Banks will start running out of cash on Sunday even as Greeks go to the polls, with their government urging a “no” vote on austerity measures proposed by international creditors.
Germany rejected a compromise offer from Alexis Tsipras, the Greek prime minister, after a furious debate in the Bundestag yesterday. “We will wait for the referendum,” Angela Merkel, the German chancellor, said. “There can be no negotiations on a new aid programme before the referendum.”
By the time the votes are counted, cash machines across Greece are expected to be empty. “The increased demand from outflows cannot be met. The system can hold for hours, days — not weeks. In terms of hours, it could be 80 hours,” a senior Greek banking official said yesterday.