"Unfortunately for Greek depositors ITS ALREADY TOO LATE, their money is now gone! As temporary capital controls translate into permanently frozen bank deposits only to be released once their purchasing power has been eroded away to nothing i.e. by means of Greece printing its own currency as I have often written of over the years as what would eventually take place in Greece." "The bottom line is that this is mostly Tsipras and Varoufakis doing, the so called 'Game Theory' experts who attempted to black mail Europe just got their bluff called. So do not buy into the propaganda that will spew from their mouths over the coming hours, days and weeks attempting to lay the blame elsewhere when the truth is that Greece has stolen Euro 320 billion from the euro-zone." Market Oracle
Tsipras confirmed: banks will be closed TEMPORARILY (whatever that means) but already at least for 1 week. Stockmarket in Athens will be closed monday too. All transfers from money will be limited (capital control). Checks cannot be used anymore and people can only get limited amounts in cash. The European Commission made the last proposals public to inform everybody about the real situation. So everybody will see clearly who to blame. The greeks will now understand what it means to have a extreme left government. See their promises versus reality. For the average Greek this will be the most expensive government they ever had.
Agree with Loyek. Assuming no last minute rabbit pulled from hat: Short Euro/Long USD Long precious metals Long US Treasuries (flight to quality) Short ES/DAX/FTSE and wait for pop later this week Short all Greek Equities. Doomed. Remember Cyprus? G7 depositor 'bail-ins' are the new rule going forward. Greece will likely institute same measures. Customer deposits will suffer heavy confiscation to keep Greek banks solvent. As mentioned already, bank holidays are in effect. Money is trapped.