[FromLori]

Titles are always so long at ZH but here is the whole title

Greeks Scramble To Pull Out 8 Billion From Local Banks As Greece Responds With Money Control Measures

[GeronL]

I expect the average Greek is planning to withdraw any accounts they may have very soon too.

I wonder if the EU is beholden to prop up Greek Banks? Will it cause a domino effect?

[JasonC]

Um, this is just more tax evasion, the favorite Greek sport in hard economic times.

[C19fan]

Finance Minister George Papaconstantinou earlier this month urged Greeks with accounts abroad to repatriate their money and said the capital will be taxed at a 5% rate

Please do not give Zero, Pelosi and Reid anymore ideas. If I understand this right this 5% would be a tax on assets not income.

[Petronski]

If they’re doing 10% fractional reserve banking, that’s $80bn pulled from the lending capacity of their banks.

[Petronski]

Or I could just read the f***in' article:

This also represents about €400 billion in total money leaving the system courtesy of fractional reserve banking and the money multiplier.

That WILL leave a mark.

[AxelPaulsenJr]

Over a three month period, hardly a “run” on the banks as the title might lead one to believe.

[who_would_fardels_bear]

Now that the FDIC has gone into the red, we’ll see if similar money movements start happing here in the US.