After the ECB shut off ELA, prime minister Alexis Tsipras imposed capital controls while blaming the ECB just as I predicted.

Of course, that was an easy prediction. Yet, even at the last moment, many did not believe it would come to this.

Let’s tune into the Guardian Live Blog for some details.

Bank Holiday

  • Speaking on live TV, Alexis Tsipras is saying that the Greek central bank has been forced to recommend a bank holiday and the introduction of capital controls.
  • He blames the ECB, and other institutions, for trying to obstruct the democratic referendum he has called for next Sunday. This is a “insult” that shames European democracy, he says.
  • Tsipras also appeals for calm, and he insists that bank deposits are secure.

Capital Controls

  • Officials said the bank closure would last for several days and would be accompanied by limits yet to be announced on bank transfers abroad and withdrawals from cash machines.
  • The cashing of cheques would be halted and fixed term deposits would be locked down. The Athens stock exchange was also set to be closed.

Bank Queues

  • All over Athens people have been queuing tonight, but the lines outside the National Bank branches were by some distance the longest, reports Jon Henley.
  • And that’s because the National Bank supplies the banknotes, and lots of other Greek banks, by midnight on Sunday, had no more of those.


In honor of the bank and stock market vacation, I offer this musical tribute.

Link if video does not play: Connie Francis Vacation.

How Can People Be So Stupid?

What are bank queues forming now that it’s too late?

The only answer I can come up with is those who waited are stupid beyond belief. 

Mike “Mish” Shedlock