Yannis Stournaras

A new report published by the General Confederation of Greek Workers Union (GSEE) says 4 in 10 Greeks workers are living in total poverty. The findings of the report were sent to Greek PM Alexis Tsipras and to the Governor of the Bank of Greece, Yannis Stournaras.

It’s a plot worthy of “Col. Stierlitz”, the fictional Soviet “James Bond” imbedded deep within Nazi Germany’s leadership during WWII, yet according to the Financial Times, ruling SYRIZA party’s far-left wing contemplated a “covert plan” to flush Greece out of the common currency and back to the feeble drachma of old.

The radical leftist SYRIZA government took a major step on Friday in loosening capital controls, allowing bank transfers abroad by Greece-based businesses by up to 50,000 euros a day.

Bank of Greece gov. Yannis Stournaras added that conditions for businesses are improving and authorities aim to resolve pending issues within the next 10 days.

“If necessary, we will issue parallel liquidity and California-style IOU’s, in an electronic form. We should have done it a week ago,” was the quote attributed to FinMin Yanis Varoufakis on Sunday, after the victorious “no” vote.

 In wake of MPs approving plebiscite, gov't agrees to emergency measures after ECB decides not to lift limit on liquidity

The now embattled Tsipras government has decided to declare a bank holiday … all of next week!
Under that decision, the next open day for banks will be Monday, July 6, a day after an unprecedented call for a referendum.

Following the meeting of its Governing Council on Sunday, the European Central Bank (ECB) decided to maintain the ceiling of Emergency Liquidity Assistance (ELA) to Greek banks at its Friday level.

ECB noted the decision of Greek authorities to hold a bailout referendum on July 5 and the non-prolongation of the EU adjustment programme for Greece.

The ECB declined to grant extra cash to help Greeces stricken banking system on Sunday as the government weighed up drastic new measures to contain a growing financial crisis.

By Paul Gordon

European Central Bank President Mario Draghi is convening his Governing Council on Sunday for an extraordinary meeting to discuss Greece.

A teleconference between the BoG and the ECB is ongoing, after just after noon (10.00 GMT). According to sources, once the teleconference is complete, a new conference between central bankers and BoG Gov. Yannis Stournaras will take place. During the conference, crucial decisions will be made.