The Guardian: Greece faces banking crisis after eurozone meeting breaks down
Emergency summit of leaders called for Monday as fears rise for Greek financial system if a deal cannot be reached
Greece is facing a full-blown banking crisis after a meeting of eurozone finance ministers broke down in acrimony and recrimination on Thursday evening, bringing the prospect of Greek exit from the eurozone a step nearer.
Some €2bn of deposits have been withdrawn from Greek banks so far this week – including a record €1bn yesterday – triggering fears that a breakdown in talks would spark a further flight of funds. The German leader Angela Merkel, French president François Hollande and Greek prime minister Alexis Tsipras agreed to stage an emergency EU summit on Monday as a last critical attempt to prevent Greece going bankrupt. A representative of the European Central Bank told the meeting it was unsure whether Greek banks would have the funds to be able to open on Monday.
Update: Euro zone sets emergency summit on Greece as money flees -- Reuters
WNU Editor: Being one who experienced a similar crisis in Russia when a good part of their banking system collapsed in the 1990s ... my advice to Greek depositors is .... WITHDRAW YOUR MONEY FROM THE BANKS NOW!!!!!
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