Greece Not Yet Out of Other People's Money

Greece introduces cashpoint tax in desperate bid to raise revenue and stop run on banks as country teeters on brink of bankruptcy

Greece has revealed it is to introduce a surcharge for all cashpoint withdrawals and financial transactions in a desperate attempt to prevent citizens withdrawing their money from the country's beleaguered banks.

Ministers hope the controversial move could raise as much as €180 million, which the Athens government hopes will help the country avoid defaulting on debts owed to international creditors.

As the Greek economy teeters on the verge of bankruptcy, millions of panicking citizens have completely cleared their accounts - pulling more than €28 billion out of banks and pushing the total cash revenue held in the country's financial institutions to a 10-year low.

The controversial introduction of mandatory cashpoint charges still requires approval by the European Central Bank but is expected to amount to €1 for every €1,000 transaction.

While the measure is unlikely to impact on day-to-day withdrawals, Greece hopes it will deter citizens clearing out their bank accounts.

Please don't give Barack Obama and the democrats any new ideas.