Greek turmoil hits markets

Last week saw the back and forth tussle between the Greek government and the ECB/IMF unsettle global markets. At the end of the week, the Greek government rejected the IMFs latest bailout proposal and the second Greek programme of support will now expire on Tuesday 30 June. Greek prime minister, Alexis Tsipras, has closed the banks and imposed capital controls telling his countrymen that their bank deposits are safe. Greeks have been withdrawing huge sums of cash from banks fearing that they may not get access to their money or that their euro will be forcibly converted to a new Greek currency. Tsipras also declared a 5 July referendum on the terms of the bailout deal which he has described as a “blackmail ultimatum”. He asked for voters to declare an “emphatic no” to the ECB/IMF proposals.