Comment on Greece debt crisis: ECB 'to end' bank emergency lendingparentComments−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.
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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.