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

INVESTMENT WATCH BLOG ^

[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:

• *GREEK BANKS IN MACEDONIA CAN’T WITHDRAW CASH: BOGOV
• *MACEDONIAN BANKS PROTECTED IN CASE OF GREXIT: BOGOV

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

He further added:

• *MACEDONIAN CENTRAL BANK SEES MAJOR RISKS FROM POLITICAL CRISIS

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

[exit82]

When does the “haircut” come?

Cyprus is in our future, too.

[Snickering Hound]

Welcome back to 1907.

[grania]

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.

[RayChuang88]

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.

[House Atreides]

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”.

[Maine Mariner]

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!

[Paine in the Neck]

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.

[exit82]

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.

[RinaseaofDs]

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

[HarleyLady27]

...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....

[Lazamataz]

I’m moving my retirement fund into Greek banks.

[Lazamataz]

I’m coming to live on your sofa.

[House Atreides]

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

[Lazamataz]

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

[ChildOfThe60s]

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.

[RayChuang88]

. 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.

[HarleyLady27]

show me where it says that.....

[CSM]

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.

[Billthedrill]

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...