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The Greek tragedy culminates

30.06.2015

After the abortion of negotiations between the Greek government and its creditors, the European Central Bank feels impelled to end emergency liquidity assistance (ELA) for Greek banks. To prevent further capital outflows, the Greek government decides to introduce capital controls. The banks as well as the bourse remain closed until 6 July. Next Sunday, 5 July, the referendum shall decide about Greece’s membership of the monetary union.

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