GREEK CAPITAL CONTROLS TO REMAIN FOR MONTHS AS GERMANY PUSHES FOR BAIL-IN OF LARGE GREEK DEPOSITORS


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Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3’s terms, are a “strong sell” at any price: due to the collapse of the local economy as a result of the velocity of money plunging to zero thanks to capital controls which just had their 1 month anniversary, bank Non-Performing Loans, already at €100 billion (out of a total of €210 billion in loans), are rising at a pace as high as €1 billion per day (this was confirmed when the IMF boosted Greece’s liquidity needs by €25 billion in just two weeks), are rising at a pace unseen at any time in modern history.

http://www.infowars.com/greek-capital-controls-to-remain-for-months-as-germany-pushes-for-bail-in-of-large-greek-depositors/