LONDON, June 28 (Reuters) – The Greek government will on Sunday night consider imposing capital controls and closing the country’s banks on Monday, Greek Finance Minister Yanis Varoufakis said on Sunday.
Now that the Greece situation looks like it might finally be nearing resolution, there’s lots of hand-wringing about what will happen next. The fact that no one really knows is not helping to set minds at ease. As nor are memories of the last time governments intentionally allowed a major financial player to fail — namely, the US investment bank Lehman Brothers in the fall of 2008…
Now that the Greece situation is finally coming to a head, hands are wringing all over the globe. Sure, Greece looks small and the status quo is miserable and unsustainable, but this has never happened before. What if Greece is another Lehman Brothers? What if Greece is the first domino to fall in a cascade to disaster? What if financial markets panic and crash, economies seize up, and the world plunges into another financial crisis? What if…
FRANKFURT, June 28 (Reuters) – The European Central Bank will keep its provision of Emergency Liquidity Assistance to Greek banks at its current level, the ECB said on Sunday, adding that it was working with the Bank of Greece to maintain financial stability.
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