The bank runs (and capital controls) begin. Macedonia Central Bank Governor Bogov states:
- *GREEK BANKS IN MACEDONIA CAN’T WITHDRAW CASH: BOGOV
- *MACEDONIAN BANKS PROTECTED IN CASE OF GREXIT: BOGOV
How long before the rest of Europe follows suit and a bank holiday is declared Monday to "Cyprus" depositors?
He further added:
- *MACEDONIAN CENTRAL BANK SEES MAJOR RISKS FROM POLITICAL CRISIS
Just to be clear, this withdrawal halt is protection against a worst case scenario... BUT, by imposing capital controls you are ASSURING a worst case scenario occurs!!