Posted on 07/05/2015 12:55:50 PM PDT by catnipman
Greeks cannot withdraw cash left in safe deposit boxes at Greek banks as long as capital restrictions remain in place, a deputy finance minister told Greek television on Sunday.
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(Excerpt) Read more at reuters.com ...
They are really screwed, but they did it to themselves.
Sorry, you just ran out of other people’s money.
Exactly.
Of course they are. They are already confiscating bank accounts. Anything over 8,000 Euros is being “taxed” this next week.
They’re going to change the currency.
This is going to do wonders for public confidence in banks.
In other news, mattresses are getting uncomfortable in that country.
Greeneyes, you and I were talking about having cash in the bank and/or at home. This article says:
“Greeks cannot withdraw cash left in safe deposit boxes at Greek banks as long as capital restrictions remain in place, a deputy finance minister told Greek television on Sunday.”
And, Anitius says: “They are already confiscating bank accounts. Anything over 8,000 Euros is being “taxed” this next week.”
So, our money isn’t going to be safe in banks even if we have bank statements to prove we have(had) money in there. They can take it or tax it. I don’t want banks to have my money if there is an economic collapse.
Hope people here are paying attention.
What do you think the Greek banks have been doing for the last week
since they were closed?
Opening safety deposit boxes.
The nice thing about the euro is that the €500 bill is more comfortable than 5 $100 bills (or the future million 1 drachma bills).
uhhh...the money in the safe deposit boxes is supposed to be THEIR money.
“Of course they are. They are already confiscating bank accounts. “
Yeah, but those bank accounts are just ones and zeros spinning on the hard drives of Greek banks that are about to go belly up here in the next day or two, meaning the spinning ones will go poof leaving nothing but spinning zeros, whereas the safety deposit boxes contain actual, physical Euro bank notes.
Do they supervise what you have in safe deposit boxes there?
At my bank, I go get the safe deposit box and then am alone in a private room to do my business. How do banks know what you are taking from your box? Unless they do things differently there and a bank official looks over your shoulder when you are there.
This is a big heads up to those of us here who think our money is safe in banks. I guess that you have to disclose to big brother what you’re storing in the safe deposit boxes.
I bet there are some well armed bank/guvment types there to be sure you don’t take out the worthless money.
if the banks are fractional reserve banks, as all modern banks tend to be nowadays, then i wonder if the banks have enough to cover a bank run on savings and checking accounts.
if they do not have enough to cover a bank run, then the banks will collapse and people will soon run out of money.
income from tourism and shipping industry alone might not be sufficient to aid a short term recovery.
if so, the question then becomes what happens when most people in an entire country run out of money.
there is a fundamental misunderstanding of fundamental economics among ordinary people. the greeks are living proof of this. they vote themselves off an economic cliff.
maybe it is time for a few months of tough love and let the world discover what happens when economic fundamentals are ignored. Either that, or other countries will follow greece and have their hands out to more developed (and generally harder working countries).
i’ve traveled in greece recently and my observation is that in general the greeks are chiselers. in general they seem quite willing to cheat foreigners out of money, lie about their intentions, and treat others less well off than they are with contempt.
so, the only cure for greece in my mind is a few months (or a few years) of tough love.
That's what FDR did to ensure that Americans didn't remove gold from their safety deposit boxes -- government agents reportedly monitored what US citizens added or removed from their safety deposit boxes.
I would take a guess that every single business owner has removed his savings and put it in some safe on his property. The bulk of regular people....probably have most of their cash hidden in basements or refrigerators. I doubt if they take more than 10-million from across the nation as they start to tap cash in savings accounts. From the people that they take the money....it’ll just trigger suicides to occur.
Oh wow.
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