Well, this should calm European investors and markets. And by calm, we mean incite a European wide bank run.
Reuters reports EU officials are discussing imposing capital controls and limiting ATM withdrawals if Greece exits the Eurozone.
- EU SOURCES HAVE DISCUSSED IMPOSING CAPITAL CONTROLS AS WORST CASE SCENARIO IF GREECE LEAVES EUROZONE
- IMPOSING BORDER CHECKS, LIMITING ATM WITHDRAWALS ALSO PART OF WORST-CASE SCENARIO PLANNING – EU SOURCES
It appears our friend Ned Naylor-Leyland was correct and that all the Spanish bailout has done is allow European officials to admit that we have a contagion.