ECB not sure if Greek banks would open on Monday- officials (Bank Run!)

Reuters ^ | June 18, 2015 | Staff

[C19fan]

The European Central Bank told a meeting of euro zone finance ministers on Thursday that it was not sure if Greek banks, which have been suffering large daily deposit outflows, would be able to open on Monday, officials with knowledge of the talks said.

The officials said that during the closed-door meeting of the ministers on Greece, the chairman of the meeting Jeroen Dijsselbloem asked European Central Bank Executive Board member Benoit Coeure if Greek banks would be able to open tomorrow.

[C19fan]

Only a fool would still be keeping Euros in a bank account. The Greece banks might now be forced to close tomorrow if people start showing up in the morning.

[exnavy]

The next one will be global, wipes out all IRA, 401K, PENSION, SAVINGS, CHECKING, GLOBALLY.

[Old Sarge]

News from the world...

[Shadow44]

Smart Greeks would have cleared their accounts by now, and exchanged their Euros for ones not marked as Greek or a foreign currency.

[RayChuang88]

Let’s face it: European banks have been bracing for the Greek default for quite some time. That’s why after what happened in 2010 and 2011, European banks have boosted their liquid asset reserves for such a contingency.

[bgill]

Good thing I’m broke.

[vette6387]

“Smart Greeks would have cleared their accounts by now”

Smart Greeks have probably left the country with whatever money they have.

[familyop]

The rest of the Eurozone (outside of Greece) has been preparing and even testing various possibilities for a long time. There were even trials in advance years ago, with investors in Greek bonds actually taking big haircuts, one after another. Germany and France have shored up their economy with austerity measures for more self-sufficiency for years.

[Marcella]

Years ago, I spent two weeks in Athens, Greece, and surrounding islands. It was a vibrant, lovely place with so much history and friendly people. There was plenty of food everywhere we went and no talk of any financial trouble. That is an example of good times that went horribly wrong for a country.

Our country appears, to me, to be headed in the same direction. As far as money goes, banks have little actual money in them. Several years ago, I put a check for $75,000 in a branch bank I used. Before I got out the door, the manager came to me and said he didn't have enough money there to give me cash if I wanted it.

I didn't ask him how much cash was there, but he was so upset, it couldn't have been much. So, where is all the cash money? There are lots of numbers on computers, but where is the actual cash? I don't think much of it is able to be touched, real money.

If banks get iffy, one should be first in the door to get actual money out. I think it will be like ammo now - you can only get so much cash out of the bank just as you are limited to a certain number of boxes of ammo. Do you see that link between the two? Only so much money and only so much ammo.

I used to not carry much, if any, cash, I just used cards. Now, I make sure there is cash stashed at home in a cage with a lion, and carry some on me with a black widow spider protecting it. No, I don't have the lion and spider, but can you say Ruger and Colt and Remington? Soon, Taurus will join those names. :o)

[CatherineofAragon]

Thank you for posting that. Your experience at the bank gave me a chill. I’m going to show your post to my husband.