Greece may find it is easier to close banks than re-open them

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http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_30/06/2015_551718

Greece may find it is easier to close banks than re-open them
Tuesday June 30, 2015 (09:41)
By George Georgiopoulos & Steve Slater

Capital controls imposed in Greece are likely to stay in place for months and its banks may need billions of euros of new capital or even face nationalisation under a lengthy financial rebuilding, industry sources said.

The decision to close the banks and impose capital controls from Monday was difficult, yet re-opening them and finding a way to lift the measures could prove even tougher, experts warned.

Creditors said the door to negotiations remained open despite the government's decision to break off talks and put their latest cash-for-reforms offer to a referendum next Sunday, but that a «no» vote would signal an exit from the euro.

"In the best case scenario they manage the bank holiday, find a way to reopen the banks, stabilise the system like Cyprus, and deal with the fallout of higher NPLs (non-performing loans) and liquidity crunch. You find a path through,» said a restructuring industry source who was not allowed to speak publicly.