[KarlInOhio]

Banks in France and Italy in particular are not creating backup plans, bankers say, for the simple reason that they have concluded it is impossible for the euro to break up.

The fiscal equivalent of depending on the Maginot Line.

I wonder what will happen to Greek citizens who have been prudent enough to move their money to non-Greek banks. Will they be forced to move their money back to Greece and have it forcibly converted to the drachma? What if they hide their money further afield like in Britain, Switzerland, the US or even in the Caymans?

[unkus]

That would only be delaying the inevitable if a universal currency comes about.

[bert]

-——What if they hide their money further afield like in Britain, Switzerland, the US or even in the Caymans? ———

For many, hiding it is not the plan. Many many European companies have a very large US presence. The US operation will achieve dominance until the storm in Europe blows over.

You left out two large financial centers...... Singapore and Dubai.

[DeaconBenjamin]

Nov 19

Greeks who moved their savings to Swiss banks seeking safety are watching the E.U. and their government leaning on the Swiss to send the money back to the tottering Greek banks whether the money owners like it or not. E.U. Officials Negotiating Forced Greek Capital Repatriation With Swiss Banks is the report. Reminiscent of the 1930s… I guess private property doesn’t mean much to governments when their interests are involved. If this happens:

1. It will spread, capital transfers will be widely controlled, and

2. There will be PANIC! Which will make things much worse, much faster.

E.U. Forcing Swiss Banks To Return Greek Depositor’s Money To Greece?