Greece, not again?

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Capital controls imposed by the Greek government are taking a heavy toll on Greek businesses, according to a new report from Endeavour Greece. With over two-thirds of respondents reporting a "significant drop in revenues," and 1 in 9 firms forced to suspend production due to shortages of raw materials (unable to buy due to capital controls), the problems created by The Greek government's action seem asymmetric as almost a quarter (23%) of firms are now "planning to transfer their headquarters abroad for security, cashflow, and stability reasons."

The Greek Economy Is Finished! A Quarter Of Firms Shifting Abroad | Zero Hedge

The introduction of a national currency would also be disruptive, with a chance of severe shortages of hard cash during a transitional period. Greece would not have the advantage of the long planning period that went with the introduction of the euro. There is also a question about whether the government could finance its spending. Last year and the year before Greece had a "primary surplus" in the government's finances. That means if you take out interest payments, it spent less than it received in revenue. So you might think it could simply carry on spending. Well actually the primary surplus has now probably gone as the economy has weakened again which hits tax revenue.

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