Greek Capital Controls Baked In as Firms Store Cash Abroad
(Bloomberg) -- Greece is seeing capital flow out of its banks at an alarming rate. Since November, $31 billion has been withdrawn by businesses and households. One way to stop this could be Cyprus-style capital controls. But will the Greek people accept such bitter medicine? Bloomberg's Tom Gibson reports. (Source: Bloomberg)
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George Alevizos knows what it’s like to live with capital controls.
The finance manager at Fourlis Holdings SA, which has the franchise for Ikea furniture stores in Greece, Cyprus and Bulgaria, saw the company’s Cypriot sales fall about 30 percent in the three months immediately after that country’s rescue in March 2013.