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Greece’s Banks Give Eurozone Peers Glimpse Into Abyss
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Davies points out the dire situation of Greece's banks as the negotiations are called off and Greece calls for a referendum on July 5, 2015. In the week before the referendum if Greeks take out the 60 euros a day that they are permitted to withdraw from banks, the banks may have barely enough cash for the 3.5 billion dollars needed to do this. Only the emergency funding line from the ECB stands between Greece and the collapse of its financial system, says Davies. He says full banking union with depositors insurance, resolution authority, and other changes are needed to protect weaker banks in the eurozone. Contagion effects could affect Portugal's Banco Commercial Portugues, Italy's Monte de Paschi, and Austria's Raiffieisen bank, says Davies.
Contagion effects for banks in Portugal, Italy and Austria following Greece's default on debt payments in July 2015
06/30/2015
Monte De Paschi bank in Italy, Raffiesen bank in Austria and banks in Portugal are seen as likely to feel the effects of contagion from a Greece default.
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Greece’s Banks Give Eurozone Peers Glimpse Into Abyss
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Greece’s Banks Give Eurozone Peers Glimpse Into Abyss
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Economist 07/11/2015
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