Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

brooklynite

(94,591 posts)
Wed Jul 15, 2015, 09:46 AM Jul 2015

Greece's banks are likely to remain closed for another month

Source: Business Insider

Greece's government shuttered banks and placed a €60 (£42.30, $66.40) daily cash withdrawal limit for citizens at the end of June, after announcing plans for a referendum on July 5.

Although capital controls were only meant to restrict citizens' financial movements for a week, Prime Minister Alexis Tsipras dropped a massive hint last night that banks could remain shut for another month.

"The reopening of the banks depends on the sanctioning of the deal, which will take place in a month," said Tsipras in an interview on public Greek television ERT, cited by the Telegraph.

He also added that the government still hopes that the European Central Bank would raise the level of emergency liquidity assistance for the banks after it announced that it would keep the facility frozen at €89 billion (£63 billion, $98 billion) this week.

Read more: http://www.businessinsider.com/greeces-banks-and-atm-update-closures-until-august-2015-7

21 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Greece's banks are likely to remain closed for another month (Original Post) brooklynite Jul 2015 OP
Will there be an economy left after a month? n/t PoliticAverse Jul 2015 #1
Seriously doubt it. Fire up the printing presses and full speed out of the EU Ed Suspicious Jul 2015 #2
How are businesses leftynyc Jul 2015 #3
I'm wondering how they can pay their mortgages? yeoman6987 Jul 2015 #4
forget tourists LittleGirl Jul 2015 #5
I'm not worried about tourists leftynyc Jul 2015 #7
yep, that too! eom LittleGirl Jul 2015 #10
I just saw leftynyc Jul 2015 #11
When we moved to Europe LittleGirl Jul 2015 #12
My friends over there leftynyc Jul 2015 #13
Indeed. LittleGirl Jul 2015 #14
The one thing that is saving the Greeks is their strong family support Ilios Meows Jul 2015 #15
Even the IMF leftynyc Jul 2015 #16
Just got an e-mail from my RepubliCON Senator telling me how the US may soon be the next Greece fasttense Jul 2015 #6
Someone needs to test Corker and his staff for narcotics. London Lover Man Jul 2015 #19
We do need to stop running deficits NobodyHere Jul 2015 #20
Couple this story with this one... Javaman Jul 2015 #8
Informed People Are Asking bucolic_frolic Jul 2015 #9
This is really bad. phantom power Jul 2015 #17
Goldman Sachs helped instigate the mess.. London Lover Man Jul 2015 #18
Greek banks to reopen on Monday- senior banker PoliticAverse Jul 2015 #21

Ed Suspicious

(8,879 posts)
2. Seriously doubt it. Fire up the printing presses and full speed out of the EU
Wed Jul 15, 2015, 09:53 AM
Jul 2015

is the course this will force them into. (my largely uneducated impression)

 

leftynyc

(26,060 posts)
3. How are businesses
Wed Jul 15, 2015, 09:54 AM
Jul 2015

on the islands (which are in the height of their tourist season right now) supposed to run without money?

LittleGirl

(8,287 posts)
5. forget tourists
Wed Jul 15, 2015, 10:33 AM
Jul 2015

don't forget those people haven't had access to their bank money in weeks now and I just want to know, how can they eat?

If they are only allowed 60 euros at the ATM, if it's got money in it, how can you survive on that? Can't make mortgage payment, can't pay rent, can't pay insurance premiums, can't buy food....seriously!

 

leftynyc

(26,060 posts)
7. I'm not worried about tourists
Wed Jul 15, 2015, 10:52 AM
Jul 2015

(you must have read my comment too quickly). I'm worried about all the business owners - the hotels, the restaurants, bars, clubs are going to pay for their employees, pay for the food, the liquor they need to sustain their business.

 

leftynyc

(26,060 posts)
11. I just saw
Wed Jul 15, 2015, 03:18 PM
Jul 2015

that demonstrations have turned violent in Athens. I love Greece and the Greek people and have been there over 20 times in 25 years. This breaks my heart.

LittleGirl

(8,287 posts)
12. When we moved to Europe
Wed Jul 15, 2015, 03:25 PM
Jul 2015

last fall, the bank froze our account for 2 full weeks and we could not access our funds to buy food and necessities and when we tried to use our US bank card at the ATM it was rejected and we were distraught. (We had already contacted the bank to let them know we were in Europe but it didn't matter to them). We just wanted to eat, so I know the pain. I know the misery of not having access to your funds in a bank. This whole deal is crap for everyone but the bankers. They will still get their bonuses and we the citizens (no matter what country) get screwed. I've never been to Greece but have always wanted to go. My people came from there and Italy.

 

leftynyc

(26,060 posts)
13. My friends over there
Wed Jul 15, 2015, 03:27 PM
Jul 2015

assure me they are in good shape and able to keep their living moving and businesses running but that can't be true for everyone. The elderly who rely on those pensions are the first ones to pop into my head. I honestly don't know how I would have voted last week but austerity has hit Greece very, very hard.

LittleGirl

(8,287 posts)
14. Indeed.
Wed Jul 15, 2015, 03:31 PM
Jul 2015

I have a senior Mother (in the states) and if her funds were not available, she would be out of her mind with grief. She's one of those that made sure that none of her children would ever have to "take care" of her. I'm glad to hear your friends are okay but if it takes a couple of more months (OMG) to get this mess straightened out, there is going to be a huge uprising. I really feel for them. I really do.

Ilios Meows

(26 posts)
15. The one thing that is saving the Greeks is their strong family support
Wed Jul 15, 2015, 04:34 PM
Jul 2015

I'm glad your friends are OK. My husband and I also love Greece (especially Crete) and it pains us to see what they are going through. Thankfully most Greeks have strong extended family networks. Austerity has hit Greece hard, which is why the terms of the new deal offered by the neo-liberal leaders in the EU will further sink Greece into a depression.

 

leftynyc

(26,060 posts)
16. Even the IMF
Wed Jul 15, 2015, 06:18 PM
Jul 2015

told them the austerity was too drastic - that there was nothing included to promote growth. I would think any Germans who have tickets for a vacation in Greece are changing those plans. You are so right about the family structure there - all very close and take good care of eachother. Our special love is Mykonos.

 

fasttense

(17,301 posts)
6. Just got an e-mail from my RepubliCON Senator telling me how the US may soon be the next Greece
Wed Jul 15, 2015, 10:40 AM
Jul 2015

He says if we don't buckle down and starve more American children, send more retirees to early graves and take away more medical care from poor sick people, the US will have to close their banks too.

He says more, and harsher austerity is the only way out for Greece and the US.

Well, he may not have used those EXACT words but it was clear he thought the US should implement extreme austerity immediately before all the banks have to close. Thanks Senator Porker Corker for the warning.

 

London Lover Man

(371 posts)
19. Someone needs to test Corker and his staff for narcotics.
Wed Jul 15, 2015, 07:09 PM
Jul 2015

I suspect they are on something illegal - they can't be *this* stupid..

Javaman

(62,530 posts)
8. Couple this story with this one...
Wed Jul 15, 2015, 12:31 PM
Jul 2015

Greek deal poisons Europe as backlash mounts against 'neo-colonial servitude'

http://www.telegraph.co.uk/finance/economics/11737388/Greek-deal-poisons-Europe-as-backlash-mounts-against-neo-colonial-servitude.html

He was left with a grim choice as Greek banks ran out of cash and after two weeks of capital controls had brought industry to a halt. Food companies warned that the country will start to run out of beef and other imported meats within days and could face serious food shortages by the end of the month unless the banking system is reopened, and firms can pay foreign suppliers once again.

more at link...

(this is going to get grim real fast)

bucolic_frolic

(43,176 posts)
9. Informed People Are Asking
Wed Jul 15, 2015, 12:41 PM
Jul 2015

How will they pay their bills.

Early US Financial History gives some clues.

IOU's, scrip, checks, barter, factoring. The methods of frontier life.

Lots of room for forgery, signing over promissory notes.

There is also cash in circulation. Businesses will probably be ok for awhile, but
people run out of money.

There are electronic forms of money too.

 

London Lover Man

(371 posts)
18. Goldman Sachs helped instigate the mess..
Wed Jul 15, 2015, 07:06 PM
Jul 2015

Who is the darling of Goldman Sachs?

Oh, that's right - Hillary Clinton!

Latest Discussions»Latest Breaking News»Greece's banks are likely...