Sentences with phrase «greek banks run»
In light of his refusal to carry out the duties of a central bank and act as lender of last resort when Greek banks run out of cash, Mr. Varoufakis has said that: «If necessary, we will issue parallel liquidity and California - style IOU's, in an electronic form.
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Other market analysts were preparing for financial turmoil in Greece, however, if no deal was found this weekend, the ECB could then withdraw its emergency liquidity assistance (ELA) to Greek banks, forcing Greece to implement capital controls to prevent bank runs.
The Greek banks are facing bad loans, deposit outflows and are running out of the collateral they need to survive.