With the fear that the banks could have to shut their doors and a lust to keep their hands on their own hard-cash, the Greeks have already yanked more than 30 billion euros out of banks.
This has seen daily borrowing by the Bank of Greece from banks around Europe as cash became very much the king in this debt-ridden country.
And its liabilities to the rest of the euro area for the excess physical cash it has had to put into circulation quadrupled between December and April, the last month for which there’s available data, reports Bloomberg.
A deal on Monday is key. Greek Prime Minister Alexis Tsipras, just back from a visit with Vladimir Putin in St. Petersburg, is busy trying to conjure-up a proposal to take to the showdown with the euro-area leaders.
The bailout agreement that’s kept Greece from defaulting expires on June 30 – and the message to the Greek delegation on that day is that Greece owes about 1.5 billion euros to the International Monetary Fund (IMF).
And then it’s: “Show us the money”.
Source: Bloomberg
June 30 – pay-up date for Greece
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