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Greece to announce one week bank holiday

The meeting of the  financial stability board of Greece has resulted in a recommendation to keep banks shut and the stock exchange shut for a whole week. The cabinet meeting is expected to approve the recommendation.

Measures to curb capital were expected after the ECB  only maintained the current ELA and as Greeks withdraw money out of ATMs in massive amounts.

This emerged after a  meeting between Greek finance minister Yanis Varoufakis and the governor of the Bank of Greece  Yannis Stournaras. Also Piraeus Bank chief made a similar  comment about it.

Trading will resume in Asia in a few hours. Here are the levels to watch on EUR/USD.

Yet while this was expected, it still symbolizes a severe deterioration in the crisis. The current bailout program  ends on June 30th, which is Tuesday. Negotiating with closed banks is certainly problematic for the Greek government.

In other developments, the IMF said it is disappointed by the Greek decision but they also said they are ready to negotiate and hinted that debt restructuring is necessary – something the EU opposes.

Greek crisis – all the updates in one place

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.