Greece Debt Crisis News Updates -- July 3, 2015

The Telegraph: Greek banks down to €500m in cash reserves as economy crashes

The daily allowance of cash from many ATM machines has already dropped from €60 to €50, purportedly because €20 notes are running out

Greece is sliding into a full-blown national crisis as the final cash reserves of the banking system evaporate by the hour and swathes of industry start to shut down, precipitating the near disintegration of the ruling coalition.

Business leaders have been locked in talks with the Bank of Greece, pleading for the immediate release of emergency liquidity funds (ELA) to cover food imports and pharmaceutical goods before the tourist sector hits a brick wall.

Officials say the central bank will release the funds as soon as Friday, but this is a stop-gap measure at best. "We are on a war footing in this country," said Yanis Varoufakis, the Greek finance minister.

WNU Editor: As the above Telegraph article clearly points out .... the Greek economy has collapsed .... and it is going to get worse. Cash is now king in Greece .... and there is now a growing fear that depositors will lose anywhere from 27% to 50% of their deposits.  To say that the common person in Greece is scared is an understatement .... I think there is a growing realization that as bad as the situation is, there is a very good chance right now that it is going to get far worse.

Greece Debt Crisis News Updates -- July 3, 2015

The Latest: Poll: Greek opinion on bailout vote a dead heat -- AP
Greek debt crisis: Major rallies due ahead of vote -- BBC
The Latest: Greek premier wants biggest 'no' vote possible -- AP
Greek Prime Minister Alexis Tsipras Argues Worsening Economic Situation Supports His Position -- WSJ
Greece debt crisis: Tsipras urges 'No' to 'blackmail' -- BBC
'Yes' camp takes slim lead in Greek bailout referendum poll -- Reuters
Greece: Poll Shows 2 Sides Neck and Neck Before Referendum -- AP
Greece deeply divided as vote on Europe looms -- CNN
Confusion reigns in Greece on last day of campaigning before referendum -- Washington Post
IMF warns of huge financial hole as Greek vote looms -- Reuters
IMF says Greece needs extra €50bn in funds and debt relief -- The Guardian
Greek bank closures may deplete supermarket shelves -- Reuters
Greece's leader has done mega damage to the economy -- CNN
Greece crisis: Berlin accuses Tsipras of seeking scapegoats outside own ranks -- The Guardian
Greece's highest court to rule on legality of referendum -- The Guardian
Young Greeks flee abroad as crisis deepens -- AFP
Greece and the damage caused by Syriza’s delusional gamble -- The Australian
Factbox: Mechanics of the Greek referendum on Sunday -- Reuters
Why Greece and Germany just don’t get along, in 15 charts -- Darla Cameron, Richard Johnson and Zachary A. Goldfarb, Washington Post
18 key facts about Greece that will leave you totally up to date about a huge crisis -- Zachary A. Goldfarb, Washington Post