Karl Whelan : "ECB Decision Likely Means Greek Banks Stay Closed" — Bull Market — Medium

ECB Decision Likely Means Greek Banks Stay Closed — Bull Market — Medium

the only way the Greek banks could finance the (presumably very large) demands for withdrawals on Monday would have been to get access to additional funds from the Bank of Greece in the form of additional ELA. That will not be possible now, so most likely the banks will not open on Monday.

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There is probably still a small window of opportunity left to keep Greece in the euro, even if the banks don’t open tomorrow.