Only 500 million euros left in Greek banks

President of the Greek Chamber of Commerce Constantine Michalos told the British Telegraph that Greek banks are running out of money, reports the Patria news agency.

- We have reliable information that cash reserves in banks have fallen to only 500 million euros. Anyone who thinks banks will be open next Tuesday is dreaming - said Michalos.

- We are in an extremely dangerous situation. Greek companies have been excluded from the Target2 electronic transfer system. The entire Greek economy is unable to import anything, and without raw materials there is no production - warns Michalos.

Greek banks have been closed all this week, and withdrawals from ATMs are limited to 60 euros per day, while pensioners receive 120 euros in pensions.

By closing the banks, the government tried to prevent a sudden outflow of cash, after the decision to hold a referendum was announced, in which Greeks should decide on the further course of negotiations with international creditors.

If Greece rejects the creditors' proposals in the referendum, it will find itself on the path to exiting the eurozone, and without additional aid it will not be able to pay the loan installment to the European Central Bank in the amount of 3.5 billion euros, which falls due on July 20.

If the austerity measures are accepted in the referendum, it is increasingly likely that the government will fall. Greek Finance Minister Yanis Varoufakis has already announced his resignation in the event that citizens accept the austerity measures, and in the style of Milanović, he stated that he would rather "cut off his hand" than accept the current conditions of the creditors.