Top News | Jun 29, 2015

Greece imposes capital controls and shuts banks

Greece imposed capital controls today and closed lenders until at least July 6 to prevent a bank-run. Furthermore, the Greek government plans to hold a referendum next Sunday on bailout requirements. After negotiations with creditors collapsed on the weekend, chances are very high that Greece will default and/or has to exit the Eurozone (“Grexit”). The Euro dropped to USD 1.1020 in Asia, while the Nikkei in Tokyo lost nearly 3%.

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