Prof. Krugman writes the following in his NYT commentary:
"Now what? I don’t expect to see a wholesale, sudden rejection of the idea that money should be free to go wherever it wants, whenever it wants. There may well, however, be a process of erosion, as governments intervene to limit both the pace at which money comes in and the rate at which it goes out. Global capitalism is, arguably, on track to become substantially less global. And that’s O.K. Right now, the bad old days when it wasn’t that easy to move lots of money across borders are looking pretty good."
I am reminded of the proposals I had made for Greece at the outset of the crisis: implement special taxes on imports, implement capital controls and perhaps even implement a temporary deposit freeze with only minimal withdrawals for personal use. All clear violations of some of the 'EU freedoms'.
The state would have had more revenues from the special (and specially targeted!) import taxes (or imports would go down, preserve domestic liquidity and perhaps even stimulate economic activity through import substitution) and about 80 BEUR could not have fled the banking system, and certainly not abroad.
A classic trade-off between religiously defending dogmas versus being practical about solutions.