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Updated 03:28 19/08/19

Greece enters the end game

By Duncan Richardson, News Editor

09 Jul 2015

The Greek government have confirmed banks will remain closed until Monday and the daily limit on ATM withdrawals will stay at 60 euros. The banks have been closed since the 28th of June after talks broke down between the Greek government and their international creditors.

The EU, ECB and IMF have given Greece until Sunday to come up with a credible plan. Donald Tusk, the European Council, President believes this is the most critical moment in the history of the Eurozone. If a deal cannot be reached and further funds released Greece runs the risk of bankruptcy and being expelled from the single currency.

Most major stockmarket indexes have retreated over the last week, however, the Chinese stockmarket is in free fall. The Chinese composite has fallen over 30% in the last three weeks despite government intervention to halt the sell-off. The financial regulator in China has stopped controlling shareholders and managers from selling their shares for six months in an attempt to stop the stock market plummeting further.

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