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With three weeks to go before deadline looms to make the IMF payment and to reach a deal with European creditors, Greeks are preferring to keep the cash in pocket in case capital restriction need to be imposed on banks.
- Greece's leftist government has increased the stake and risks heavily by delaying IMF payment due on June 5 and choosing to bundle all the payments together, which need to be paid before the end of month.
Among the Greek people fear of capital control runs highest.
- First capital control was introduced in Cyprus, where government raised almost € 8 billion by taxing the deposits.
Naturally Greek people are cautious over losing their hard earned money. Situation is likely to get worst as the deadline closes in.
Increasing capital outflows risk overall collapse of the banking system if European Central Bank (ECB) chooses to withdraw ELA support if a deal is not reached by end of this month.
Almost € 500 million flew out of Greek banks when the government chose to delay IMF payment on June 5th.
Last night Greek Prime Minister Alexi Tsipras met European union President Jen Claude Trichet and discussed the bailout terms according to sources familiar to the matter. They are likely to meet again today in Brussels.
Euro is currently trading at 1.127 against dollar, awaiting Greek news flow.
