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IPFS News Link • Economy - International

Did Greece Just Launch Capital Controls: "Mandatory Cash Transfer"...

• http://www.zerohedge.com, by Tyler Durden

We warned last week that capital controls were inevitable and it apears the first steps have been taken (very quietly):

GREECE ISSUES DECREE: LOCAL GOVTS OBLIGED TO TRANSFER DEPOSIT RESERVES AT CENTRAL BANK

So, following the pension fund raid, the Greek government is now centralizing all Greek cashciting an "extremely urgent and unforeseen need.".

One wonders if this is per Krugman's advice?

Govt decree issued today forces local govts, general govt sector entities to transfer cash reserves to the Bank of Greece.

*DECREE ON MANDATORY CASH TRANSFER POSTED IN GOVT GAZETTE


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