Saturday, 20 June 2015

Grexit continued...

Yesterday one billion Euros was withdrawn from the countries banks. It was not transferred from one bank to another, it has left the country or at least the official repositories and that is the start of the end. The domino effect will be too great for a recovery to be simple.

Somehow, Greece scraped together €1bn [£730m; $1.1bn] in debt payments to the International Monetary Fund in May, but Greece has already postponed June payments to the IMF and further hefty bills are due, to the IMF, European Central Bank and holders of short-term treasury bills.

However, the people are taking their money out and will probably not put it back.
Even if Greece leaves the Euro zone voluntarily or is thrown out, what future does it have?

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