3 ms·
What kind of capital controls? in this situation it is quite an oxymoron. With a different currency you can control the exchange rate or limit how much one is a
by MichaelMoser123 11y ago
What kind of capital controls? in this situation it is quite an oxymoron. With a different currency you can control the exchange rate or limit how much one is allowed to exchange, however Greece still has the same internal currency - the Euro. You don't have a Greek euro only - its the same currency.
To me all these conflicting reports smell like panic; decision makers just don't know what to do now, and the BBC does not know what to report. Sounds like 2008 all over again.
- debtopolis 11y agoInteresting - just tried to Google translate into Greek, but apparently there are no words in their language for "repay your debts!"
- pjc50 11y agoCyprus imposed capital controls while remaining in the Euro. Restrictions on bank transfers and cash crossing the border.
- MichaelMoser123 11y agointeresting. Now how is the economy supposed to function with limitations on bank transfer? Wouldn't that make it difficult to repay debt?
- pjc50 11y agoLots of paperwork, I think. Every non-trivial transfer requires approval. Here's how it used to work in the UK until 1979: http://www.bankofengland.co.uk/archive/Documents/historicpubs/qb/1967/qb67q3245260.pdf http://www.bankofengland.co.uk/archive/Documents/historicpub... Edit: yes, this makes commerce difficult. A finance correspondent I follow on twitter says to expect petrol rationing.