Greece

Money continues to flow out of Greek banks as the standoff between the Greek Government and the ECB/IMF continues. US$1.2b is reported to have been withdrawn on Friday which represents a sharp increase in the amounts taken out of Greek banks in recent months. The ECB is providing emergency funding via the Bank of Greece to keep the banking system afloat while negotiations between the Greek government and the ECB/IMF continue. The Greek prime minister said his government would strike a deal with European Union and IMF creditors and “those who are betting on crisis and terror scenarios will be proven wrong”. His government delivered new proposals to European leader over the weekend in an attempt to reach a deal before the 30 June deadline when a €1.55b repayment to the IMF is due.