Greece and capital control

The Greek government recently announced that banks would be shutdown for six business days, ATM withdrawals would be limited to €60 per day, and that the Athens Stock Exchange would remain closed on Monday. Time is almost up for Greece and the actions taken by the Greek government won’t solve any financial problems. PM Tsipras and the Greek government are still blaming everybody but themselves for this mess. Tsipras wants the deadline for the bailout program to be extended past June 30th to allow time for a referendum. The following are some statements made my Tsipras:

It is now more than clear that this decision has no other aim than to blackmail the will of the Greek people and prevent the smooth democratic process of the referendum,” and “They will not succeed. These moves will have the exact opposite effect. They will make the Greek people more determined in their choice to reject the unacceptable … proposals and ultimatums of the creditors,

They're right you know, there's no future for Greece in the E.U. Time to start printing million drachma bills out...
They’re right you know, there’s no future for Greece in the E.U. Time to start printing million drachma bills out…
I bet Greece's Finance Minister is real happy right now. I wonder how he'll blame this on the Germans?
I bet Greece’s Finance Minister is real happy right now. I wonder how he’ll blame this on the Germans?
Members of left wing parties burn a European Union flag during a protest in the northern Greek port city of Thessaloniki, Sunday, June 28, 2015.  Greek Prime Minister Alexis Tsipras says the Bank of Greece has recommended that banks remain closed and restrictions be imposed on transactions, after the European Central Bank didn't increase the amount of emergency liquidity the lenders can access from the central bank. (AP Photo/Giannis Papanikos)
Members of left wing parties burn a European Union flag during a protest in the northern Greek port city of Thessaloniki, Sunday, June 28, 2015. Greek Prime Minister Alexis Tsipras says the Bank of Greece has recommended that banks remain closed and restrictions be imposed on transactions, after the European Central Bank didn’t increase the amount of emergency liquidity the lenders can access from the central bank. (AP Photo/Giannis Papanikos)

Couldn’t Tsipras just be honest and say give my country more free money while forgiving our debt? If the Greek people are interested in regaining sovereignty they should vote to leave the E.U. and dump the Euro. The Greeks also need to reduce government spending and dump socialism. I suppose that there’s simply no way that anything will work out well for Greece. Even if Greece receives any help from the Russians or Chinese, the coming years will be even more painful than the last five have been. The Greek healthcare system has been going downhill for years now while Greeks pensions continue to stay fat. Obviously what Greece needs is more socialism and not less. I wonder how much higher the Greek unemployment rate can go, which is currently over 25%?

Here are some of the more interesting comments from the articles I linked to:

Greekdebt Greekdebt1 Greekdebt2 Greekdebt3

Yahoo! News-Greece imposes capital controls, banks to remain shut

Yahoo! News-Parliament approves referendum; Greece’s future in balance

Bloomberg View-Greece and Germany Agree the Euro can’t work

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