If the new prime minister of Greece, Alexis Tsipras, hopes to make a deal with his country's creditors, time is of the essence. Judging from data on capital flows, Greece's change of political course is rapidly eroding confidence that it will stay in the European currency union. Just because the 19 countries of the euro area share a currency doesn’t mean a euro in Greece is worth as much as a euro elsewhere. If, for example, Greece's bank depositors start to worry that the country will exit the monetary union and leave them holding devalued drachma, they'll move their money to a safer locale such as Germany, ... (full story)