Not to worry...soon this will be what it takes to buy your pita bread in Greece!
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.
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.
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.
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.
Oh wow.
Not to worry...soon this will be what it takes to buy your pita bread in Greece!
Sorry Charlie you should have put it in your mattress
Who needs safe deposit boxes?
In the US people are not permitted to keep gold silver or cash in safety deposit boxes.
On a national level I don’t laugh at the Geeks because our debt level is no better. Not to mention that China could bring us TO OUR KNEES in a matter of weeks if they simply stopped supplying us with manufactured goods. They wouldn’t even have to fire a shot for us to surrender.
But it is fun to gloat on a personal level - the idea of keeping valuables in a safe deposit box, when you’ve known for years all hell was going to break loose (along with not hoarding cash or other supplies), is just plain stupid. So it’s fun to see them squirm a bit.
I have no sympathy. This is what happens when you elect socialists.
A trial run for stealing Americans’ savings and retirement accounts next!
Under the mattress is looking better and better as a secure place to keep one’s cash.
Gold and jewelry, too?