Banks in Greece are due to stay closed this week, ahead of the national referendum on the EU bail out deal on July 5th, with large queues forming at any available ATM where low limits have been set on withdrawal amounts.
The EU at this moment is not going to extend the terms of the bailout, wanting Greece to adhere to the terms of it, which the ruling left wing Syriza party do not want to do. They have come to power on a promise to magic away the hard times and austerity measures, all agreed by the previous Government, to receive badly needed funds from the EU central purse.
While Greece is responsible for a small percentage of European GDP, the current situation is destabilising not just to the Eurozone but to many other senior stockmarkets around the world, who would like a resolution to this crisis as soon as possible.
Greece is due to make a payment of over £1billion to the European Central Bank on June 30th, unless terms are quickly renegotiated and at the moment there is no sign of either measure taking place.