© AFP Nervous depositors to withdraw their money from Greek banks amid fears of restrictions on transactions
A few months ago, the possibility that capital controls would be imposed Greece seemed still far away.
But the government money for high-speed - and the nervous depositors cash withdrawal of the banks in the country - talk about these extraordinary measures, it is widely used and analysts have warned Athens soon be forced to use them.
"We are four to six weeks away from the possible imposition of capital controls," said Daniel Gros, director of the Center for European Policy Studies think-tank in Brussels. "There is always a temporary solution [the politicians in the euro zone] can draw from the scratch, but now we are getting very close."
Greece were the non-payment of a payment of € 1.5 billion to the International Monetary Fund, due to the end of June the situation could spiral out of control, forcing the hand of politicians. Greece would then be forced to the experience of Cyprus and Argentina, to intervene to prevent his bleeding deposits banks bankruptcy to prevent decided to repeat itself.
But the introduction of capital controls would not be easy.
These measures to the EU Treaties, the furrowed sanctify the free movement of capital, the end will be one of the four pillars of the Union - in labor, goods and services -.
Would the government, angry to impose unpopular measures such as limiting cash withdrawals citizens, exposing citizens of Athens for political rebound.
"Without the cooperation of the Greek authorities, it is impossible to apply capital controls," said Guntram Wolff, director of the Bruegel think tank in Brussels. "You really need the cooperation of the Greek authorities."
Malaysia during the Asian crisis of 1998 to Iceland after the collapse of the banks in 2008, there are several examples of governments imposing restrictions on bank deposits in order to try to sustain stop spending capital.
Many investors and politicians believe that the most important example of Greece was just offshore place two years ago, the bailout of Cyprus in 2013.
"The basic challenge, namely to limit deposit outflow, seem very similar in both cases," said Barclays economist Francois Cabau. "It is therefore likely that the restrictions in Greece would resemble that of Cyprus."
Under pressure agreed by the EU partners Nicosia to a major restructuring of the banking sector and a "bail-in" wholesale depositors - forcing them to something to accept bank stocks from their money - in exchange for a loan of 10 billion €.
The measures have the Cypriot banks were taken a heavy toll on the citizens under the command of government closed for nearly two weeks. When it reopened, there were severe restrictions on domestic and foreign payments, including withdrawal limit internal cash of € 300 per day, € 5,000 limit for payments of credit cards abroad and a requirement of the approval of the Central Bank for any transfer of more than 5,000 € ,
But the measures were finally credited to prevent a total collapse of banks of Cyprus and thus contribute to the country in the euro zone.
Jeroen Dijsselbloem, the chairman of the Euro Group of finance ministers mentioned that in early March, saying that Cyprus had shown how "When a country is a big problem - it was not immediately respond to an exit scenario".
But not everyone is the "Cypriot solution" convinced can be applied with the same result in Greece. For Cyprus capital controls are part of a larger program with creditors to rescue banks and agreed to revive repair the economy. Greece does not have an agreement of this kind who believe economists, is crucial to finally restore health lenders.
Some economists warn that a plausible comparison for Greece could be the experience of Argentina in 2001, saw anchor peg to the dollar the country of accident in Latin America generalized amid the turmoil in financial markets and politics.
The Argentine crisis began in late 2001, began as depositors withdraw their money from banks and convert it to US dollars, because it was more viable feared ankle on equality between the dollar and the peso.
Running the bank to stop, authorities in Buenos Aires first imposed a relatively limited number of measures, including a block of withdrawals from dollar accounts.
The so-called "corralito" - the small chamber - was inadequate and should soon be followed by "court" which included a freeze on deposits, forcing most of them in peso bonds change.
The government was unable to prevent able to a sharp devaluation of the Argentine currency, reaching 3.90 pesos per dollar in June 2002
Another problem for the Greek government's ability to implement and monitor capital controls be correct.
"For capital controls in order to work, you need to establish a strict system of monitoring and compliance", Fridrik Már Baldursson said an economist at the University of Reykjavik in Iceland. "If there is a lot of corruption must not operate the controls."
Even if all goes well, there is no guarantee capital controls can be eliminated quickly. Iceland only this month outlined plans to withdraw these measures - seven years after the crisis.
"It is easier to enforce controls raising", Mr Baldursson added. "The government has to convince to depositors who can make checks their money in banks that are not reintroduced. But the credibility disappear very quickly, and to find a long time."
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