contact William Lelieveldt, tel.: +49 69 1344 7316

If there has been a draw down in funds over the weekend question is if the top up on friday was enough to cover this weekend

Putting pressure on Greece to introduce capital controls. The Financial Stability Council is meeting right now to discuss...

 

[TheEnd]

Oh great so they're going to introduce 'capitol controls' now?

Wot a joke? How long is this Grexit going to go on for???

 

[trew]

Wot a joke? How long is this Grexit going to go on for???

Well the USA has managed to keep growing their national debt for 40 years

 

[smk762]

Greece has demanded more than 200billion in compensation from Germany for Nazi atrocities during the Second World War.
The government yesterday unveiled its final calculation for the war reparations stemming from occupation by the Third Reich.
The radical left Syriza party says Germany owes Greece nearly 279billion euros, or 204billion to compensate it for looting and war crimes.

Syriza politicians have frequently blamed Germany for the hardship suffered by Greeks under the tough bailout conditions imposed by international lenders.
Ministers have floated the idea of seizing German assets in the country to compensate the families of victims of Nazi war crimes.
A poll carried for Greek radio found more than 80 per cent of Greeks agreed with the pusuit of Nazi war debt claims.

http://www.dailymail.co.uk/news/art...-World-War-Two-days-Greece-pay-450m-debt.html

Article is from April (they've been playing the song since 2012), but I recon the Greeks will stubbornly hold ground. Nationalism is easy to the public, especially in the face of external threat.

China will buy up it's ports at a discount, and the EU will continue its mutual destabilisation. Once the EU finishes haggling for them, Russia will put up a loan with a slightly better deal.

 

[errol43]

Wot a joke? How long is this Grexit going to go on for???

Well the USA has managed to keep growing their national debt for 40 years

Yes the US has taken its national debt up to $18trillion plus unfunded welfare. Maybe the US is in as much trouble as Greece only we don't know it yet.

Regards Errol 43

 

[raven]

I don't think there can be a nwo, untill the west is levelled out to allow the east to rise to an even field.
Hope that plan doesn't work out !

 

[sterling-nz]

Wot a joke? How long is this Grexit going to go on for???

Well the USA has managed to keep growing their national debt for 40 years

Yes the US has taken its national debt up to $18trillion plus unfunded welfare. Maybe the US is in as much trouble as Greece only we don't know it yet.

Regards Errol 43

Of course the USA is in just as much trouble , BUT AS LONG AS we NEED the USD to trade they are safe.
If the Greeks still had their Drachma and that was the world trade currency they would be fine as well.
The day will come when the USA will have to repay their debts , but it is well in the future and who knows ??????

 

[whinfell]

Bank withdrawals limited to 60 per account per day - ouch

Greek debt crisis: Banks to stay shut, capital controls imposed

Greek banks are to remain closed and capital controls will be imposed, Prime Minister Alexis Tsipras says.

Speaking after the European Central Bank (ECB) said it was not increasing emergency funding to Greek banks, Mr Tsipras said Greek deposits were safe.

Greece is due to make a 1.6bn (1.1bn) payment to the International Monetary Fund (IMF) on Tuesday - the same day that its current bailout expires.

Greece risks default and moving closer to a possible exit from the eurozone.

Greeks have been queuing to withdraw money from cash machines over the weekend, and the Bank of Greece said it was making "huge efforts" to keep the machines stocked.

Greek banks are expected to stay shut until 7 July, two days after Greece's planned referendum on the terms it had been offered by international creditors for receiving fresh bailout money.

The Athens stock exchange will also be closed on Monday.

Greece's capital controls

* A maximum of 60 (42; $66) can be withdrawn from an account in one day
* Overseas transfers of cash prohibited, except for vital, pre-approved commercial transactions.

BBC News: http://www.bbc.com/news/world-europe-33305019

 

[aleks]

Fark :/

 

[Slam]

The supermarkets cleaned out yet?

I'm wondering if VISA or Mastercard credit cards will work for food purchases?

Slam

 

[aleks]

Its being reported that foreigners (bank accounts and credit cards) are exempt from the limits. I wouldn't say credit cards are shut down to operate locally but they probably can't make international transactions.