This morning, as soon as I entered Citibank's online trade-finance services, the following message jumped into my face:
Notice on Greek payments
Please be aware that Capital Controls have been introduced in Greece, as a result international transfers from Greek bank accounts to bank accounts outside Greece will not be processed until further notice. Domestic electronic payments are expected to be processed, but are dependent on the local market factors and beneficiaries' banks. Securities settlements are suspended.
Apparently "Capital Controls," accepted by the Greek government as one of the German government's bailout conditions, means freezing pretty much everyone's bank accounts – large and small companies, individuals, trusts, etc. I have no doubt that this harsh measure adds fuel into the engine of Greece's newly-formed leftist anti-bailout party. They must be having a field day with this – such a perfect agitation tool! But an important lesson for everyone around the world to learn is that, in case of a "national emergency," your government will find a way to separate you from your money. Remember this!
The Frustrated CFO 