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And it's gone...Greek Banks in Macedonia can't withdraw cash - Central Bank's Bogov
INVESTMENT WATCH BLOG ^

Posted on 06/12/2015 7:42:44 AM PDT by alexmark1917

https://twitter.com/zerohedge/status/609341858045497344

https://twitter.com/TraderStef/status/609355146842275840

https://twitter.com/JAFF3/status/609343992803774464

https://twitter.com/russian_market/status/609341880623591424

The bank runs (and capital controls) begin. Macedonia Central Bank Governor Bogov states:

How long before the rest of Europe follows suit and a bank holiday is declared Monday to "Cyprus" depositors?

He further added:

http://www.zerohedge.com/news/2015-06-12/macedonia-central-bank-blocks-greek-bank-withdrawals-case-grexit

Macedonia Central Bank blocks Greek bank withdrawals

FXStreet (Córdoba) - Macedonian Central Bank's Governor Dimitar Bogov has stated that Greek banks are not able to withdraw cash.

According to Bogov, this withdrawal halt is protection against a worst case scenario, a Grexit, as the central bank sees major risks from political crisis.

http://www.fxstreet.com/news/forex-news/article.aspx?storyid=fffd2466-f15f-46a7-9996-72a4afc01303

How The Reuters Report That Europe Is Formally Discussing A Greek Default Shook Markets

http://www.zerohedge.com/news/2015-06-12/how-reuters-report-europe-formally-discussing-greek-default-shook-markets

Some eurozone countries regard Greek default as likely scenario, unnamed European officials say

http://www.breakingnews.com/topic/eurozone-crisis/

REPORT: #Germany is preparing for a #Greek default with time for a last-minute deal running out

http://www.businessinsider.com/report-germany-is-preparing-for-a-greek-default-with-time-for-a-last-minute-deal-running-out-2015-6

https://www.youtube.com/watch?v=-DT7bX-B1Mg

https://twitter.com/markbartontv/status/609357170933678080


TOPICS: Business/Economy; Government
KEYWORDS: alexistsipras; austria; belgium; bulgaria; centralbank; cyprus; czechrepublic; denmark; estonia; europeanunion; finland; france; germany; greece; greek; grexit; hungary; hydrocarbons; ireland; italy; latvia; lithuania; luxembourg; macedonia; malta; methane; nato; netherlands; opec; petroleum; poland; portugal; romania; ruble; slovakia; slovenia; spain; sweden; syriza; tylerdurden; tylerdurdenmyass; unitedkingdom; zerohedge
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1 posted on 06/12/2015 7:42:44 AM PDT by alexmark1917
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To: alexmark1917

When does the “haircut” come?

Cyprus is in our future, too.


2 posted on 06/12/2015 7:44:06 AM PDT by exit82 ("The Taliban is on the inside of the building" E. Nordstrom 10-10-12)
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To: alexmark1917

Welcome back to 1907.

3 posted on 06/12/2015 7:45:29 AM PDT by Snickering Hound
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To: exit82

Why would Greeks still have any of their money in banks, after what happened in Cyprus? One can’t help but wonder if the Greek economy has a lot of off the books activity by now. Might be better off just not paying the loans and starting over.


4 posted on 06/12/2015 7:47:57 AM PDT by grania
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To: alexmark1917
I believe a Greek default is coming very soon. And there are negotiations to do a planned exit of Greece from the Eurozone going on "behind the scenes" and will be unveiled within the next few weeks.
5 posted on 06/12/2015 7:51:00 AM PDT by RayChuang88 (FairTax: America's economic cure)
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To: alexmark1917

Any Greek who still keeps money in a Greek bank account is a short-sighted fool. They’re running out of “other people’s money”.


6 posted on 06/12/2015 7:51:26 AM PDT by House Atreides (CRUZ or lose!)
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To: grania

Some estimates put the underground or off the books sector of the Greek economy to be between 30 and 50%. Most of the above ground economic activity comes from larger business, international hotels and so forth. Tax avoidance and evasion has been a Greek past time for years!


7 posted on 06/12/2015 7:55:02 AM PDT by Maine Mariner
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To: RayChuang88
I remember when the EU was desperate to get Greece into the Eurozone. Many of us scratched our heads about that. It comes as no surprise that they are now about to spit that not so digestible morsel back out.
8 posted on 06/12/2015 7:56:01 AM PDT by Paine in the Neck (Socialism consumes EVERYTHING)
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To: grania

Good point.

Cyprus was a trial run, in my opinion.

The haircut was 40%.

For over 6 years the banks have been paying very little interest, but lending it out at good returns. Should the European economy implode due to Greece, followed in short order by the collapse of Spain, Portugal and Italy, the fallout will cross the Atlantic in short order.

Then we ill find out that we were shareholders in our banks after all.

The IMF knows that the European banks are heavily invested in Greek Bonds. Those bonds go to zero, the balance sheets of these banks become a train wreck. Then the fun begins in earnest.


9 posted on 06/12/2015 7:56:16 AM PDT by exit82 ("The Taliban is on the inside of the building" E. Nordstrom 10-10-12)
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To: alexmark1917

Cyprus is interesting because there is a ton of Russian money there. Or maybe, there WAS a lot of Russian money there.


10 posted on 06/12/2015 7:58:57 AM PDT by RinaseaofDs
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To: alexmark1917

...and this is why I paid off all my debts, I don’t have credit cards, when I get paid, I pay my utilities, food, and put the rest in the safe....

The banks won’t be there when you need your money...don’t trust them....


11 posted on 06/12/2015 8:00:28 AM PDT by HarleyLady27 (Get the USA out of the UN then get the UN out of the USA; send bamaboy back to Kenya ASAP!!!!)
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To: House Atreides

I’m moving my retirement fund into Greek banks.


12 posted on 06/12/2015 8:17:00 AM PDT by Lazamataz (The new GOP slogan: "Vote for us!!! We're 15% less evil than the Democrats!!!")
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To: HarleyLady27

I’m coming to live on your sofa.


13 posted on 06/12/2015 8:18:01 AM PDT by Lazamataz (The new GOP slogan: "Vote for us!!! We're 15% less evil than the Democrats!!!")
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To: Lazamataz

“I’m moving my retirement fund into Greek banks.”
****************************************************************************************************
All righty then....but don’t forget to move your “emergency fund” there also. :^)


14 posted on 06/12/2015 8:20:34 AM PDT by House Atreides (CRUZ or lose!)
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To: House Atreides

I’m also having the Mexican Government hold on to my firearms collection for me.


15 posted on 06/12/2015 8:22:50 AM PDT by Lazamataz (The new GOP slogan: "Vote for us!!! We're 15% less evil than the Democrats!!!")
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To: HarleyLady27

For all practical purposes it is against the law to have more than $10k in cash in your home. Should the authorities find out, that money is subject to confiscation.

So, along with your cash in the safe should be some lead & brass.


16 posted on 06/12/2015 8:25:03 AM PDT by ChildOfThe60s (If you can remember the 60s, you weren't regally there....)
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To: exit82
. Should the European economy implode due to Greece, followed in short order by the collapse of Spain, Portugal and Italy, the fallout will cross the Atlantic in short order.

That would be true back in the summer 2011 crisis, but after that scary experience, all the European banks outside of Greece went out of their way to substantially bolster their liquid asset reserves just in case the Grexit situation happens. As such, Greece leaving the Eurozone will have essentially zero impact on the rest of Europe--even in Portugal, Italy and Spain.

17 posted on 06/12/2015 8:27:03 AM PDT by RayChuang88 (FairTax: America's economic cure)
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To: ChildOfThe60s

show me where it says that.....


18 posted on 06/12/2015 8:47:55 AM PDT by HarleyLady27 (Get the USA out of the UN then get the UN out of the USA; send bamaboy back to Kenya ASAP!!!!)
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To: exit82

I was just giving some advice yesterday, telling them to make sure that they have some cash on hand in a secure and accessible place. That the bank freeze and haircuts are a real possibility.

This Senior Manager looked at me like I had 2 heads....

It is sad how unprepared folks are going to be when the inevitable happens.


19 posted on 06/12/2015 8:55:04 AM PDT by CSM
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To: alexmark1917

Uh-oh. Sometimes actions such as this one precipitate the very crisis they’re intended to avoid. OTOH, you can get some great interest rates on Greek bonds...


20 posted on 06/12/2015 8:59:20 AM PDT by Billthedrill
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