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How Credit Cards Work, vs Grexit [naked capitalism]

July 12, 2015

A pair of interesting somewhat technical articles about how the retail credit card payment system works, in particular how it handles currency conversion, and how these details tie in to a possible changes in national currencies such as a potential Grexit.

Read this first:

http://www.nakedcapitalism.com/2015/07/the-card-system-demystified-and-implications-for-a-grexit.html

then this:

http://www.nakedcapitalism.com/2015/07/greece-beware-merchant-services-providers-bearing-ddcss.html

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