How To Start A Bank Run
Tell the public you are prepared to institute capital controls if Greece decides to leave the euro — something that could become very, very hard to avoid after the June 17 elections there. From Reuters:
European finance officials have discussed as a worst-case scenario limiting the size of withdrawals from ATM machines, imposing border checks and introducing capital controls in at least Greece should Athens decide to leave the euro.
EU officials have told Reuters the ideas are part of a range of contingency plans. They emphasized that the discussions were merely about being prepared for any eventuality rather than planning for something they expect to happen – no one Reuters has spoken to expects Greece to leave the single currency area.
Tell me, if you were a European bank depositor, how secure would you feel about your money today? How secure do you think you will feel about it a week from today, the day after the next round of Greek elections?
What would you do? I know this blog has some readers on the European continent; what are you all thinking today?