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Greek banks say have sufficient liquidity until Tuesday

04 july 2015, 12:04
0

Greek banks have enough liquidity up to their reopening as expected early next week after the country's bailout referendum at the weekend, the bank association said Friday, AFP reports.

The banks have "sufficient liquidity until the planned reopening of the banks on Tuesday", when capital controls imposed by the government following a breakdown in talks with its international creditors are due to be lifted, the association said.

Greek Finance Minister Yanis Varoufakis played down concerns the deepening crisis following the European Central Bank's decision to cap emergency funding could force the banking sector to its knees.

The banks will reopen on Tuesday, he said in an interview with Bloomberg.

Ordinary Greeks, already heavily penalised by austerity measures imposed under the country's bailout deals, have been struggling with capital controls that have limited daily ATM withdrawals to just 60 euros ($67).

Prime Minister Alexis Tsipras has called a referendum for Sunday to ask Greeks whether or not they wish to sign up to further austerity in exchange for more bailout funds.

While Tsipras has urged voters to rebel against the country's international creditors, EU leaders have warned a 'No' vote could mean Greece's exit from the euro. 

Polls showed the 'No' and 'Yes' camps effectively tied, but support was swinging behind the 'Yes', pro-bailout campaign -- fuelled not only by the bank closures but also the news Greece was officially in default. 

The European Financial Stability Facility (EFSF), which provided funds to eurozone countries in difficulty, said Friday the country was in default, but it has decided not to demand immediate repayment of its Greek loans worth 145 billion euros ($160 billion).


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