Jun
30
The Greek Crisis Grows As Capital Controls Are Imposed
Once again Greece is close to exiting the euro. The ECB froze its Emergency Liquidity Assistance to Greek banks due to the overwhelming volume of withdrawals. The market now prices the chance of Greek default at 94%. In an attempt at preventing the collapse of its financial system the Greek government has imposed capital controls including closing banks and limiting daily withdrawals to $60 euros. The referendum, set to take place on the 6th of July, will undoubtedly decide the future of Greece for generations to come.
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