Greece's banks won't open this week

GreeceREUTERS/Stefanos RapanisPensioners waiting outside a closed National Bank branch and hoping to get their pensions, argue with a bank employee (L) in Iraklio on the island of Crete, Greece June 29, 2015.

Greece’s banks aren’t going to open this week.

According to Bloomberg, Greece’s bank holiday — which has seen banks closed since last Monday — will run through Friday.

Greece’s capital controls program will also run through the end of the week, according to Bloomberg.

Put in to place last week, capital controls have limited the amount of cash that can be withdrawn from ATMs in Greece to 60 euros per day.

Reports in recent days, however, have indicated that Greek banks might only have a few days of cash left to dispense anyway.

And this comes as the European Central Bank has declined to raise its emergency liquidity assistance, or ELA, in recent days, essentially telling Greek banks to work with what they have got, which is quickly dwindling.

On Wednesday, Greece reportedly laid out a new 3-year bailout plan. On Sunday, all 28 members of the European Union will meet at a summit to discuss the situation in Greece, an event some officials have suggested is the last chance for Greece to come up with a plan or face an exit from the euro.

A report from Reuters on Wednesday, however, hinted that there might even be a bigger gap now between Greece and its European creditors than there was before Sunday’s referendum vote, which saw Greeks reject the previous bailout terms.

On Tuesday, The Telegraph’s Ambrose Evans-Pritchard wrote that things were “spinning out of control” in Greece, and on Wednesday, the situation doesn’t seem to be turning around all that much as banks remain closed, the economy hamstrung, and Greece still fighting to work out a deal.

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