Reuters: Banks in Greece’s Balkan Neighbours Operating as Usual

Greek-owned banks in the Balkans region were open on Monday, paying out cash and issuing loans -- in contrast to Greece, where a bank holiday and capital controls went into force, Reuters reported.

In its article the newswire looked at the potential for contagion from Greek-owned banks for Balkan lenders after Greek Prime Minister Alexis Tsipras announced restrictions on bank operations on Sunday in order to avert a financial collapse after the European Central Bank froze emergency loans to the country’s lenders at its current level.

“Central banks in Macedonia and Serbia introduced extra restrictions on the movement of capital between local subsidiaries and their Greek parents, saying they were taking precautions against any spillover from Athens,” the article reads.

United Bulgarian Bank, a subsidiary of National Bank of Greece, said on Monday it saw a slight increase in depositors moving money to other banks but UBB CEO Stilian Vatev told Reuters there was no cause for worry.

Reuters also quoted Piraeus Bank Bulgaria, part of Greece's Piraeus Bank Group, as saying in a statement that for them "this Monday is a normal working day."

You can read the whole article here.

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