More Trouble for Greece

More Trouble for Greece

Greece’s government faces a tough decision: to continue the protection of the banks when the rest of the population is hurting. According to Diego Iscaro, an economist at consultancy IHS, the problem with capital controls is that they are “easy to implement but very difficult to lift.” With the capital controls, companies must wait for the government to sign off on large foreign bills; this has slowed payments and caused distrust with suppliers. With few exceptions, citizens are unable to open foreign bank accounts, buy shares, or transfer large amounts of money. Cash withdrawals from ATMs have as well been limited to only 60 euros per day.

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