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Greece Tries to Defy History of Capital Controls Doomed to Fail

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Greek Referendum Sparks European War of Words

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When a nation is fast running out of cash, it often tries to stop the hemorrhaging by clamping down on how much money can leave its borders.

Unfortunately for Greece, history suggests it hardly ever works. The country, teetering on the edge of economic ruin after refusing the demands of its creditors and euro-area officials on a debt agreement, joined on Monday a long list of embattled governments that turned to capital controls.