Greece crisis: Country on ‘war footing’ as banks days away from collapse

The Greek finance minister has said the country is on ‘war footing’ as money runs so low at the banks that they would collapse within hours were they to open again on Tuesday.

We are on a war footing in this country,” Yanis Varoufakis said. Continue reading

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. Continue reading