Greeks fear bank closures — and possible ‘Grexit’ — if deal isn’t made at emergency EU summit

National Post [Canada] ^ | Sunday, June 21, 2015 | Matthew Fisher

[SunkenCiv]

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• Greece Said To Prepare "Grexit", Drachma, Bank Nationalization Plans [2015]
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• ECB Prepares For Grexit, Anticipates 95% Loss On Greek Debt [2015]
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• ECB Pulls The Trigger: Blocks Funding To Greece -- Full Statement [2015]
• Gold Falls as Haven Demand Squelched by Greek Plans [2015]
• Obama Expresses Sympathy for New Greek Government ["You Cannot Keep On Squeezing Countries"] [2015]
• Russia would consider aid to Greece if asked: Siluanov [2015]
• Greece says will not cooperate with troika or seek aid extension [2015]
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• Germany's top institutes push 'Grexit' plans as showdown escalates [2015]
• Lack Of Reform, Not Austerity, Doomed Greek Economy [2015]
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• Syriza Trounces New Democracy; Greeks Stop Paying Taxes; Run on Greek Banks Escalates; Get Out! [2015]
• Mass Delusion among Greece's Far Left: Victorious Syriza wants Greece to skip out on its debts. [2015]
• Greek Deposit Outflows Soar In Run-Up To Syriza Victory [2015]
• Far from 'outsiders,' Europe and Islam have long been intertwined [2015]
• European Socialists, Radical Muslims United by 'Mutual Hatred for Judeo-Christian Culture' [2015]
• Merkel offers Russia free-trade agreement (with EU) [2015]
• Russia may lift food import ban from Greece if it quits EU -- Russian agriculture minister [2015]
• Putin Is Infiltrating European Politics With Shocking Effectiveness [2014]
• Arrest of Adams is 'an act against democracy' [2014]
• Putin's Western Allies: Why Europe's Far Right Is on the Kremlin's Side [2014]

[BunnySlippers]

i think they’re afraid this sets the stage for SPAIN who is right behind Greece ...only more dangerous.

[agere_contra]

Greece will default.

This will be marked as a technical rather than a commercial default, to stop a derivatives explosion.

Greece will then create an IOU money system to give it enough liquidity to keep it going ... for a few months.

But it won’t thrive. Greece has a socialist government with huge pension commitments and no idea of how the real world works.

Greece will become Venezuala on the Aegean - unless Russia sees enough strategic value in the place to bail it out.

[Sirius Lee]

The banks should have opened by now, but as of this writing there is now news in the interwebs. Strange.

[grania]

Hey world...the sooner you say "no"....the sooner it can be fixed

AMEN

[bert]

the columnist has to write and this was his wasted effort.

There was a run on banks and ATM’s. Greeks are flush with cash

Drano can continue and open his shop. Customers have cash to buy his meats