CCPs  3  Gorton (2010), “Questions and Answers about the Financial Crisis”, paper prepared for the U.S. Financial Crisis Inquiry Commission, February and Gorton, G. (2010), “E-coli, Repo Madness, and the Financial Crisis”, Business Economics, Vol. 45, No 3, pp. 164–173. 4  See International Capital Market Association (2012), European repo market survey, No 22, September.
Savers and depositors had lost their confidence in banks at that time. The bank holiday and the capital controls then decided upon by the Greek government were the only way to stabilise the banking system in the short run and, thus, to protect both depositors and borrowers.