Germany may slap capital controls on Greece

[OROBTC]

...

I agree with above reply re Goldman Sachs also being at fault here.  But there are MANY at fault in this mess: Germany, Europe (for letting Greece in), and Greece itself (all of their governments have behaved shamelessly).

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There is talk within Greece itself as to who would impose capital controls.  So much talk re capital controls, that IMO (not an expert, not Greek) some kind of controls are coming.

Individuals there should consider taking money out of the banks now.  And buying some BTC and Au now.  There may not be much time.




EDIT:  We here in the USA (and W Europe) could look at Greece as a test-run for responses to future crises.  Just as Cyprus is a model now for authorities to place capital controls on the population...

[cellard]

If you would like to see a good analysis of how the austerity measures, as imposed by merkel and friends (a troika of unelected officials), has worsened the debt crisis in Greece and Portugal should watch this German documentary. What people keep forgetting is that Greece is in a DEPRESSION, despite having undergone the greatest fiscal adjustment in memory during the past 5 years.

https://www.youtube.com/watch?v=gwuD0MqU3qk

(enable subtitles)

[bryant.coleman]

Individuals there should consider taking money out of the banks now.  And buying some BTC and Au now.  There may not be much time.

Not many people currently keep their money in Greek savings accounts anyway, especially after the Cyprus haircut ruined the account-holders there. I fear that the "haircut" will not be just limited to the savings accounts this time. There is a chance that the government will take away the bullion, treasury bonds, and other assets such as real estate.

[nexern]

a gold/silver backed neodrachma, would be a perfect timing now.

[jjacob]

They are just killing time for the inevitable: a debt relief.

That is a foregone conclusion. In the end, at least some of the debt has to be written off. Without that, how do you expect the Greeks to pay back this huge amount? Their total population is just 11 million (and rapidly declining). The troika is only damaging its own chances of getting the money back, by saying that it will not allow any change in the clauses.

If Greece has a small budget surplus (as one of the conditions was), they can chip away at the principal.
But the government doesn't even want to agree to this.