Europe Planning Bank Withdrawal
Restrictions to Deal with Greece Exit

Alexander Higgins Blog
June 11, 2012
By Alexander Higgins

As Italian customers wake up to frozen bank accounts, European officials are planning limited bank account and ATM withdrawals to deal with Greece exit. European officials have announced plans to implement bank capital controls as part of a contingency plan to deal with the worst-case scenario of Greece leaving the Eurozone, which include imposing border checks and limiting ATM withdrawals. The announcement of plans to limit bank and ATM withdrawals comes, as many Italians are just learning, their accounts have been "temporarily frozen" for the next month to deal with the "difficult situation" in Europe. See article Major Italian Bank Freezes All Customer Accounts!

European officials are now drawing up plans to implement similar measures at banks across Europe to deal with the financial difficulties of Greece exiting the Eurozone. With the Greek elections scheduled for this Sunday, current poll numbers suggest, an exit from the Eurozone is an all too real possibility. As these plans are currently being discussed, it is likely, that such an event would actually lead to outright freezes on customer bank accounts across Europe. See article Europe Brings Out the "Capital Controls" Bazooka!