Minutes ago Bloomberg sent out a notice that things in Greece may be on the verge of the final collapse.
From Bloomberg: “Anxious Greeks have withdrawn as much as 700 million euros ($893 million) from the nation’s banks since the inconclusive May 6 election, President Karolos Papoulias told party leaders yesterday, according to a transcript of the meeting posted on the presidency’s website today. Papoulias said he got the information from the head of the Bank of Greece, the central bank, George Provopoulos, according to the transcript.”
While this was likely a negotiation talking point to facilitate the formation of the government, the reality as we now know is that there has been NO government formed, which now means that the bank run will only get worse. Needless to say, a Greek banking system which is now virtually shut out of any extrenal funding except for the ELA, where it has a few billions euros in access left, will be unable to deal with hundreds of millions in deposit outflows.
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25 Comments!
Birthplace of Democracy.. Death by Socialism.
They have no George Bailey, nor other adult influence, to guide them to sanity. Crackheads are blaming their dealers and it’s all legal. Poor Greek dude. I wonder how many good people will be trampled in all of this. I’ve read wages have dropped by a quarter and they have trouble paying for medical now. How far from trouble paying for food?
The medicine their economy needs does not even seem to be in their cabinet. All they know is democratic votes to raid their treasury and now they realize their treasury only contains IOUs but don’t know anything about free market remedies..
Greece is just a preview, I fear.
Yea icemaned13,
Kind of ironic.
And what will our rainbow metrosexual president do? Oh yea, this time he won’t use Greek pillars when he spouts his platitudes.
Good. Let it burn and let’s get it over with here too. It’s got to be done, let’s get on with it.
I think Merkel is making a big PR mistake by talking about Greece. If asked, she should just say that there is a deal on the table and the rest of Europe is waiting to see whether Greeks will available themselves of the offer. They won’t. Greece probably will not be able to pay off a large chunk of debt due in the next week or so and will be in technical default 30 days after that. People will start collecting their government salaries and benefits in the new worthless currency.
People will then start accelerating the moving funds from Spain, Italy, etc to British, Swiss and German banks.
Athens with its imperialistic empire was a cradle of democracy but then I was always partial to the Spartans.
Captain
BullshitCowshit looks more feminine in that pic than the harridans on The View.^ Freddie, just a tangent, but imagine…
…300 of the likes of The First Metrosexual President (or current Greek politicians) facing the Persian hordes at Thermopile.
The western world would have never known Democracy.
What we’re watching in Greece is what happens when a society allows a majority of net takers from a system make the political decisions. Even now, they still can’t grasp that they can’t keep dipping from an empty pot. After all, they voted for it, and so they are “entitled.”
If I were in Merkel’s shoes, I’d be secretly printing a buttload of brand-new Deutschmarks. Then at some point, before the entire edifice collapses, I’d jump the Euro ship myself. I wouldn’t wait for the prow of my ship to find the iceberg.
if this issue with the banks in Greece is going to cascade to other countries, perhaps now is the time to do so in the US?
And in that event, wtf do you do. It’s not like wads of cash are going to be of any use if you keep them in your house
I went to reallocate some funds in my 401k today…… Site unavailable. Did not sit well….
Is that their backdrop every day?
This. is. Sparta Savings & Loan.
If I were in Merkel’s shoes, I’d be about 2″ taller and my calves would look fabulous!
Oh, and about that pic (I get distracted so easily): Fiddling while Rome burns, anybody?
Bueller?
So it took the Greeks over a week to withdraw almost a billion dollars? That’s not even a bank run. It’s a weak trot at best. When the SHTF here there will be about 100 times that shoved under matresses before lunch.
If they allow the banks to stay open that long.
I think the huge problem is, will thier money be worth anything? And if so would thy not see it would be as good as 500 billion Dinaras from Yugoslavia in the ‘good ole’ days.’
Or a walk down memory lane in Casey Casim style: The 10 Greatest Financial Collapses in History. (Popcorn?)
Uha…
[IMG]http://i129.photobucket.com/albums/p239/SherryPM72/dua.jpg[/IMG]
Because Merkel and her party took several (a lot) of devastating losses in last weeks elections her East German ass is pretty butt-sore and just about scared shitless right now. Don’t expect much in the way of heroics from that ex-commie
cunleader.What’s with the big picture of him behind him? Is it not enough to have him there in person? Baba should have invited some Rush Babes for that interview.
#4, Paul: Instead of Greek columns, maybe “Fearless Leader” could pose in front (or behind – better) of prison bars, like the ones from the old Ohkrana/Cheka/NKVD/MGB/KGB Lyubyanka prison in Moscow.
We may indeed see the first country to withdraw from the EU. Pretty big stuff happenin’. $700 million may seem like small potatoes compared to the 1 to 2 hundred billion in the Greek banks, but… those are the withdrawals for one day. Let’s see what happens today.
I didn`t know James Stewart had *demon ears*…!?
Euro soon to be semi-useful as ass-wipe.