EU discuss 'limiting ATM withdrawals'
Source: Irish times
Snip< European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro.
Snip< EU officials said the ideas are part of a range of contingency plans. They emphasised that the discussions were merely about being prepared for any eventuality rather than planning for something they expect to happen.
Read more: http://www.irishtimes.com/newspaper/breaking/2012/0612/breaking24.html
The EU could nationalize the banks.
Just saying.
we can realize that even nationalize the banks won't help in this situation. Depositors wan't physical cash not because of fear of one single bank going under but because an entire country might switch to a currency that has a hugely depreciated value (making their deposits if denominated in this currency worth much less). Since the only way to protect against this is with physical currency the only way to control a run like this is to control how much physicaly curreny someone is allowed to withdraw. It should also be noted that there isnt enough physical currency to support the entire withdrawl of all Euro deposits. It just isn't physically there.
iamthebandfanman
(8,127 posts)at my bank.
500 a day i think
dipsydoodle
(42,239 posts)allowable in two consecutive lumps of £300. Thats using a debit card in an ATM.
dipsydoodle
(42,239 posts)Last edited Tue Jun 12, 2012, 05:51 PM - Edit history (1)
Switzerland have already mooted locking out transfers into Swiss France too.
sarcasmo
(23,968 posts)dipsydoodle
(42,239 posts)Nothing new.
Prometheus Bound
(3,489 posts)dipsydoodle
(42,239 posts)ATMs and exchange controls.
Prometheus Bound
(3,489 posts)dipsydoodle
(42,239 posts)Last edited Thu Jun 14, 2012, 07:45 AM - Edit history (1)
Was using the tablet and don't know how to link using it.
Prometheus Bound
(3,489 posts)drm604
(16,230 posts)If people hear that withdrawals may be limited, they're going to start withdrawing.
Prometheus Bound
(3,489 posts)I know I would.
sarcasmo
(23,968 posts)sendero
(28,552 posts)Nye Bevan
(25,406 posts)where they will stay safely denominated in Euros, Swiss Francs, or US Dollars. It will mostly be the little people who are hurt if and when their savings are forcibly converted to devalued Drachma.
ikri
(1,127 posts)A couple of years ago a lot of well-off Greeks started buying property in London so I would guess that most Greeks able to do so have already moved their cash outside of the country. As usual it will be the least well-off who will suffer the most no matter what happens to Greece.
XemaSab
(60,212 posts)That doesn't sound good.
AngryAmish
(25,704 posts)My advice: if you are in Spain, Italy, Greece, Ireland, Portugal get your money out now, put it into a US bank and revisit the situation in a few months. Keep a small account local and transfer funds whenever needed.