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Tue Jun 12, 2012, 05:08 PM

EU discuss 'limiting ATM withdrawals'

Source: Irish times

Snip< European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro.


Snip< EU officials said the ideas are part of a range of contingency plans. They emphasised that the discussions were merely about being prepared for any eventuality rather than planning for something they expect to happen.

Read more: http://www.irishtimes.com/newspaper/breaking/2012/0612/breaking24.html

20 replies, 3643 views

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Arrow 20 replies Author Time Post
Reply EU discuss 'limiting ATM withdrawals' (Original post)
sarcasmo Jun 2012 OP
Crow73 Jun 2012 #1
bossy22 Jun 2012 #5
iamthebandfanman Jun 2012 #2
dipsydoodle Jun 2012 #7
dipsydoodle Jun 2012 #3
sarcasmo Jun 2012 #4
dipsydoodle Jun 2012 #6
Prometheus Bound Jun 2012 #9
dipsydoodle Jun 2012 #11
Prometheus Bound Jun 2012 #15
dipsydoodle Jun 2012 #17
Prometheus Bound Jun 2012 #19
drm604 Jun 2012 #8
Prometheus Bound Jun 2012 #10
sarcasmo Jun 2012 #13
sendero Jun 2012 #20
Nye Bevan Jun 2012 #12
ikri Jun 2012 #14
XemaSab Jun 2012 #16
AngryAmish Jun 2012 #18

Response to sarcasmo (Original post)

Tue Jun 12, 2012, 05:15 PM

1. or

 

The EU could nationalize the banks.
Just saying.

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Response to Crow73 (Reply #1)

Tue Jun 12, 2012, 05:21 PM

5. or

we can realize that even nationalize the banks won't help in this situation. Depositors wan't physical cash not because of fear of one single bank going under but because an entire country might switch to a currency that has a hugely depreciated value (making their deposits if denominated in this currency worth much less). Since the only way to protect against this is with physical currency the only way to control a run like this is to control how much physicaly curreny someone is allowed to withdraw. It should also be noted that there isnt enough physical currency to support the entire withdrawl of all Euro deposits. It just isn't physically there.

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Response to sarcasmo (Original post)

Tue Jun 12, 2012, 05:18 PM

2. I have a limit

at my bank.
500 a day i think

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Response to iamthebandfanman (Reply #2)

Tue Jun 12, 2012, 05:27 PM

7. UK is 600

allowable in two consecutive lumps of 300. Thats using a debit card in an ATM.

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Response to sarcasmo (Original post)

Tue Jun 12, 2012, 05:18 PM

3. Exchange controls are to prevent flight

Last edited Tue Jun 12, 2012, 05:51 PM - Edit history (1)

Switzerland have already mooted locking out transfers into Swiss France too.

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Response to dipsydoodle (Reply #3)

Tue Jun 12, 2012, 05:19 PM

4. Sounds like a lock down.

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Response to sarcasmo (Reply #4)

Tue Jun 12, 2012, 05:24 PM

6. The UK had an exchange control act from 1939 -1979

Nothing new.

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Response to dipsydoodle (Reply #6)

Tue Jun 12, 2012, 05:45 PM

9. I don't see how that is related to limiting ATM withdrawals.

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Response to Prometheus Bound (Reply #9)

Tue Jun 12, 2012, 05:49 PM

11. OP mentions both subjects

ATMs and exchange controls.

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Response to dipsydoodle (Reply #11)

Tue Jun 12, 2012, 07:16 PM

15. OK. I see.

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Response to Prometheus Bound (Reply #15)

Wed Jun 13, 2012, 08:14 AM

17. Didn't mean to be blunt there

Last edited Thu Jun 14, 2012, 07:45 AM - Edit history (1)

Was using the tablet and don't know how to link using it.

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Response to dipsydoodle (Reply #17)

Thu Jun 14, 2012, 06:05 AM

19. No problem. Short and sweet is always better.

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Response to sarcasmo (Original post)

Tue Jun 12, 2012, 05:40 PM

8. Seems like announcing it like this could be a self fulfilling prophecy.

If people hear that withdrawals may be limited, they're going to start withdrawing.

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Response to drm604 (Reply #8)

Tue Jun 12, 2012, 05:45 PM

10. That's what I was thinking.

I know I would.

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Response to drm604 (Reply #8)

Tue Jun 12, 2012, 05:54 PM

13. That is what I took fro the article.

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Response to drm604 (Reply #8)

Thu Jun 14, 2012, 06:12 AM

20. +1000 Exactly n/t

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Response to sarcasmo (Original post)

Tue Jun 12, 2012, 05:51 PM

12. I would bet that most rich Greeks have already moved their assets out of the country,

where they will stay safely denominated in Euros, Swiss Francs, or US Dollars. It will mostly be the little people who are hurt if and when their savings are forcibly converted to devalued Drachma.

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Response to Nye Bevan (Reply #12)

Tue Jun 12, 2012, 05:58 PM

14. There was talk

A couple of years ago a lot of well-off Greeks started buying property in London so I would guess that most Greeks able to do so have already moved their cash outside of the country. As usual it will be the least well-off who will suffer the most no matter what happens to Greece.

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Response to sarcasmo (Original post)

Tue Jun 12, 2012, 08:10 PM

16. Wow

That doesn't sound good.

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Response to sarcasmo (Original post)

Wed Jun 13, 2012, 09:39 AM

18. When someone yells fire in a theater, it is smart to be the first one out.

My advice: if you are in Spain, Italy, Greece, Ireland, Portugal get your money out now, put it into a US bank and revisit the situation in a few months. Keep a small account local and transfer funds whenever needed.

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