Greece slipped deeper into its financial abyss after the bailout program it has relied on for five years expired at midnight Tuesday and the country failed to repay a loan due to the International Monetary Fund, deepening fears over whether it will be able to remain in the eurozone.
With its failure to repay the roughly 1.6 billion euros ($1.8 billion) to the IMF, Greece became the first developed country to fall into arrears on payments to the fund.
Banks and the stock exchange will remain closed after Greek citizens queued all weekend to withdraw savings.
Banks in Greece and the country’s stock exchange will be shut all week in a sign of the deepening financial crisis.
The drastic move comes after people rushed to withdraw their cash amid panic ahead of the referendum on bailout terms.
Under the controls, there will be a daily €60 limit on withdrawals from cash machines, which will reopen on Tuesday.
Now Puerto Rico is under the strain of enormous debt. When will the US be there……
Puerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.
Let us always remember:
For God hath not appointed us to wrath, but to obtain salvation by our Lord Jesus Christ, 1Th 5:9
We have seen many things on a small scale that will amplify exponentially just before and into the Tribulation. Some examples include earthquakes, volcanic eruptions, pestilence, and the evil of men and spiritual wickedness. The incident in Greece today is no exception. One day the world will awake to a collapsed dollar that will reverberate around the world.
The eurozone rejected a Greek request for a one-month extension to its bailout Saturday, plunging the country into a period of high uncertainty and raising concerns about wider fallout from the crisis when financial markets open Monday….
Greece will keep its banks closed on Monday in a bid to prevent its banking system from collapsing, a bank official said, after the European Central Bank moved to cap the amount of emergency loans it provides for the country’s cash-strapped lenders.
Alexis Tsipras, Prime Minister of Greece, is a man of mystery himself. He is an atheist and a far left winger and was recently elected as PM in January of this year, seemingly coming out of nowhere. One day, “the main” man of mystery will pop up on the scene to take over a broken and chaotic world…..and interestingly, he also will be of partial Greek linage.
…..the paper argues that Tsipras has not only overplayed his hand, but may now be misleading his people on just what is at stake in Greece’s July 5 referendum.
On Friday night, Tsipras made a surprise announcement calling for a vote on the latest proposed terms of a bailout extension from Greece’s creditors. This move led to a breakdown in talks on Saturday and has set Greece on a course to missing its scheduled payment of €1.6 billion to the IMF on Tuesday.