Greece left in Ruins
Greece faces a debt default within 48 hours after the government made clear it will not repay a €1.5bn loan to the IMF that expires tomorow. After talks on a €12bn bail-out deal collapsed, Greece is holding a national referendum on Sunday on whether to accept the conditions for further bail-outs. However, the country is so cash-strapped that it doesn’t have enough money to organise the vote, according to German newspaper.
Panicking Greeks have already emptied many of the country’s ATMs, placing greater faith in the Bank Under The Bed. Trading on Greece’s stock market has been suspended, while cash machine withdrawals across Greece have been capped at €60 as banks began to run out of money, with capital controls now in place to keep money in the country’s financial system. Markets are now braced for the worst period of turmoil since the height of the eurozone crisis four years ago.