Crisis Meltdown Greece – Sheep, Sheepdogs, and Wolves…”Folks, a financial crisis is here, the masses just don’t know it yet.”

Friday, June 19, 2015
By Paul Martin

Greece could be forced to lock down savers’ cash as debt crisis worsens

Athens could impose capital controls, limiting the amount that savers can withdraw from their accounts and curbing transfers of money overseas

Greece’s central bank has issued the clearest warning yet that the country is on course to default on its sovereign debt at the end of the month and crash out of the single currency, while finance ministers across Europe also confirmed they are making contingency plans for a messy ending to the crisis.

Athens is due to repay €1.6bn to the International Monetary Fund on 30 June but will be unable to do so unless its creditors release a €7.2bn bailout payment before then.

Talks between Greece and its eurozone and IMF creditors over a “cash-for-reforms” deal have stalled, with the country’s Prime Minister, Alexis Tsipras, accusing the creditors of “pillaging” the country over the past five years.

“Failure to reach an agreement would …mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country’s exit from the euro area and, most likely, from the European Union,” the Bank of Greece said in a statement.

If you have not been paying attention to what is going on in Greece, you need to be.


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