Greece is going to close its banks and stock market until it sorts out how to prevent its citizens from withdrawing their assets from their financial intermediaries post haste.  This is a pretty old school technique - the US did some of these to prevent panic withdrawals during the Great Depression, and the UK did the same during the currency crisis of 1968, during which it also shut the London Gold Market for two weeks.  New technology has made these holidays less oppressive - ATMs with withdrawal limits were kept open when Cyprus did this.  But it is still quite the heavy hand of the state, and one of the first resorts when a bank run is really on.  As they say, developing.

Europe, Financial Crisis, Financial Institutions | Bookmark