National Security & Defense

The Corner

Greece: Banks to Remain Closed, Deposits ‘Safe,’ Capital Controls Coming

BBC:

Greek banks will be closed and capital controls will be imposed, Prime Minister Alexis Tsipras says. Speaking after the European Central Bank (ECB) said it was not increasing emergency funding to Greek banks, Mr Tsipras said Greek deposits were safe.

Hmmm . . .

Financial Times:

Greece has moved to close its banks and impose capital controls to prevent financial chaos following the breakdown of bailout talks with its international creditors. The dramatic move on Sunday night came after the European Central Bank announced it would freeze the amount of emergency loans it supplied to keep the Greek banking system afloat.Officials said the bank closure would last for several days and would be accompanied by limits yet to be announced on bank transfers abroad and withdrawals from cash machines. The cashing of cheques would be halted and fixed term deposits would be locked down. The Athens stock exchange was also set to be closed.

The day’s events followed the surprise move by the Greek government to call a referendum on new bailout terms offered by the country’s international creditors, triggering a rupture with Athens’ eurozone partners and pushing the country closer to exiting the single currency…

The Greeks are at least having a referendum on whether to accept the terms of the bailout. Voters in the creditor countries are not so lucky – European monetary union, democracy: choose one.

At the moment it seems that there will be a majority in Greece to accept what’s being offered. Awkwardly that offer expires on June 30, before the referendum on July 5. At the moment those in charge seem to be suggesting that the offer will not be extended, but I find it difficult to believe that they will risk a Greek departure from the euro zone over a delay of a few days.

Next thing to watch: the reaction on international markets. Will the Greek crunch be treated as Cyprus 2.0 (basically a non-event) or will it be seen as a harbinger of far greater chaos to come? If it’s the latter, the euro-zone leadership will be much more likely to blink.

Could it be less than two months since Jean-Claude Juncker, president of the EU Commission, was describing the euro zone as an “area of solidarity and prosperity”?

Why, yes it could.

Most Popular

Politics & Policy

Students’ Anti-Gun Views

Are children innocents or are they leaders? Are teenagers fully autonomous decision-makers, or are they lumps of mental clay, still being molded by unfolding brain development? The Left seems to have a particularly hard time deciding these days. Take, for example, the high-school students from Parkland, ... Read More
PC Culture

Kill Chic

We live in a society in which gratuitous violence is the trademark of video games, movies, and popular music. Kill this, shoot that in repugnant detail becomes a race to the visual and spoken bottom. We have gone from Sam Peckinpah’s realistic portrayal of violent death to a gory ritual of metal ripping ... Read More
Elections

Romney Is a Misfit for America

Mitt’s back. The former governor of Massachusetts and occasional native son of Michigan has a new persona: Mr. Utah. He’s going to bring Utah conservatism to the whole Republican party and to the country at large. Wholesome, efficient, industrious, faithful. “Utah has a lot to teach the politicians in ... Read More
Law & the Courts

What the Second Amendment Means Today

The horrifying school massacre in Parkland, Fla., has prompted another national debate about guns. Unfortunately, it seems that these conversations are never terribly constructive — they are too often dominated by screeching extremists on both sides of the aisle and armchair pundits who offer sweeping opinions ... Read More
U.S.

Fire the FBI Chief

American government is supposed to look and sound like George Washington. What it actually looks and sounds like is Henry Hill from Goodfellas: bad suit, hand out, intoning the eternal mantra: “F*** you, pay me.” American government mostly works by interposition, standing between us, the free people at ... Read More
Film & TV

Black Panther’s Circle of Hype

The Marvel Cinematic Universe (MCU) first infantilizes its audience, then banalizes it, and, finally, controls it through marketing. This commercial strategy, geared toward adolescents of all ages, resembles the Democratic party’s political manipulation of black Americans, targeting that audience through its ... Read More