Re:Big Companies and the Military Are Paying Novelists to Wr...
by RobertoG on Tuesday August 08, 2017 @01:56PM
(#14960550)
Are you blaming Varoufakis for the capital controls?
"Capital controls were introduced in Greece in June 2015, when Greece's government came to the end of its bailout extension period without having come to an agreement on a further extension with its creditors and the European Central Bank decided not to further increase the level of its Emergency Liquidity Assistance for Greek banks."
The FED is the lender of last resort in the USA bank system (if I don't remember wrong that was the main reason of its creation).
The Bank of Greece was the lender of last resort in the Greece bank system.
The ECB should be the lender of last resort for the europeans in the Euroarea. Last time I checked Greeks were european. It's not its job to be an enforcer for foreign interests.
Why we allow the ECB to be used as a political weapon or how that is legal is beyond me. That means that we have given all that power to people who don't care about, for now, the Greeks.
"Capital controls were introduced in Greece in June 2015, when Greece's government came to the end of its bailout extension period without having come to an agreement on a further extension with its creditors and the European Central Bank decided not to further increase the level of its Emergency Liquidity Assistance for Greek banks."
( From: https://en.wikipedia.org/wiki/Capital_controls_in_Greece )
The FED is the lender of last resort in the USA bank system (if I don't remember wrong that was the main reason of its creation).
The Bank of Greece was the lender of last resort in the Greece bank system.
The ECB should be the lender of last resort for the europeans in the Euroarea. Last time I checked Greeks were european. It's not its job to be an enforcer for foreign interests.
Why we allow the ECB to be used as a political weapon or how that is legal is beyond me. That means that we have given all that power to people who don't care about, for now, the Greeks.
In fact, Varoufakis is disputing the legality of that movement: https://diem25.org/thegreekfiles/