A big gap lower for EUR/USD and crosses this morning in very early Asia.

USD/JPY and yen crosses lower also as the yen caught a 'safe haven bid'

Whats happening with Greece?

  • Greek banks will remain shut for six business days, they aren't opening again until July 6
  • (The Greek finance minister could decide to shorten or extend that period. Provided he isn't too busy playing his games with the country's fortunes .... whoops, sry, editorial opinion slipping in there)
  • Capital control restrictions have been introduced at the recommendation of the Bank of Greece (the Greek central bank)
  • Restrictions have been imposed on cash withdrawals. Withdrawals from ATMs will be capped at 60 euros daily
  • ATMS should open by early afternoon
  • Web banking transactions will allow bills to be paid online
  • Money cannot be moved out of the country
  • Credit and bank cards issued abroad can be used at ATMs with no restrictions (tourists in Greece please note)
  • The Athens Stock Exchange will not open on Monday
  • The Greek Treasury is creating a Banking Transactions Approval Committee to examine requests for emergencies (such as importing medicines or sending remittances overseas) on a case-by-case basis.

The bailout:

  • The current bailout expires on Tuesday
  • It seems most unlikely that Greece will be able to be able to pay a 1.6 billion euro International Monetary Fund debt repayment due on Tuesday

The referendum:

  • Two opinion polls published Sunday indicated that more Greeks want to stay in the eurozone & make a deal with creditors
  • Both polls were conducted June 24-26, before the referendum was called
  • Alco poll (for the Proto Thema paper) found 57% said they believed Greece should make a deal ... 29 % want no deal
  • Kapa Research poll for To Vima newspaper ... 47.2% want an agreement with Greece's creditors .... 33% say no .....(18.4% undecided)

Says the ECB head Draghi:

  • "We continue to work closely with the Bank of Greece and we strongly endorse the commitment of member states in pledging to take action to address the fragilities of euro-area economies"