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Updated 11:54 25/06/19

Greek economy crashes as bank reserves fall to 500m euros

By Peter Walden, News Editor

03 Jul 2015

The Greek economy is on the brink of sliding into the abyss as customer’s line up outside ATM’s to withdraw their 60 euros.

Constantine Michalos, head of the Greek Chambers of Commerce said, “the banks are simply going to run out of money and according to my sources are down to their last 500 million euros. If you think the banks are going to reopen on Tuesday you should think again. The cash will run out within an hour”

Greek business have been frozen out of Europe’s payment system and are unable to import or export goods. The enforced bank holiday is further wrecking the Greek economy.

Sunday’s referendum is quickly turning into an in out referendum on Greece’s future in the Eurozone. If the Greek population vote yes many believe Greece will be forced to leave the euro and return to the drachma.

With the vote only day’s away Greece’s Supreme Court is set to rule on the legality of the vote and to judge if it breaches the constitution.

Gold is currently trading at £747.35 per ounce, silver at £10.05 per ounce, platinum £694.18 per ounce and palladium £448.701 per ounce.

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