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Greece hemorrhages liquidity

As the Greek talk sours, mood is quite bitter and panic for many in Greece.

  • Failure of talk could mean exit from Euro zone. Athens stock exchange currently trading around 870 remains volatile over different comments.
  • Seems like the Greek government have the vote but not people's wallet confidence. Deposits are drying up in the banks and country's central bank is feeling the pressure.
  • Banks are informing deposit drop of around €400 million a day & close to a €2 billion a week.
  • This has so far prompted the Greece to ask for more Emergency Lending Assistance (ELA) money.
  • ECB have further sanctioned and increased the size by €3.3 billion to € 68.3 billion. This was a partial increase of the amount requested which could be shut off in absence of an agreement.

Euro is currently trading at 1.131 down 0.35% today but still in its tight range of 1.127- 1.155 range.

 

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