Greek Banks Could Run Out of Money

Eurozone finance ministers failed to agree on a deal to bailout Greece at a “last-chance” meeting on Thursday. EU leaders have therefore scheduled a new last-chance meeting for Monday.

During the meeting on Thursday, one European Central Bank board member was asked if Greek banks would be able to open. “Tomorrow, yes. Monday, I don’t know,” he reportedly replied. Christine Lagarde, the International Monetary Fund’s managing director, warned that Greece would have no grace period to repay the nearly $1.8 billion due on June 30. Savers have withdrawn €2 billion (us$2.3 billion) from Greek banks over the last three days as fears of a Greek exit from the euro increase dramatically.