Greece outlawing cash transactions

As part of their movement toward "austerity", the Greek government is outlawing cash transactions and levying higher taxes, including enacting a value-added tax (VAT), increasing the capital gains tax, and repatriated funds. They are also cutting wages of some state employees by 50%.

In essence, they are trying to eliminate the black market, while shutting down their borders from further capital flight. This is the playbook for bankrupt sovereign governments. US citizens take note--this movie will be playing in a theatre near you.

http://globaleconomicanalysis.blogspot.com/2010/02/greece-outlaws-cash-transactions-above.html