Economy and Finance
Greeks Are Now Hoarding Vast Sums of Cash
Greek citizens are concerned that capital controls will be imposed on them, much like the ones that were placed on Cyprus two years ago.
In case you missed it, the nation of Greece is currently negotiating their debt with their creditors and the International Monetary Fund, and the talks are not going very well. Neither side can agree on what austerity measures Greece should take to avoid a default, and an exit from the European Union. In fact, some of members of parliament have investigated Greece’s debt, and have found it to be “illegal, illegitimate, and odious” and don’t believe it should be reimbursed at all.
The government’s hostility towards their lenders is starting to weigh on the minds of Greece’s citizens, who are now preparing for another economic collapse. They believe that should the negotiations fail, they may have trouble withdrawing their funds from their bank accounts. Since at least October, banks deposits have steadily fallen, and withdrawals have averaged about 250 million euros a day. Others have turned to buying assets like gold.
Greeks are concerned that capital controls will be imposed on them, much like the ones that were placed on Cyprus two years ago. There may be withdrawal limits placed on accounts, or confiscations of funds. By all appearances, Greece is bracing for a systemic collapse of their financial institutions.
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