Monday, July 20, 2015


At your bank in the country that invented democracy, you can now visit your money (but that's about all you can do with it);
Banks across Greece may have reopened their doors after a forced holiday of over three weeks on Monday but almost all banking transactions are still prohibited for households and enterprises, and will stay that way for some time yet.
At least they voted for that.
...depositors cannot send any money abroad unless they secure special permission, they cannot buy stocks or bonds, they cannot pay off their mortgage or consumer loans early, they cannot access their time deposits before they mature, or open a new account, etc. Even seeking medical treatment at a hospital abroad requires the approval of a bureaucrat.
Socrates, Plato, Aristotle, call the office. have to apply to the Banking Transaction Approval Committee even for the smallest conceivable international transaction. Whether they wish to import goods (from food to fabric), raw materials, machinery or spare parts, they have to submit an application through their bank to a five-member special committee and hope for the best.
There's always hope, but;
 The backlog of such demands currently stands at 2,500 at least as the process is extremely slow and priority is being given to low-value transactions because of the lack of liquidity.

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