We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
Secured Loans > Greek debt crisis deepens as Prime Minister closes banks

Greek debt crisis deepens as Prime Minister closes banks

6th June 2015 | Published by Evolution Money

Flag_of_Greece.svg_-250x167Banks in Greece have closed and are likely to remain so for more than a week, according to Greek Prime Minister, Alexis Tsipras.

He was speaking after the European Central Bank (ECB), announced that it will not increase the supply of emergency funds to Greek banks that have, so far, been keeping the country afloat.

The Prime Minister also announced that he would be imposing capital controls although he did not specify their nature. It is likely, though, that these will include caps on the amount of cash that can be withdrawn from ATMs and banks. Some reports are suggesting that the cap on ATMs is likely to be set at just 60 euros or £42 per day. Credit card transactions may also be limited.

Greece is supposed to make a payment of £1.1 billion (1.6 billion euros) to the International Monetary Fund (IMF) on Tuesday. The country risks a ‘forced default’ on its debts and is moving closer to withdrawing from the Eurozone.

There were long queues at many ATMs across both mainland Greece and its islands over the weekend, as Greeks sought to withdraw cash. By Sunday evening, more than 60 per cent of all ATMs had run out of money. Petrol stations and supermarkets also saw increased trade, with many households stocking up on fuel and food items.

The decision by the ECB to withdraw emergency funding followed the Greek Prime Minister’s announcement that he would hold a referendum on the proposals made by Greece’s creditors. The referendum is to take place on July 5 and Alexis Tsipras is urging the Greek people to vote against accepting the creditors’ terms.

Whilst a Greek exit from the Eurozone is not yet inevitable, it is becoming increasingly likely with bookmakers now offering odds of just 3 -1 of a Grexit.

Category: Money
This post was written by Evolution Money
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
© 2024 Evolution Money | Cookie Policy | Terms & Conditions | Fair Processing Notice
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution