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Greece Shuts Banks; Capital Controls Imposed Amidst Crisis

Pedestrians walk past the bank of Greece in Athen
Capital controls have being imposed in Greece, as without the ECB’s help the financial crisis deepens.
Greek Finance Minister Yanis Varoufakis announced that banks will stay closed until July 6, while citizens be allowed to withdraw €60 per day maximum from each of their Greek bank issued debit cards.
Visitors and other holders of cards issued abroad are exempt from the restrictions.
A special provision is made for Greek pensioners, many of whom don’t use ATMs and will be able to withdraw funds via specified banks that will open only for this reason.
Web banking transactions will be mostly allowed only between Greek banks, while bills can be paid online. Special provisions could be made for remittances to Greek students and patients abroad.
Credit card transactions won’t be affected inside the Greek border.
Greek Prime Minister Alexis Tsipras said in a televised message that the Greek central bank has been forced to recommend a bank holiday and the introduction of capital controls.
He slammed the ECB, and other institutions, for trying to obstruct the democratic referendum he has called for next Sunday. This is a “insult” that shames European democracy, he noted.

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