- G-7, EU Banking Officials Hold Emergency Calls Ahead Of Black Monday
by Tyler Durden, www.zerohedge.com
Now that the Greek parliament has given PM Alexis Tsipras’ euro referendum the go ahead (the vote will effectively be a poll on euro membership or, on the choice between sovereignty and servitude if you will, because as the IMF flatly noted on Saturday, the proposal that was supposed to form the basis for the referendum will be null and void by the time Greeks go to the polls) and now that Greeks have pulled another €1 billion plus from the ATMs, capital controls are all but certain early next week, especially now that the ECB has frozen the ELA cap. This means the crisis, to use Irish FinMin MIchael Noonan’s words, “has now commenced” and a “Lehman weekend” is indeed underway.
Against this backdrop, multiple “emergency” meetings have been scheduled for Sunday as EU officials scramble to figure out how best to deal with what is likely to be a turbulent week and to consider the financial impact a potential Grexit will have on the currency bloc, its member nations and institutions, and on the global financial system as a whole.
Here’s Bloomberg with more:
G-7 deputies to hold conference call Sunday to discuss development of Greek crisis, Handelsblatt reports, citing unidentified euro region official.
Purpose is to inform non-European govts
European banking supervision officials also will hold conference call on situation of Greek banks and possible impact of Greek developments on European financial system
Euro Working Group to hold evening conference call
European Systemic Risk Board to convene immediately after ECB Governing Council meeting: Skai TV