Global finance fears grow as Greece faces economic meltdown

Several Western countries issued travel warnings for Greece on Sunday, as the Greek government shut down all banks and imposed capital controls following the breakdown of talks between Athens and the European Union. British and American citizens traveling or living in Greece were advised to have enough cash on hand, as ATMs were quickly running out of currency. In a late-night televised address to the nation, Greek Prime Minister Alexis Tsipras said banks would remain closed until July 6 –the day after Greeks vote in a nationwide referendum on whether to accept the bailout terms proposed to Greece by its creditors. Police tightened security around ATM machines, as lines were reportedly formed in petrol stations in the capital.

Meanwhile, several European countries announced they will be holding emergency meetings on Monday. German Chancellor Angela Merkel invited German party leaders to a crisis meeting, while the office of French President Francois Hollande said he would be holding a “restricted emergency cabinet meeting” to discuss the developments in Greece. The British government said its ministers were “taking steps” to protect the country from possible economic turbulence in the eurozone –of which the United Kingdom is not a member. British newspaper The Observer said in a lengthy editorial published on Sunday that the Greek crisis, coupled with rising tensions over immigration from the Middle East and North Africa, heightened terrorism fears, as well as the impending British EU referendum, were causing a “perfect storm [of] tension and division at Europe’s core”.

Full article: Global finance fears grow as Greece faces economic meltdown (IntelNews)

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