Greece, the Government will not delay in chests

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safe deposit box

Press about lot of capital control measure, because the Greeks are afraid of their banks and withdraw money, putting of is the system in trouble (the banks lending more money they don't have and count on the fact that savers withdraw never money mass).

Since 2010 and 2015, more than 80 billion euros have left the country, and the movement still accelerated after the announcement of a referendum.

What is the capital controls?

In the event of severe financial crisis, capital controls is necessary as an evil necessary. Introduced in Malaysia and Thailand during the Asian crisis of the 1990s in Argentina when the country went bankrupt in 2001, Iceland in 2008 or even in Cyprus in 2013, it aims firstly to halt the disbursements of the country and the "bank run": the Bank panic.

Excessive withdrawals banks may indeed endanger the solvency of these, or even push them toward bankruptcy. Therefore, the economy of the country is deprived of liquidity and can no longer work… It is therefore vital to 'close' the financial boundaries of the country, implementing controls.

Disadvantage, it scares investors who want even more to withdraw the money.

The introduction of capital controls can (and ought to) be done quickly. Sometimes just a weekend. In some cases, banking institutions are closed for several days. Cyprus, sample extreme it was twelve days!

 When they reopened, withdrawals of banknotes were limited to 300 Euro per person, per day and per Bank. Payments and transfers were internationally capped at 5,000 euros per month, per person and per Bank. Travelers no longer had the right to leave the country with tickets in euros or foreign currency to a value exceeding EUR 1 000. Finally, companies should obtain administrative authorization for any transfer abroad exceeding the € 5,000: especially need to prove that these payments were needed for the normal activities of the company. Up to € 200,000, needed even the authority to a Committee of the Central Bank.

The Greek Government might then be tempted to target large business for tucking money but these have already moved their money then the Government turned to the smaller, easier and more likely to bludgeon.

The most effective would be to target the small transactions and withdrawals to the distributors.

And currently? (July 2016)

Since the control capital, Greeks who rent a safe box at their bank nor access to it (GoldCore article):

A capital controls has been in place in Greece since the beginning of the month in order to protect the banks of massive withdrawals on the part of Greeks more in more nervous. They had reason to be a blood of ink for their economies fear of a banking collapse resulting in the loss of their savings through confiscations or a forced bailout operation. In France for example a bankrupt Bank can be used on the accounts of investors (see http://richesse-et-finance.com/100000-euros-2016-banquent-voler-argent/), in Greece, like this. The worst is that of this entails forfeiture more fear that causes more withdrawal and forfeiture.

Many Greeks also withdrew their money for fear of a return to the Drachma. However, many people are unaware that those who had withdrawn their money to convert it to gold and physical silver or store it in a safe at the Bank were also taken in the control of capital which has been established as when I speak because of the control of precious metals in the http://richesse-et-finance.com/gouvernement-aux-abois/ article.

 

"The Greeks will not withdraw the money lying in their trunk to the Bank as long as the restrictions on the movement of capital will be in place" said Nadia Valavani Department of Greek Finances to a local television and including Reuters is echoed.

Article has not received much attention when it was published in the section "Obligations" of Reuters, which is not the most popular and most importantly a Sunday afternoon to get the pill in freshwater and avoid a panic movement while it deserves headlines.

 

The real reason that explains why money liquid chests is also subject to the control of capital, measures taken in cow lonely boy between the Government and banks without involving citizens (coincidentally), is explained by the desire that these entities reserve the right to confiscate the contents of these chests in case of worsening of the crisis. It is always easier to play with the money of others…

Governments are likely to take steps to prevent savers and investors to withdraw their money from the Bank to put in trunk.

As we repeat regularly, the gold, the metal silver and cash with guard in the banking system offers no security crisis. Investors must keep their precious metals in chests outside the banking system, or even downright not declare it to the risk of fraud? (this last point is debatable.  Personally I have money in the crowdfunding.

 

Les Grecs n’ont plus accès à leur coffre en agence bancaire. C’est la confiscation générale !

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