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Fasdal: Why Greece could face capital controls

The European Central Bank will hold a special conference call on Friday to decide whether to add more emergency liquidity for Greek banks. According to Saxo Bank’s Simon Fasdal, the outcome of the meeting could prove to be a “game changer” in the stand-off between Greece and its creditors.

If the ECB decides not to extend a helping hand to Greek banks, the next step could be capital controls in Greece, Fasdal says. According to Reuters, Greeks pulled out some EUR 2 billion between Monday and Wednesday after weekend negotiations in Brussels collapsed.

Fasdal also looks at how markets are reacting to the fact that Eurozone finance ministers on Thursday failed to make any progress on talks with Greece on a cash-for-reforms agreement. Eurozone leaders will now hold an emergency summit on Monday June 22 to discuss Greece at highest political level. Greece needs a deal before June 30, when it has to repay a EUR 1.6 billion loan to the IMF or risk default.

02:35 minutes
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