This horrible month will just not end.
Among all the hubbub of the news with Encyclicals, Obamatrade, ObamaCare, the persecution kickoff known as the Gay Marriage Decision, terrorist attacks and murder, let’s not forget the mess in Europe.
It seems that Greece may default, leave the Euro, and perhaps start a chain of events in which Europeans end up doing what Europeans do, kill each other.
ATHENS/FRANKFURT, June 28 (Reuters) – Greek banks and the stock exchange will be shut on Monday after creditors refused to extend the country’s bailout and savers queued to withdraw cash, taking Athens’ standoff with the European Union and the International Monetary Fund to a dangerous new level.
Greece’s banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday.
The ECB had made it difficult for the banks to open on Monday because it decided to freeze the level of funding support it gives the banking system, rather than increasing it to cover a rise in withdrawals from worried depositors.
Amid drama in Greece, where a clear majority of people want to remain inside the euro, the next few days present a major challenge to the integrity of the 16-year-old euro zone currency bloc. The consequences for markets and the wider financial system are unclear.