Worried Greeks Jam Nation's ATMs

They're worried banks will impose restrictions as IMF mess intensifies
By Newser Editors and Wire Services
Suggested by No-Left-Turn
Posted Jun 28, 2015 9:15 AM CDT
Worried Greeks Jam Nation's ATMs
People stand in line to use ATMs of a bank in central Athens, Sunday.   (AP Photo/Thanassis Stavrakis)

Need a tangible sign of Greece's financial turmoil? Look at the ATM lines. Anxious Greeks have been lining up all weekend, worried about the possibility of financial controls being imposed to stop banks from hemorrhaging funds. Today, the European Central Bank refused to increase emergency credit to Greek banks, a day after the government threw Greece's bailout negotiations into turmoil by calling a referendum on creditors' financial proposals. The central bank's decision—seen treading a narrow middle ground that could keep the bailout talks going—left Greece's banks under increasing pressure since they are seeing deposits drain away.

Greece's international bailout runs out Tuesday, and it must pay some $1.8 billion it owes to the International Monetary Fund on the same day. Finance Minister Yanis Varoufakis, meanwhile, tweeted that the government "opposes the very concept" of capital controls within a monetary union. He also suggested that his country might not pay the money it owes to the IMF on Tuesday. The developments have thrown Greece's financial future and its continued membership in the 19-nation shared euro currency into question. (More Greece stories.)

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