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Capital controls are coming to Europe?

gulliverfoylegulliverfoyle Posts: 6,318
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in Politics #1
pretty inevitable really

once there start to be runs on banks in the PIIGS

capital controls will have to be enforced

http://www.zerohedge.com/contributed/capital-flight-and-forced-repatriation

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    Nick1966Nick1966 Posts: 15,742
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    #2
    Yep, reckon there will be capital controls before any EU state leaves the Euro.
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    MartinPMartinP Posts: 31,358
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    #3
    It's coming too late for Greece, billions have been taken out of local banks and transferred overseas. When Greece does leave the Euro it will be a very messy weekend with the banking systems switched off to avoid funds being transferred and the banks themselves closed and guarded by the military. The big problem is what will then happen to other southern European countries when savers realise their savings could be reduced by 50% overnight.

    We are potentially a few weeks away from real chaos.
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    Sapphire SunSapphire Sun Posts: 328
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    #4
    http://www.telegraph.co.uk/finance/financialcrisis/8905478/Hungary-turns-to-IMF-as-stress-mounts-in-Eastern-Europe.html

    Well i never saw that coming, i expected Italy to be the first to call publicly for help.

    Back to the OP, currency controls are a certainty and it will cause anger.
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