Greek ATMs run dry as alarm spreads over debt deadline; Tsipras shifts to referendum tactic

Greek ATMs run dry as alarm spreads over debt deadline; Tsipras shifts to referendum tactic
Greeks, worried in 2015. (Image via Bloomberg)

[Ed. – Pity the Greeks — but pity the rest of us too.  Unless there’s a miracle, this one’s gonna hurt.  Here’s the skinny on PM Tspiras’ announcement of a spot referendum for 5 July.]

Two senior Greek retail bank executives said as many as 500 of the country’s more than 7,000 ATMs had run out of cash as of Saturday morning, and that some lenders may not be able to open on Monday unless there was an emergency liquidity injection from the Bank of Greece. An official with Greece’s Capital Markets Commission, the markets’ regulator, also warned that the Athens Stock Exchange may be unable to operate on Monday without a cash injection into the banking system. A Greek central bank spokesman said it was making efforts to supply money. …

Euro-area finance ministers rejected Greece’s request for a one-month extension of its aid program, which expires Tuesday, shutting down any last chance for a financial stopgap until the referendum is held.

After withdrawing more than 30 billion euros as the anti-austerity Coalition of the Radical Left, or Syriza, took power, depositors are now reacting to the latest twist in the five-month standoff with European leaders and creditors. One banker said 110 million euros had been withdrawn from his institution as of 11:30 a.m. Athens time on Saturday. …

Some branches of Alpha Bank in central Athens that normally open for business on Saturdays remained shut and one carried a sign that it wouldn’t open.

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