Sunday, July 5, 2015

Desperate Times Call for Desperate Measures

The Greek public has voted down an EU bailout offer.  With Greek banks running low on cash, it's looking more likely that the Greek government will raid the bank accounts of depositors to save Alpha and other banks just as the Cypriots did during the height of their own financial crisis. 

Before doing so, CPO hopes the Greek Government will encourage the Alpha Bank to sell its numismatic collection on the international market for the benefit of Alpha's depositors.  Conceptions of "national patrimony" must sometimes give way to unfortunate realities.  Desperate times call for desperate measures.

1 comment:

Dave Welsh said...

Before anything such as this could occur, there must be a showdown between the Tsipras government and the EU finance ministers. It is not clear what the result will be. If the German ministers have their way the EU is likely to stand on its previous demands, or something close to them. That could lead to the fall of the Tsipras government, and a chance for an agreement on extension of the bailout, although on far worse terms than could have been had before Tsipras took power.