Greece gets temporary lifeline for banks

Greece gets temporary lifeline for banks

FPJ BureauUpdated: Saturday, June 01, 2019, 12:55 AM IST
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Athens : Greece got a temporary lifeline for its banks  to help them cope with a deposit drain in the run-up to a summit of the eurozone’s 19 leaders that could determine the country’s future in the euro. Uncertainty has grown  on the reforms Greece must make to get more loans ended in acrimony.

Greece has a debt payment on June 30 it cannot afford and a default could eventually see it drop out of the euro. Several European countries are now openly saying they are getting ready for such a possibility.   Officials, however, signaled an increase in withdrawals and transfers, which can also be made electronically.

An EU official said Greeks had taken about 2 billion euros (USD 2.3 billion) out of their accounts in the last three days. “Money is going out of the Greek banks faster than at any time before,” said the official.     -AP

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