Greece in Ruins as Citizens Pull €2 Billion in Three Days

Mish Shedlock  |

Greece.jpg

Knowing that a default is now inevitable, Greek citizens made a decision to stop paying taxes, and the result was inevitable: Greek Government Suffers Collapse in Revenue in May.

On one hand, we have an official denial: "Never believe anything until it's officially denied". On the other hand, it makes sense for Greece to allow citizens to pull cash as long as the ECB does not remove ELA. Sooner or later, either the ECB or the Greek government will impose capital controls. I suspect it will be the ECB that forces the issue.

Meanwhile, my oft-repeated message takes on increased urgency: "Get your money out of Greek banks while you still can!"

 



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