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11:38 Uhr

Capital Controls

Financial Gridlock Hits Greece

VonRuth Berschens, Jan Hildebrand, Jens Münchrath

With the breakdown of talks over the weekend, Greece shifted into survival mode, closing its banks and stock market this week, and calling a referendum for next Sunday on whether to accept lenders' latest offers. Creditors reacted cooly, preparing for the country's exit from the euro zone.


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European markets tumbled Monday as concern rose that Greece's national bankruptcy was imminent following a chaotic weekend of political brinksmanship that set the country on course for leaving the European common currency as early as this week.

Stock markets in Germany, France, Britain and in smaller countries slid across Europe by up to 4 percent as of 9:35 a.m. Central European Time as the Greek state shifted into emergency mode, closing the stock market in Athens and the nation's banks for six business days.

The benchmark German DAX Index was down 3.3 percent, or 383.76 points, at 11,108.67 in Frankfurt trading at 10:40 a.m. The price of safe-haven investments such as gold and German government bonds surged as investors sought refuge from the stock market volatility.

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