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This article was published June 19, 2015 at 9:38.
The last change is the 19 June 2015 at 24:28.
The shadow of capital controls as happened in Cyprus in 2013 hovers over Athens. Three billion euro in the last four days have been withdrawn from Greek bank accounts, without fanfare but with orderly queues before ATMs. So they plummeted to its lowest for over 10 years the bank deposits in Greece to 127 billion euro from 240 billion before the crisis. And maybe Monday the banks could not open on the day of the extraordinary European summit (although Yanis Varoufakis, finance minister has denied the possibility in a statement to Reuters).
Meanwhile, the Governing Council of the ECB will hold an emergency meeting today to discuss a possible increase in funding for Greek banks. The meeting, via teleconference, is planned around noon. The ECB has already raised the amount of funds Wednesday Ela (Emergency liquidity assistance) 83000000000 to 84.1000000000.
In the Country Greece is increasingly run on for fear of a default and a possible Grexit. It’s scary uncertainty about whether an agreement with international creditors for granting the last installment of a 7.2 billion euro second bailout stops from August whose extension expires at the end of June. But there are also fears for the future of the country stay in the euro and for the possibility of measures to Cyprus that might target their bank accounts, blocking as happened in March 2013 Cyprus capital movements.
In Nicosia, the government decided in the pending agreement with the troika in 2013 to put withdrawal limits up to a maximum of 300 euro per day from the accounts either with credit cards or with checks and those who wanted to travel abroad could not carry more than 5 thousand euro for each trip outside the borders. Checks could not be deposited on the island but only deposited on current accounts. Businesses were allowed the use of this means of payment with more amplitude even if they had to justify all transactions exceeding EUR 200 thousand. Time deposits could not be touched before the deadline and Cypriot banks remained closed for two weeks.
But back to Greece where small savers fear is the capital controls is possible with the introduction of the drachma 40% devaluation of the new currency. In April, according to data from the Bank of Greece, the total amount of deposits was reduced to 142.7 billion euro from 149 billion in March and now we talk about 127 billion. This is the lowest level since December 2004. The deposits of enterprises and households were thinned to 133.6 billion from 138.5 billion a month earlier. Data showing that capital flight is not stalled. At the beginning of the crisis, banks had $ 240 billion of deposits. Now the banks are under pressure and rely only on the liquidity of the ECB through the Ela, an emergency channel. The introduction of capital would be a blow to the heart of the tourist season. Tourism is a sector which accounts for almost 18% of GDP, the Greek who has since lost 25% of its value before the treatment license plate IMF austerity.
Meanwhile, Russia has signaled that it is ready to consider the possibility of providing financial assistance to Greece. This was stated by Russian Deputy Prime Minister Arkadi Dvorkovich to Russia Today TV. “We – said Dvorkovich – we will support any decision will be made by Greece and its European partners. If Greece needs financial assistance we will review the matter. “
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