Greece Heading Towards Financial Collapse. Banks And Stockmarkets To Be Closed For One Week

The Telegraph: Greece stands on the brink of bankruptcy

Cash restrictions limited to €60 a day and banks closed for a week as debt default is 48 hours away

Greece was facing economic collapse on Sunday night after the government announced that its banks would be closed for more than a week ahead of the country’s potential bankruptcy on Tuesday.

The country’s stockmarket was suspended and cash machine withdrawals across Greece were capped at €60 as banks began to run out of money.

Greece faces a debt default within 48 hours after the government made clear it will not repay a €1.5bn loan to the IMF that expires on Tuesday.

WNU Editor: Being one who survived the Russian financial/bank collapse in the 1990s .... I know too well what Greece will soon be facing. No money means no salary or pension payments. Medical and social services will be provided only if you can pay .... and for those who need lifesaving operations .... prepare to be put on a long waiting list. A return to the barter system and people selling their personal valuables to make ends meet. The disappearance of savings. Inflation. 50% real unemployment. Crime. Marriage breakups. Young people immigrating to other countries. As bad as the situation may be in Greece right now .... I can easily guarantee everyone this .... it is going to be far worse in the months to come.

More News On Greece's Debt Crisis

Greece imposes capital controls, banks to remain shut -- AP
Greece imposes capital controls as crisis deepens -- Reuters
Greece Will Shut Banks in Fallout From Debt Crisis -- NYT
Greek debt crisis: Banks to remain shut all week -- BBC
Meltdown as the shutters stay locked at Greek banks: Branches may stay shut until July 7 as ministers draw up plan for capital controls -- Daily Mail
Three Factors To Watch in Greek Crisis -- Juliet Samuel, WSJ
Dangers loom if Greece exits euro, adopts new currency -- Boston Globe
Factbox: How much Greece owes to international creditors -- Reuters
Factbox - Political scenarios for Greece as it heads to referendum -- Reuters