The world is defenceless against the next financial crisis, warns BIS
"The world will be unable to fight the next global financial crash as central banks have used up their ammunition trying to tackle the last crises, the Bank of International Settlements has warned.
The so-called central bank of central banks launched a scatching critique of global monetary policy in its annual report. The BIS claimed that central banks have backed themselves into a corner after repeatedly cutting interest rates to shore up their economies.
“Rather than just reflecting the current weakness, they may in part have contributed to it by fuelling costly financial booms and busts and delaying adjustment. The result is too much debt, too little growth and too low interest rates."
The decline of bond yields into negative territory is the "most unusual development" of the last year."
Greece crisis deepens as banks close for a week after weekend that shook euro
"Greece’s government says banks will stay closed until after snap referendum, while stock exchange
shut on Monday and cash machine withdrawals limited to €60.
In a brief, televised address to the nation, Tsipras threw the blame onto the leaders of the eurozone. But he did not say how long the banks would remain shut, nor did he give details of how much individuals and companies would be allowed to withdraw once they reopened.