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Economy News – Greek bank reserves are being rapidly depleted, which could plunge the over-indebted country into economic collapse.
As creditors stopped funding the Greek banks, the country’s banking system has been facing a severe liquidity crisis. Even with the 60 euro (USD$66.00) daily withdrawal limit, bank machines are running dry.
“We are reliably informed that the cash reserves of the banks are down to 500 million euros (USD$550 million),” said Constantine Michalos, head of the Hellenic Chambers of Commerce. “Anybody who thinks they are going to open again on Tuesday
The post Greek Debt Crisis: Banks Down to Last $550 Million appeared first on Profit Confidential.
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