Market history · Sovereign credit ·
Greece votes 'no'
After talks with creditors broke down, Greece imposed capital controls on 29 June 2015, closing banks and limiting cash withdrawals. On 5 July around 61% of voters rejected the creditors' proposals in a referendum, raising fears of a Greek exit from the euro.
In the weeks that followed, Greece and its creditors agreed a third support programme. The episode showed how a sovereign funding crisis can rapidly become a banking and payments crisis.
The takeaway
Capital controls and closed markets can turn liquidity into a hard constraint overnight.
This is a retrospective about a past event, provided for general information. It is not investment advice, does not describe RockLake's positioning at the time, and past performance is not a guide to future performance. Read the risk warning.