48 hours to keep Greece in euro

Greek Economy Minister Giorgos Stathakis
Mr Stathakis said his government did not have a mandate to quit the eurozone

So what is the Greek government's plan to save its banks and stay in the euro?

These are the elements, according to Giorgos Stathakis, the Economy Minister, in an exclusive BBC interview.

First and foremost, the European Central Bank must keep Greek banks alive for a week to 10 days, so that rescue talks can progress between Athens and its creditors, eurozone governments and the International Monetary Fund.

In a best case, he said, the ECB would provide an additional €3bn of Emergency Liquidity Assistance (ELA) later today.

But even if the ECB simply continues to freeze ELA, Mr Stathakis said the current cash withdrawal and transfer restrictions on banks could stay in place till Friday, without any of them collapsing.

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Huge costs of Greece staying in or quitting euro

Supporters of the Syriza party and of the "No" vote campaign wave a national flags after results of the referendum, in front of Greek Parliament in Athens

Greek banks had expected to see Yanis Varoufakis at their emergency meeting last night on how to save them from collapse.

This morning they learned why he didn't turn up: he was being bundled out of the Greek aeroplane by the pilot and Prime Minister Alexis Tsipras.

Read full article Huge costs of Greece staying in or quitting euro

Greece on verge of euro exit

greek euro on a greek flag

The Greek prime minister says he does not want a rupture with Europe but he may not be able to avoid a rupture with the euro.

It was striking that Alexis Tsipras echoed the words of a top banker to whom I spoke today when warning that the European Central Bank's [ECB] decision to freeze emergency lending to Greek banks a week ago is causing a humanitarian disaster.

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Greek banks 'days away from running out of cash'

Greek euro coin in flames

Cash within the Greek banking system will run out in just a few short days, a senior banking source has told me, amid fears that the financial crisis will force Greek companies to start laying off workers on Monday.

"This is a fully fledged banking and economic crisis," said the despairing source. "The rate of cash withdrawals has trebled in recent days, even with the limits."

Read full article Greek banks 'days away from running out of cash'

A referendum that will sink or rescue the Greek economy

Greek newspapers urging 'yes' and 'no' votes in referendum
The Greek press reflects the divisions over the referendum

Everyone in Athens is nervous about the outcome of Sunday's referendum on the creditors' proffered (and semi-retracted) bailout terms.

One group more tense than most are those running the banks - because they know more than most that the outcome is life-or-death for their institutions, and therefore for Greek prosperity.

Read full article A referendum that will sink or rescue the Greek economy

Greece bossed by European Central Bank

Person waving Greek flag

I don't believe I have ever before read a letter from a prime minister promising to liberalise the market for gyms - and certainly I have never done so in a letter that is life or death for an economy.

But Alexis Tsipras's latest missive to Jean Claude Juncker, Mario Draghi and Christine Lagarde, to secure financial succour from Greece's creditors, makes that pledge - along with promises to liberalise assorted legal jobs and drinks, petroleum and food markets.

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Existential threat to euro from Greek exit

  • 29 June 2015
  • From the section Business
People queuing outside a cashpoint in Greece
A no vote could see Greek banks subject to severe restrictions on cash withdrawals and international transfers for the indefinite future

So whether the Greek government likes it or not, and apparently it doesn't, the President of the European Commission, Jean-Claude Juncker has said that Sunday's referendum is a vote on whether Greece will stay in the euro.

By implication it is also a vote on whether there is any chance of Greek banks re-opening as normal any time soon.

Read full article Existential threat to euro from Greek exit

Greece's bank holiday from hell

  • 28 June 2015
  • From the section Business
People read newspaper headlines in Athens on 27 June
Decisions taken over the next few days will have profound consequences for Greeks

It was more or less impossible for Greek banks to open on Monday, once the European Central Bank announced it was turning off emergency lending to them.

Because in the absence of any increase in this so called Emergency Liquidity Assistance, the banks had no way to supply cash to Greek depositors who have been anxiously withdrawing their savings.

Read full article Greece's bank holiday from hell

Peston: ECB to turn off emergency Greek help

  • 28 June 2015
  • From the section Business
A man walks past a graffiti depicting a banknote in Athens,
Greek banks could be in serious straits by Monday

The European Central Bank's governing council is expected to turn off Emergency Liquidity Assistance (ELA) for Greek banks at its meeting later today, according to well-placed sources.

So unless Greek savers miraculously decide to cease withdrawing cash from their accounts, Greek banks would find themselves in serious straits as soon as Monday - because the banks have become dependent on ELA, approved by the ECB but supplied by the Bank of Greece, to provide the cash to depositors who want their money back.

Read full article Peston: ECB to turn off emergency Greek help

Greek debt crisis: ECB faces monumental decisions

  • 27 June 2015
  • From the section Business
Queue outside Piraeus Bank in Athens (27 June)
Customers queued for cash in Athens on Saturday outside a bank branch whose doors remained shut

The European Central Bank faces what is arguably the most challenging and important decision of its relatively short existence this weekend.

Will it continue funding Greek banks next week, in the uncertain days before next weekend's referendum on the bailout deal demanded by the country's major creditors?

Read full article Greek debt crisis: ECB faces monumental decisions