People line up to withdraw cash from an automated teller machine (ATM) outside a National Bank branch in Iraklio on the island of Crete, Greece June 28, 2015. REUTERS/Stefanos Rapanis
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Greece will introduce capital controls and keep its banks closed Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff to a dangerous new level.Greece's banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves toward defaulting on a 1.6 billion euros payment due to the International Monetary Fund Tuesday.Greece blamed the ECB, which made it difficult for the banks to open because it froze the level of funding support rather than increasing it to cover a rise in withdrawals from worried depositors, for the moves. The ECB has kept the banks afloat in recent days with increases in its funding line, a form of overdraft with the eurozone's central bank system.There is growing opposition to the funding line because it would fall to the bloc's other members to pay if Greece were to leave the eurozone.
FOLLOW THIS ARTICLE