Global markets are filled with anxiety as Greece and EU bailout talks have ended in what appears to be defeat for the EU system.
Greek banks will remain closed for six days beginning today as Greek PM Tsipras has called for a July 5, referendum on new austerity measures. Greece’s current arrangement ends on Tuesday and Greek officials have stated the country cannot make its payment of 1.6 billion euro to the International Monetary Fund due Tuesday without financial aid.
As of Monday morning, the Greek government imposed capital controls in effort to protect the system from a complete financial collapse. Daily bank withdrawals are limited to 60 euros ($66) while payments and transfers abroad have been banned. The Greek stock market will also be closed until after the referendum.
German Chancellor Angela Merkel said she is willing to talk to Mr. Tsipras and French President Francois Hollande is imploring the Greek government to return to the bargaining table.
European Commission chief Jean-Claude Juncker said he feels betrayed by Greek officials claiming Greece’s proposals have been delayed and deliberately altered.
Greece responded to Mr. Juncker’s accusations by stating, “an essential element in indicating good faith and reliability in negotiations is sincerity. Greek officials have openly said that EU creditors are only seeking to destroy Greek democracy and enslave the nation with more debt that it cannot repay.
The debtor is slave to the lender. Even in the U.S. where our national debt remains over 18 trillion and counting.
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