Posted on 05/16/2012 6:43:34 AM PDT by Fennie
ATHENS, May 15, 2012 (AFP) - Some 700 million euros, equivalent to US $894 million, were withdrawn from Greek banks on Monday, President Carolos Papoulias said, warning that the situation would worsen in coming days.
"During a telephone interview with the governor of the Bank of Greece, George Provopoulos, he informed me that the banks situation was very difficult ... and that the banking system was currently very weak," said the president in a transcript released Tuesday.
(Excerpt) Read more at canada.com ...
The word for the day is B-A-N-K H-O-L-I-D-A-Y
If this run on the banks continues, I wouldn’t at all be shocked to see the interim Greek government impose capital controls lickety split.
But that it’s a big “if”.
The story doesn’t match the headline. Euros were withdrawn not dollars as the headline implies.
“The story doesn’t match the headline. Euros were withdrawn not dollars as the headline implies.”
Good catch.
Asians and Russians have pretty much run their courses
Well, what happened on Tuesday?
My take is that Greeks belive their new currency will be of little value. Therefore they get Euros today which should hold their value far better than Greece’s newly issued drachmas.
Or, has this been going on for a while and is only now reported?
assuming the euro still exists in December.
The only consitent currency is the US dollar. Remember european currencies “reboot” their tangble currency to the point that 1970 “whatevers” are not legal tender any more.
actually it has. Greeks have been putting their money in saftey deposit boxes since this all started. It was posted here on FR.
The smart folks have already pulled their money and converted it to safer currency.
What you’re seeing now is the latecomers that finally got over their normalcy bias.
“Greeks have been putting their money in saftey deposit boxes.”
I wondered about that, too.
The way things are going, if you put Euros in a safety deposit box, you’d need a dumpster full just to buy butter or bread, etc.
I think the greeks and the other european nations are going to push 100% debt forgivness.
They will not leave the eu.
The other nations do not want to force them out because if they do, THEY are next. Then every nation is enslaved to germany.
Best to convert that fiat cash into durable goods of inherent value. Accessibility & liquidity of cash means nothing when it isn’t worth a fistful for an egg.
Where’s Jimmy Stewart when you need him?
Hmm, maybe my wife would let me have an imported Greek mistress if she is young and employable....especially if I told her that I would then stop bothering her for uh, well you know, “attention”.
Nice euphemism for “total default”.
—What you’re seeing now is the latecomers that finally got over their normalcy bias.—
This causes me to infer that there will soon be a bank holiday announced in Greece. Like tomorrow or Friday.
Probably...
A “bank holiday” is delayed while the people are living in their normalcy bias zone,
but once they get over that, there’s no more hiding it,
and they have to stop the people from pulling their currency out of the economy.
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