A BIG FAT GREEK CRISIS
Hopeful Start to Greek Debt Negotiations Quickly Soured
Greece says gap with creditors on deal is small
Greece crisis live: country to run out of essential food and medicine
Tag: GREECE
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Greece won’t pay the International Monetary Fund the 1.5 billion euros it owes Tuesday. A spokesman for Finance Minister Yanis Varoufakis told CNN the payment would not be made. Greece thus becomes the first developed economy to default to the IMF.
Greece won’t pay the International Monetary Fund the 1.5 billion euros it owes Tuesday.
A spokesman for Finance Minister Yanis Varoufakis told CNN the payment would not be made. Greece thus becomes the first developed economy to default to the IMF.
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The New York Times reports: For many people in Athens, it was time to prepare for an approaching storm. A short walk from Plaka, a line of people waited to withdraw cash from an A.T.M., hours before the official announcement that banks would be closed starting on Monday. Some bank machines in central Athens had run out of money or were out of service, as screens blamed “technical difficulties.” Elsewhere, some people had started hoarding gasoline and groceries. “We don’t know what the new day will bring,” said Katerina Vorreadi, who was among a group of retirees waiting in line outside the National Bank of Greece on Saturday night.
Elsewhere, some people had started hoarding gasoline and groceries. “We don’t know what the new day will bring,” said Katerina Vorreadi, who was among a group of retirees waiting in line outside the National Bank of Greece on Saturday night.
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GREECE IS THE WORD
The IMF wants its money. ATMs in Greece are running dry.. this could be the week of a national default.. The world is watching.
And Reuters is reporting this in its Sunday dispatch from the nation…
George Georgiopoulos and Lefteris Papadimas write:
More than a third of automated teller machines across Greece ran out of cash on Saturday before they were replenished as Greeks pulled out money on fears their country was set to crash out of the euro, three banking sources said.
Anxious Greeks lined up outside ATMs after Prime Minister Alexis Tsipras made a surprise call for a referendum on austerity terms demanded by lenders, throwing talks with lenders in disarray and putting Greece on the verge of a default.
About 35 percent of the ATM network – some 2,000 out of the 5,500 ATMs across Greece – ran out of euro banknotes at one point during the day and were being replenished, the bankers said. Banks were working in coordination with the central bank to keep the network fed with cash, they said.
Replenishing ATMs usually takes one to two hours per ATM, leading to the long lines, one banking source said.
The stage is set for a big fat Greek default next week.
