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Saturday, June 20, 2015

Greeks turn to cash as bank crisis looms

As the standoff between the government of leftist Prime Minister Alexis Tsipras and its creditors in the European Union and International Monetary Fund has deepened, there have been growing warnings of an "accident" that could force Greece out of the euro. If the pace of withdrawals continues, Greece may have to introduce capital controls, limiting the amount people can take out of their bank accounts and bringing into plain sight the prospect of an exit from the euro that would ravage savings. Of course if it happens, the next step is chaos and catastrophe," said 55-year-old economist Ioannis Simaresis as he queued up to take money out of a cash machine.


READ THE ORIGINAL POST AT uk.news.yahoo.com