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Greek ATMs running out of money – capital controls on

There are growing reports that banks in  Greece are beginning to run out of cash, with more and more pictures saying “This ATM is temporarily unavailable for  withdrawals. We regret for any  inconvenience. Please take your card”.

Greece’s financial stability committee meets at 14:00 GMT to discuss the situation in banks. The meeting will be led by Greek finance minister Yanis Varoufakis.

The ECB is set to cut the ELA following the latest developments.  Varoufakis said that there is no mechanism from a “Grexit”.

Update: ECB maintains Greek ELA at €89.4 billion – opts for middle ground

More from Varoufakis:  Cutting ELA would be a failure of the monetary union and democracy

However, an end to ELA is not a clear cut decision.  France is urging the ECB to leave the door open. There is some talk that the ECB will continue with the Emergency Liquidity Assistance for 48 more hours, giving  negotiations a chance towards the deadline.

The ECB provides the emergency assistance on the grounds of  collateral. The Greek banks  provide Greek government bonds as collateral, but  as the  government is short on money, the collateral  could be deemed as worthless.

Here is a tweet about the cash machine message:

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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.