Wednesday, May 16, 2012

Greece: capital controls (???)

The deposit flight has begun in earnest, with 1.2 bln Euros gone on Monday and more than 5 bln since May 6. 30 more days of this and you're talking about real money. Capital controls would seem like the right remedy under the circumstances.

But here is a legal question I'm pondering: can the Greek president actually impose capital controls now, in the absence of government. Can the judge that's to lead the government until June 17 elections do it? Would he?

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