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Greece: Capital Controls, Banks closed. Live Blog from Athens

o7:50 pm June 28 2015: +++ According to Greek media reports, the Greek Systemic Stability Council decided to impose capital controls and close the banks as of Monday, 29th June 2015.

Specific rules and arrangements not published yet.

The Greek SSC is currently preparing a statement on the issue.

The decision was proposed by the Bank of Greece.

It has to be approved by the Cabinet.

PM Tsipras is expected to address the nation later on Sunday make a short statement at 8:30 pm local time.

According to state broadcaster ERT people will be able to withdraw money from the ATMs. Limit not known yet.

The Cabinet is supposed to convene at 8 pm and decide on SSCouncil proposal.

Earlier on Sunday, Germany, Holland and UK issued advises to tourists traveling to Greece “to have enough cash until the end of their holidays.” The statements warned of possible disruptions with the ATMs.”

Greek media  Bank Holiday is suggested to be 29 June – 6 July 2015.

REUTERS: Athens Stock Exchange to be closed on June 29th

Christine Lagarde is reportedly waiting for Greece’s payment to IMF by 6pm (Washington time) on Jun 30. (lol)

8:56 pm
PM Alexis Tsipras televised message:
 The EUrogroup’s decision to not extend Program and the ECB decision not to increase the ELA forced the Bank of Greece to propose capital controls.
On Sunday, I sent another request to Institutions for program extension. Awaiting for their response.
The Eurogroup decision is an act of insult and biggest shame.
They blackmailed the Greek people.
Greeks’ deposits, they payment of pensions & salaries are guaranteed.
He urged Greeks “to remain calm”.

They will not succeed. The very opposite will occur: the Greek people will stand firm with even greater willfulness.

09:03 pm

Mega TV:

Bankers have verbal information that the banks will be closed for 6 working days.09

09:22 pm

Obama – Merkel talks Greece

US-President Obama talked to German Chancellor Merkel on Sunday afternoon as Greece was preparing to impose capital controls.

Both leaders agreed that it is of crucial importance to have efforts so there will be return to the road that will allow Greece to continue reforms and growth within the eurozone,” the White House said.

Obama’s and Merkel’s “economic teams monitor the situation in Greece and will remain in close contact,” the American presidency added.

US-Treasury Secretary Lew called Lagarde, Schaeuble and Sapin (France) urging them to find a solution for Greece before the Referendum and even put “debt relief” on the table. (via Mega TV).

09:31 pm

Opposition leader conservative Antonis Samaras (New Democracy) calls PM Tsipras to “cancel the referendum and form unity government”.

09:46 pm

Several Greek media report that

“the Systemic Stability Council proposed “daily cap for ATMs withdrawals €50-€60”

10:00 pm

going yo buy cigarettes…

10:16 pm

one could buy unlimited amount of cigarettes…

10:17 pm

According to German media, Chancellor Merkel and President Holland want to address Greek people in the next days.

Remember I told you a couple of weeks ago, that Merkel will address the Greeks?

10:31 pm

Queues are growing long and longer outside the banks with concerned Greeks trying to withdraw as much money as they can, before the Capital Controls are imposed.

Capital controls: Πληροφορίες για όριο αναλήψεων 50-60€ την ημέρα - Κλειστές από αύριο και μέχρι τη Δευτέρα 6/7 οι τράπεζες

Friends and relatives report that several ATMs are empty.

 A Black Sunday for Greece and for Europe

Nice perspective: Referendum with Banks closed and Capital Controls.

***Fact is that they all knew it after the ECB decision at around 2 pm. Even Varoufakis who played with the words after he talked to BBC earlier…

Greek sources: newsit, State ERT TV, MEGA TV,

Live blogging from Athens concludes for tonight.

If Details on Capital Controls are published I will post them on separate post.

Thank you for following KeepTalkingGreece 🙂

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  1. Professor Pelotard

    The Troika (which still is alive despite a temporary change of name) will do its utmost to make sure everything is as bad as possible for the Greeks come the referendum. It appears that the thinking is that this will scare the voters to vote Yes and keep Greece in the eurozone.

    It may work. The opinion polls (made before the decision for a referendum) indicate a clear majority wants Greece to remain in the euro. Fair enough if that’s what the people wants, but one would hope that the voters understand that the EU will demand and have its pound of flesh.

    If I had been a Greek I would have crawled across burning coal if necessary to vote No. But then I am not Greek but Swedish and we did vote no (in 2003).

    • Well, if you would be so ready to do heroic acts to vote “No”, probably it would be great if you could explain to Greek people how wonderful their situation will be after “no” with a socialist-anarchist government during next years outside EU. Keep in mind Greece is not Sweden, and Greeks are not Swedish…

      • Giaourti Giaourtaki

        Anarchism laughs: Participation in Referendum under 40%, summer-break

      • Professor Pelotard

        Do you really think there is such a big difference between Greeks and Swedes? I don’t. The big difference is that the Greek situation is much worse than ours ever were, and there is no good solution. A Grexit is in my opinion the least bad for Greece in the long run. But it is not for me (or you) to decide, but for the Greeks themselves.

      • But the Greeks aren’t going to vote to remain or not to remain in the Euro. They’re going to vote for or against the new austerity measures that the Eurogroup and the creditors want to impose on Greece. Besides this no-one has the power to exclude Greece from the Euro. No euro state can be expelled from the Euro. Besides this the creditors will change their minds when they understand they will lose all their investment should Greece step out of the Euro. Remember the product which is being sold here, is money, not food, not energy, not gold, just money. Moreover should Greece leave the Euro, more countries will. Portugal is the next.
        Jorge Alves – Lisbon – Portugal

    • The worse the assholes from the Troika make it, the more likely Greeks are to vote NO. Greeks do not respond well to ultimatums and threats — unlike silly Germans and others, who do as they are told.

      • This is exactly the game Tsipras seems to be playing — by triggering a very predictable chain of events which he hopes will bring him back more control within Syriza and Greece.

      • The Greeks can only say no to more austerity. How can the country’s economy grow when all the money will be used to nothing but to feed the creditors greed? The Greeks can only say no to more austerity. And they are right! We shall wait and see how desperate the creditor banks will behave when they understand that their investments are at the brink of collapse in they do not give in. Do people not know how many thousands of million euros German and French banks have won with the Greek debt?

        jorge alves – Lisboa

    • @Professor The current chain of events was easy to predict. Even I did it yesterday immediately after the referendum was announced.

      1) The current bailout program could not be extended, since one cannot reasonably expect 18 EU governments and several EU parliaments to be available on standby and do it at Tsipras’s whim after he abruptly broke off the negotiations and started campaigning for a No vote against the agreement. (I am not even talking about the distrust earned by the actions of successive Greek governments including the current one, and the damaged relationships courtesy of Tsipras’s and Varoufakis’s demonstrative contempt and arrogance towards their interlocutors over the last five months — even if many ignore that as purely negotiation tactic).

      2) Similarly, IMF would loose any shred of credibility (smacking of racism) if it is seen favoring a high-income European nation by allowing an extension upon extension of its repayment deadlines and unilateral loan term changes by the borrower, let alone being jerked around with threats of non-payment not because the Greek government does not have the ability to pay, but because it chooses not to pay.

      3) One also could not expect ECB to increase the ELA against its own rules after the negotiations broke off and the probability of a Greek default increased precipitously. Even the previous ELA increases were stretching the rules and hurting ECB’s credibility. I believe, they were only extended because ECB wanted the politicians to be the ones deciding on the future of Greece in the euro zone rather than unelected bankers.

      4) After the ELA was not increased, introducing capital control by the Greek government was a logical next step as it was the lesser evil (compared to a complete chaos).

      5) Also very predictable was that Tsipras and Syriza supporters will characterize the very logical reaction of the creditors as blackmail, even though he triggered this chain of events with a hasty referendum proposal too late in the game to make any sense.

      • Professor Pelotard

        Quite true and logical, most of what you write. I would not put all the blame on the stalled negotiations over the previous months on Tsipras and Varoufakis, but that is probably of minor importance. It was a strange decision to turn to the people that late in the day, though, I think the EU/Troika expected a snap election and had prepared for that. The referendum took them definitely by surprise.

        What you say about the rules etc is true. The only thing is that these institutions make it a rule to break their rules. I think it may be counterproductive to not be lenient and Greece at this moment, but we won’t know until Sunday.

  2. Giaourti Giaourtaki

    Wow, Rumour: German TV learns from Greek, tonight in ARD was the first time ever in German TV history that the screen had 4 speaking windows open plus the speaker.

  3. Giaourti Giaourtaki

    Smart tourists bring also Pound and Dollar, in case of emergency bars and kiosks will exchange, the later one change the better the course.
    But why European governments don’t give this advise? Their Euro-course is more important to them than their own citizens.

  4. “US-Treasury Secretary Lew called Lagarde, Schaeuble and Sapin (France) urging them to find a solution for Greece before the Referendum and even put “debt relief” on the table. (via Mega TV)”.
    Well, I don’t think a “debt relief” would be possible because all other countries (including Germany) have debts, so Greek debt relief will increase other EZ countries debts as well. In fact, even though Greece will default, Greek people will have to pay their debt (probably reduced) many years from now. Greek government should explain frankly to Greek people the consequences of “Yes” and “No” before the referendum. It is sad that Greece will be used in this “default experiment” with unpredictable consequences by politicians (both Greeks and EU). Good luck and make an informed and intelligent choice. Do not allow the politicians’ manipulation, they will live very well indifferent of your choices.

    • Giaourti Giaourtaki

      A economy without any currency has no debt, basta and before Germoney would get any all others first unless they pay their war-debts

    Ouch, ouch, ouch, man !
    In a magnificent fit of madness.
    The European Central Bank has run its currency into INFINITY
    The EURO HAS NO VALUE & they are in big trouble.
    Not Greece –
    The US Federal Reserve has done the same thing & the US dollars is worthless, that is why the TTIP was so important – CONTROL to save themselves.
    They need you – you do not need them.
    If the worst happens & the world call them out – it will take a briefcase of Euros or US dollars to buy a litre of milk.
    Greece has been in a worse place & survived – it takes courage but the Greek people have what it takes.