29 June 2015

Bad to worse

No fun being Greek.  The Guardian reports:
In a brief, televised address to the nation, Tsipras threw the blame onto the leaders of the eurozone. But he did not say how long the banks would remain shut, nor did he give details of how much individuals and companies would be allowed to withdraw once they reopened.
Greek banks will not open until July 7 in an attempt to avoid financial panic, after ECB capped the emergency funds keeping them running.  
It later emerged that the banks would be kept shut until after the referendum on 5 July and withdrawals from cash machines would be limited to €60 – about £40. Cash machines are not expected to reopen until Tuesday.
Greece’s finance ministry later announced that the strict withdrawal limits would not apply to holders of credit or debit cards issued in foreign countries.

How long, do you suppose, before the machines run out of notes?

Meanwhile, we can expect a bloody day on the markets:
Share prices began to plummet across Asia on Monday as hopes dwindled for a resolution to the Greek debt crisis.
Japan’s Nikkei stock average briefly fell by more than 500 points in early trading, while the euro dropped more than 3% to 133.80 yen, its lowest level for five weeks. The common currency fell as much as 1.9% to $1.0955, its lowest level in almost a month.
The Nikkei fell 2.1%, while MSCI’s broader index of Asia-Pacific shares outside Japan dropped 0.8%. US stock futures dived 1.8%, hitting a three-month low, while US Treasuries futures price gained almost two points.
More than $35bn was wiped off the Australian stock market in the first hour of trading on Monday as investors brace for an increasingly likely Greek exit from the eurozone.
The BBC has the latest exchange rate for the euro against the £ at 1.4267 (which means that my lunchtime pint in my Spanish local now costs me the equivalent of less than a £ - it's an ill wind that blaws naebody any guid),

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