It was pretty disruptive: "The move reduced the country's industrial production and its GDP growth rate. It is estimated that 1.5 million jobs were lost." and it seems to not have been very effective in its stated aim to move the "black economy" back into visibility.
It was pretty disruptive: "The move reduced the country's industrial production and its GDP growth rate. It is estimated that 1.5 million jobs were lost." and it seems to not have been very effective in its stated aim to move the "black economy" back into visibility.
The Cyprus "bank haircut" could count as another example, in that it's deleting secondary money - bank deposits which had become unbacked and unbackable - rather than primary money. https://www.ft.com/content/4a1bb1d6-9926-11e2-af84-00144feab...