Greece’s Left-wing Syriza government has agreed to draconian austerity terms rejected by the Greek people in a landslide referendum just five days ago, capping one of the most bizarre political episodes of modern times.
The surrender was confirmed by the Greek parliament by 251 votes to 32, with eight abstentions including several senior members of the ruling Syriza party.
I still think they’ll manage Grexit.
“We are preparing to open up branches for normal banking services next week. Capital controls will last for a while but not for as long as in Cyprus. The situation is very fluid but we don’t think we will need a major recapitalisation of the banks,” said the source.
An estimated €40bn of money stashed in “mattresses” should flow back into deposits as confidence returns.
For I really don’t think that will happen.