Greece Now Facing A Banking Crisis

The Guardian: Greece faces banking crisis after eurozone meeting breaks down

Emergency summit of leaders called for Monday as fears rise for Greek financial system if a deal cannot be reached

Greece is facing a full-blown banking crisis after a meeting of eurozone finance ministers broke down in acrimony and recrimination on Thursday evening, bringing the prospect of Greek exit from the eurozone a step nearer.

Some €2bn of deposits have been withdrawn from Greek banks so far this week – including a record €1bn yesterday – triggering fears that a breakdown in talks would spark a further flight of funds. The German leader Angela Merkel, French president François Hollande and Greek prime minister Alexis Tsipras agreed to stage an emergency EU summit on Monday as a last critical attempt to prevent Greece going bankrupt. A representative of the European Central Bank told the meeting it was unsure whether Greek banks would have the funds to be able to open on Monday.

Update #1: Euro zone sets emergency summit on Greece as money flees -- Reuters
Update #2: Exclusive: ECB not sure if Greek banks will be able to open on Monday: officials -- Reuters

WNU Editor: Being one who experienced a similar crisis in Russia when a good part of their banking system collapsed in the 1990s ... my advice to Greek depositors is .... WITHDRAW YOUR MONEY FROM THE BANKS NOW!!!!!