Socialist Greece near bankruptcy 4

From today’s Washington Post:

In a move sure to increase pressure on Greece’s flailing banks, the European Central Bank (ECB) on Monday decided not to expand an emergency assistance program, raising fears that Greece could soon go completely bankrupt.

The move put a swift crimp on Greek leaders’ jubilation after winning a landslide endorsement from their citizens to reject Europe’s austerity demands and seek a new bailout bargain. Now they must seek a bargain before the money runs out within days, which would likely force them off the euro.

Greek bank heads had said that banks could run out of cash as soon as Tuesday if the European Central Bank (ECB) held firm against them. If the banks fail, it would bring Greece’s economy to a halt, raising the risk of a humanitarian crisis if citizens lost access to food and medicine. …

A senior Greek banking official said after the announcement that Greek banks had been provided with enough money to last until Wednesday evening.

Posted under Economics, Greece, Socialism by Jillian Becker on Monday, July 6, 2015

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