Greece’s Debt Crisis

[Neo Ash]

Greek banks are closed and will stay shut for the week, after the country's debt crisis took a dramatic turn.

But cash machines are due to reopen in the afternoon and there are reports of fresh queues.

Greece decided on Sunday to shut banks and restrict cash withdrawals after the European Central Bank resolved not to extend emergency funding.

It followed the failure on Friday of talks with Greek creditors on continuing with the bailout programme.

Greece crisis - live coverage

A critical deadline looms on Tuesday, when Greece is due to pay back €1.6bn to the International Monetary Fund - the same day the bailout expires. There are fears of a default and a possible exit from euro.

The French cabinet met on Monday in emergency session. President Francois Hollande said afterwards that a deal was still possible if the Greeks wanted it.

"There are a few hours before the negotiation is definitively closed, in particular for the prolongation of the Greek aid programme."

German Chancellor Angela Merkel's spokesman said that she was "ready for further talks" with the Greek Prime Minister Alexis Tsipras "if he actually wants to".

In its decree bringing in the bank restrictions, the Greek government cited the "extremely urgent" need to protect the financial system due to the lack of liquidity.

The main points are:

---> Banks closed till 6 July
---> Cash withdrawals limited to €60 (£42; $66) a day for this period
---> Cash machine withdrawals with foreign bank cards permitted
---> Pension payments not part of capital controls
---> Banking transactions within Greece allowed

The crisis came to a head on Saturday after Greece and eurozone countries failed to reach agreement on payment of the last tranche of bailout money.

Discuss....

 

[Rot]

They are FUCKED!

xROTx

PS. It's FAR too early for me to go into why I feel it's gone down like this... but it would start off with the Phrase... "The Greeks are DUMBASS...."

 

[Atro]

I see greeks in the russian friendzone soon.

 

[StevenK]

People that insist on cash beyond a few thousand dollars are tax cheats or dodgy in some way that I don't want to be a part of.

I usually have less than 20 bucks on me at any given time. If I want to buy something from craigslist or whatever I stop at the ATM on the way to pick it up. Anything over a few hundred bucks gets a bank cashier's check.

You guys stashin' cash are fools.

Bet the Greeks who've been sewing their Euros into their mattresses for the past 8 years feel pretty smug right now.

 

[Dr Shroom]

kick them the fuck out.
deadbeats.

 

[NeoSneth]

It's a fantastic time to invest in the Euro thanks to Greece. They did this to themselves with no signs of changing; I expect them to get the boot. Their debtors may be fighting to keep them in the union.

 

[PigInTheMud]

It's a fantastic time to invest in Bitcoin thanks to Greece.

 

[FilthyRear]

Its a fantastic time to dig into a Greek Salad.

 

[hyper]

Its a fantastic time to dig into a Greek Salad.

good call

 

[Poonman]

According to GregN and Lithy the only greeks who keep their cash out of the bank are felons, drug dealers, tax cheats etc.

 

[famicommander]

Default is inevitable. They should just get it over with now because the longer they wait, the worse it will be.

 

[SonGohan]

According to GregN and Lithy the only greeks who keep their cash out of the bank are felons, drug dealers, tax cheats etc.

The vilification of greeks is getting out of hand.

 

[lithy]

GregN and Lithy

This hurts more than anything.

 

[TonK]

The vilification of greeks is getting out of hand.

Change.org

 

[neo_mao]

The vilification of greeks is getting out of hand.

The Greek debt crisis is at the top of the list of things I wish I knew more about.

 

[Opethian]

 

[totoro]

The Greek debt crisis is at the top of the list of things I wish I knew more about.

What do you want to know?

 

[Firepro4life52]

Hope this doesn't hurt the supply of Fage yogurt. Damn that's some good stuff... Even if bobby flay is a douche.

 

[norton9478]

THey should just default. It will be much better in the long run.

 

[DNSDies]

 

[StevenK]

THey should just default. It will be much better in the long run.

How long run and for who?

Bear in mind you're talking about the most violent continent in history that has somehow held itself together for an unprecedented amount of time due in large part to the European Union.

Sorry to be blunt, but bullshit post.

 

[K-2]

I have a few friends in Athens, I believe they are doing OK considering the situation; none none of whom are dumb or lazy.

Hope Greece can find a reasonable solution without resorting to borrowing from the lender of last resort - Putin

 

[wyo]

How long run and for who?

Bear in mind you're talking about the most violent continent in history that has somehow held itself together for an unprecedented amount of time due in large part to the European Union.

Sorry to be blunt, but bullshit post.

Do they have to leave the EU entirely or just the single currency?

 

[norton9478]

How long run and for who?
.

7-10 years.
Better for Greece.

 

[StevenK]

Do they have to leave the EU entirely or just the single currency?

The Greek people have been given a referendum on leaving the single currency, as the party in control at the moment want, but the EU has made it quite clear that if they leave the currency they leave the EU.

It's all totally fucked.