National Bank of Greece (ADR) (NYSE:NBG) Reels As Crisis Deepens


Dallas, Texas 06/29/2015 (Financialstrend) – National Bank of Greece (ADR) (NYSE:NBG) will not operate for the next six days, according to Greek Cabinet latest policy. The cabinet has confirmed that the bank would remain shut for the period along with other ‘instituted capital controls’ as the country’s financial crisis deepened.

Banks in Greece will remain closed until July 6, as per a cabinet decision. Meanwhile, the stock exchange in Athens will continue to be closed on Monday as well. Severity measures are announced in Greece, post the bank closures. ATMs to withdraw locally will be limited to 60 Euros per day. However, the ATMs themselves will be open, only by early afternoon on Monday.

The Prime Minister of Greece, Alex Tsipras has once again alleged that the tough stance of the country’s creditors, the European Union-backed financial institutions had led to the dissipation of the financial situation of his country. The group had failed to accept the proposed bailout program offered by Tsipras and his cabinet, for lack of capital controls, trigger fresh wave of financial crisis in Greece.

The cabinet has approved that the country will go to referendum on July 5th on the bailout program. The process of the voting and the conclusion of the results would mean that the country will not be able to honor a key payment to be made to IMF on Tuesday. It could lead to exiting the Eurozone as well.

The rejection on Saturday, by European powers not to accept the bailout proposal by the government but also an extension of the present bailout program until the nation voted on the referendum on July 7th.

National Bank of Greece (ADR) (NYSE:NBG) and other bank ATMs have been running dry as the nation struggles to come to terms with the financial crisis. Long lines before ATMs persisted, even as the government claimed that banking institutions will remain closed until next Monday.

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