Greek banks to go bankrupt Monday if no debt deal – Financial Times

Rt.com As cash withdrawals from Greek banks reach €100 million a day the country’s banking system will end up bankrupt on Monday if no deal with creditors is reached over the weekend, some senior bank executives told the Financial Times (FT) on Friday. Cash withdrawals are at a high rate despite capital controls imposed by the Greek government. If the European Central Bank (ECB) doesn’t agree to extend its emergency liquidity assistance (ELA) program, customers will be left without money by Monday, according to one of the bankers who talked to FT. On Thursday the head of Greece's banking association Louka Katseli said the Greek banking system had cash guaranteed only till Monday. She didn’t say what would happen afterwards. Banks in Greece have been effectively passing cash among themselves while the pressure increased in recent days, the bankers told FT. The Bank of Greece asked healthier banks to return some of their liquidity so that it could be shared out to weaker ones. One of the bankers said that they “don’t have any choice"...