“Oxi”: “no.” A clear statement on the ATMs.
The European Central Bank the scope of the “Ela” -Notkredite for Greece banks leaves unchanged at around 90 billion euros – but it requires future higher collateral, because the state is facing bankruptcy , “The financial situation of the Greek Republic has an impact on Greek banks,” it says in a statement that the ECB evening sent, “because the collateral, which they use in Ela, depends to a significant degree of assets that depend on the state . “
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Prior to the Bloomberg news agency had quoted unnamed sources in the context of the European Central Bank, according to which Greece’s banks rich the money until Wednesday without that they needed new emergency loans. According to rumors, the ECB has the security requirements now increased so that these margins of Greek banks are ausgesschöpft.
Austrian central bank Ewald Nowotny Gourverneur had previously said the “no” of the Greeks in the referendum on Sunday was the decision on emergency loans not relieved. If the banks had until Wednesday money actually available, would the European Central Bank time to delay a final decision until after the euro summit on Tuesday night.
Banks remain until at least Wednesday’s
As it became known on Monday, should Greece banks remain closed until Wednesday, so that the Greeks, despite concerns about national bankruptcy and “Grexit” limited money can take off and the banks more remain liquid. It was originally planned to open again on Tuesday.
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The President of the Banking Association, Louka Katseli, announced in the late afternoon, the capital controls and restrictions ATM remained. This was decided by the Court. Owners of accounts at Greek banks therefore would continue to stand 60 Euro per day. Pensioners without bank cards may stand in the week more than 120 euros.
Tourists whose accounts are not in Greek banks are not affected by the regulation. You can withdraw as much as they want -. As long as they get none of the ATMs that are empty
What happens now with Greece?
Chapter 1: Together everything is better
Chapter 2: End of euphoria
With the outbreak of the financial crisis in 2008 and a general recession, the situation in Greece worsened. The end of April 2010, the government formally applies grants. EU, European Central Bank (ECB) and the International Monetary Fund (IMF) to approve loans under strict austerity measures. The years that followed are a constant back and forth. Greece needs money again, the reforms are implemented in part, for the lender but not sufficient. Debt shall be adopted. The economic situation of the country is still getting worse, unemployment shoots up.
Late last year, the then Greek government calls new elections, because they can not agree on a new budget for the country with the donors. The EU warns of such elections, because the radical left Syriza party, which defends itself against the austerity requirements of EU, ECB and IMF could win.
Chapter 3: wishes are fulfilled
The mood in Greece is at the beginning of this year so bad that’s exactly what happens. Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis be selected and realize many of their election promises immediately. Make official dismissed again, increase the pensions and open up the closed system of public broadcasting again. That costs a lot of money that Greece has not, but this is lead until the middle of the year to serious problems. On this June 30 namely runs from the second rescue package for Greece. The country then must operate, what it is not able without new loans a loan from the IMF. The Greeks begin to withdraw money from their accounts.
In recent weeks there for this period repeatedly crisis summit, even at the technical level with the finance ministers of the euro zone, even the leaders. Lange sees it, despite many delays of as if you look at some kind. While the financiers and Greece argue over whether the country should above all by an increase in income, for example through an increase in VAT, or by cuts, as a reduction in pensions achieve reform conditions of donors. The financiers call for these cuts forcing Greece Bucks. Most observers assume, however, that will be agreed in late night sessions just before the deadline once again to a compromise. The European Central Bank bridged the financing difficulties of Greece at this time with emergency loans (Ela). The Greeks raise more money from their accounts.
Chapter 4: Escalation
But then the situation escalates end of the week. Alexis Tsipras calls for many observers and participants totally unexpected from a referendum on the austerity proposals of donors. The people should decide whether it wished to accept the terms of donors or not. The Greek Government has positioned itself clearly and is calling on voters to vote against the proposed reforms. Again and again was thought in the past about such a referendum, but so precipitously no one expected it.
With this referendum is on the one hand clear that until June 30, no agreement can be reached, because the vote is expected until next weekend take place. On the other hand, the Greek Government EU, ECB and IMF alienated so that Greece is excluded from the negotiations. Tsipras requested an extension of the utility until the referendum, but the donors refuse. The fronts are so hardened than ever. The Greeks are trying as much money as possible to withdraw, it formed queues at ATMs.
The announcement of the referendum takes many steps to be. The European Central Bank does not increase its emergency loans. Since Greece has almost exhausted this credit line, the country is no longer manage to connect with new money. The government announces capital controls and closes the banks. The Greeks are likely to stand out since only 60 euros a day at the ATMs and transfer only within the country money. On June 30, the Greek government uses their credit at the IMF not and is now officially in default.
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Chapter 5: And now?
The Greeks have surprisingly clearly decided in their referendum against the reform plans of the donors and their own government initially strengthened the back. What will happen in the coming weeks, is now the big question. Will Greece go bankrupt within the euro or running it on a Grexit addition? If there is a haircut? As the country gets new money and how it works in the long term with the Greek government on? In the ever-changing situation, hardly anyone wants to define a safe solution more. Only one thing seems certain: Nothing is excluded.
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