After the ECB shut off ELA, prime minister Alexis Tsipras imposed capital controls while blaming the ECB just as I predicted.
Of course, that was an easy prediction. Yet, even at the last moment, many did not believe it would come to this.
Bank Holiday
- Speaking on live TV, Alexis Tsipras is saying that the Greek central bank has been forced to recommend a bank holiday and the introduction of capital controls.
- He blames the ECB, and other institutions, for trying to obstruct the democratic referendum he has called for next Sunday. This is a “insult” that shames European democracy, he says.
- Tsipras also appeals for calm, and he insists that bank deposits are secure.
Capital Controls
- Officials said the bank closure would last for several days and would be accompanied by limits yet to be announced on bank transfers abroad and withdrawals from cash machines.
- The cashing of cheques would be halted and fixed term deposits would be locked down. The Athens stock exchange was also set to be closed.
Bank Queues
- All over Athens people have been queuing tonight, but the lines outside the National Bank branches were by some distance the longest, reports Jon Henley.
- And that’s because the National Bank supplies the banknotes, and lots of other Greek banks, by midnight on Sunday, had no more of those.