Restrictions to the amount of money you can withdraw from ATMs is a clear sign of problem, one we’ve mentioned here before and something that happened in Argentina prior to the economic collapse. Basically it’s the first step to a “corralito”. A corralito is created to prevent bank runs by limiting the amount of money you can withdraw from your own account.
The rumor of one of the largest banks in France cutting the amount of cash people can withdraw to 50% has been around for a few days, but its now confirmed by the bank itself:
My French is poor but this I understand. What it says is people with Visa Premier can now withdraw a maximum of 1500 Euros per week. Those with Visas and Mastercads can withdraw 1000 Euros a week and those with Carte Realys can withdraw 800 Euros per week. In comparison, as of today, in Argentina you can withdraw the equivalent in pesos of 3500 to 7000 USD per week in most ATMs.
Guys, those of you in France, I suggest carefully considering getting a fair amount of your money out of the bank NOW.