Comment on Greece debt crisis: ECB 'to end' bank emergency lendingparentComments−pjc5011yCyprus imposed capital controls while remaining in the Euro. Restrictions on bank transfers and cash crossing the border.−MichaelMoser12311yinteresting. Now how is the economy supposed to function with limitations on bank transfer? Wouldn't that make it difficult to repay debt?−pjc5011yLots 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/historicpub...Edit: yes, this makes commerce difficult. A finance correspondent I follow on twitter says to expect petrol rationing.
Comments
Cyprus imposed capital controls while remaining in the Euro. Restrictions on bank transfers and cash crossing the border.
interesting. Now how is the economy supposed to function with limitations on bank transfer? Wouldn't that make it difficult to repay debt?
Lots 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/historicpub...
Edit: yes, this makes commerce difficult. A finance correspondent I follow on twitter says to expect petrol rationing.