Courtesy of Mish.
The Greek news of the day is Greek Stock Market to Reopen, With Restrictions.
- People cannot draw on their Greek bank accounts to buy shares
- People can only buy shares with existing brokerage account cash
I supposed people could transfer cash from elsewhere into stocks but no one in their right mind would do such a thing.
And what about taking cash out of brokerage accounts, wiring it elsewhere? The article did not say, but I suspect that has capital restrictions as well.
Will the market really reopen Monday?
I suggest not.
Reader "Bailout" Perspective
Reader "AC" occasionally pings me with some interesting comments and perspectives. Here's another one.
I wanted just to share some elements to put in perspective things about Greek bailout.
Greece is a small country with small GDP, but please consider the ratio of the bailout and guarantee vs GDP….