Wednesday, May 6, 2015

Greece Acting Desperate

News
Capital controls, whether they soft (headline below) or hard (no withdrawals and complete lock down of capital flows), represent acts of desperation for Greece. Desperation often foreshadows generally unpleasant change. It's the unpleasantness that prevents many from anticipating it.



Headline: Greece introduces cashpoint tax in desperate bid to raise revenue and stop run on banks as country teeters on brink of bankruptcy

  • Greek ministers expect to raise up to €180 million from the new surcharge
  • They hope it will also deter savers pulling billions out of struggling banks
  • Charge of €1 will apply to all ATM withdrawals and transfers over €1,000
  • But those paying money in to their bank accounts will not be affected


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