Western Union, the world’s largest money transfer company, today announced it has closed for business in Greece and would remain closed for at least the rest of the week.
Western Union said it had not seen a significant increase in customers moving money out of Greece in the two months to June 27 but had seen a rise in funds being moved into the country.
“Our inbound business is seeing an upswing and we will continue to monitor this closely as and when our business in Greece is operational once again,” the company said in a statement.
A sudden deterioration in Greece’s debt crisis shook global markets Monday.
Stocks around the world tumbled after a series of moves over the past few days, including a shut down of Greek’s banking system, pushed the country closer to an exit from the eurozone.
Declines in European stocks largely wiped out a rally over the last week.
The Stoxx Europe 600 was down 2.1% midmorning.
Banks led the declines.
Greece’s stock market remained closed.
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Source: Reuters/WSJ