Greece have announced that their banks will stay closed all week for a total of six days following the refusal from the European Central Bank to offer emergency funding.
As the deadline looms on Tuesday for a €1.6bn debt payment to the International Monetary Fund (IMF) – it is likely that Greece will default on the loan, as markets around the world suffer plummeting stocks due to the ongoing crisis.
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Over the weekend Greek Prime Minister Alexis Tsipras shocked European policy makers by announcing the country will hold a referendum on whether to accept the terms of Greece’s creditors to unlock desperately needed financial aid.
It now looks almost inevitable that Greece will default on a €1.54 billion ($1.69 billion) payment due to the International Monetary Fund on Tuesday. Much is at stake beyond the IMF’s balance sheet. What happens to Greece itself? What happens to the euro, a purportedly unbreakable currency union, and the Continent’s attempt to recreate itself as a global economic superpower? What happens in the capital markets, which have feasted on cheap debt and assumed all risks were contained?
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