The big fat Greek default

GREECE IS THE WORD

The IMF wants its money. ATMs in Greece are running dry.. this could be the week of a national default.. The world is watching.

And Reuters is reporting this in its Sunday dispatch from the nation…  George Georgiopoulos and Lefteris Papadimas write:

More than a third of automated teller machines across Greece ran out of cash on Saturday before they were replenished as Greeks pulled out money on fears their country was set to crash out of the euro, three banking sources said.

Anxious Greeks lined up outside ATMs after Prime Minister Alexis Tsipras made a surprise call for a referendum on austerity terms demanded by lenders, throwing talks with lenders in disarray and putting Greece on the verge of a default.

About 35 percent of the ATM network - some 2,000 out of the 5,500 ATMs across Greece - ran out of euro banknotes at one point during the day and were being replenished, the bankers said. Banks were working in coordination with the central bank to keep the network fed with cash, they said.

Replenishing ATMs usually takes one to two hours per ATM, leading to the long lines, one banking source said.

The stage is set for a big fat Greek default next week.