Bank run: Greeks Withdraw Nearly $1 Billion From Local Banks and Counting.

http://www.cnbc.com/id/47434632/

Greeks Withdraw Nearly $1 Billion From Local Banks

 

It is just the beginning...Keep an eye on Portugal, Spain and Italy...

 

The last time this happened it lead to fascism in Europe and world war.

 

This isn't good. But, for those of us who have been following the Greece situation closely, it is not unexpected. I'm actually surprised they've been able to hold out this long. All of that money from the Union, as well, the Fed, to plug the holes in Greece, and the Union itself, might all be for naught if Greece goes under.

We live in interesting times.

 

This is crazy.
this is from a poster on another board I check regularly (chud.com if your interested. the sites more movie related, but the message board has everything), might give an interesting, inside perspective on what the hell happened to Greece.

 

It is not the beginning we are doing this for 2 years now , i don't know any people who still have money in the bank .
Because of crime and theft we prefer to keep our money in 2€ coins , do you know how a shack full of them weights ?

 

So you're saying it wasn't Frans Ferdinand that started WWI, which rolled over into WWII via the French aquiring German land, post WWI. It was actually a bank run?

Broken USA school history classes.

 

Then the UK, Germany and the USA then China. Unfortunately all these countries owe each other money, the USA owes the most (mainly to China) and relies on payments from Europe to pay.

The system as a whole is bankrupt, but you seem to think that the USA is involved in another system. It is not, it is the largest of the cards in the house of cards.

 

Although runs on banks are dangerous, 700M euro is a very small drop in a very large ocean. I'll worry about this if it continues and becomes a much larger number.

 

In ONE day.

 

The sooner EU kicks out Greece, the better off both they and Greece will be.

 

At least 700m euros (£560m; $890m) was withdrawn from Greek banks in the week until Monday, the Greek president said.

But there are no signs of a bank run.

http://www.bbc.co.uk/news/world-europe-18094714

 

They're in denial.

 

Yep, there are thousands of Greeks who support a nationalistic Greek party right now. They got 7% of the vote. Some are calling them Nazis, but I am still holding my judgment until the hammer should be dropped on the. They could just be nationalists who care about their own country, and not supremacists.

 

You'd better carry lots of cash in Greece in order to bribe your way, in and out.

 

A lot of the Greek money the Greeks withdrew from Greek banks went in to better more secure banks like German banks. Adolf Hitler would have been dancing now if he could see all the lemmings putting their money in to a German banks. I guess two World Wars the Germans tried to fight and win doesn't matter anymore. It just shows you the Nazis just needed to wait out extreme socialism, and not rape and pillage the world. People would have invested in the Nazis too. They had so many innovations that investors would have invested in the Nazis, even the Jews. Like in Saudi Arabia.

 

As you say, "If you don't love your country, who will?"
It`s not a crime to want what`s best for your country, to not want to see your country fragmented with divisive multicultutalism.

 

I don't know about German banks but Citibank is offering to open their clients accounts in French ones.

 

I assume that you mean the Eurozone currency bloc not the EU. Several countries belong to the EU but not the Eurozone (UK and Norway are two of them). It might be desirable for Greece to leave the Eurozone (it might help Her economy). I'm pretty sure Greece would not leave the EU itself. Based on current EU law it doesn't appear to be possible to expell Greece from the Eurozone if She refuses to leave.

From what research I have done no provision exists in the Treaty of Lisbon to expell a member of the Eurozone. I have seen some argument that the other 16 countries in the Eurozone could expell Greece by unanimous consent this would make sense (it would also be very difficult to do). I don't think that the new French President, Hollande, would agree to expell Greece since he is against austerity. Several nations would probably vote no because they fear they might be next.

Common sense would indicate that a member could/should at some point be expelled for bad behavior. No standard of what behavior would justify that action exists and no procedure exists to do it. It is also unclear who would have the authority to take the action. Germany has tryed to get the treaty amended to have such a provision but the other members won't agree. No doubt more members than just Greece fear that such a provision could be used against them so naturally they won't agree to it.

I certainly don't think that so far Greece has behaved badly enough to justify an involuntary expulsion. The amount of harm that they could do to other the countries by staying in the Euro and not doing what other nations want them to do is actually rather limited. No nation can print Euros only the European Central Bank can do that. Greece can mint coins but I believe the highest value coin is a 1 Euro coin. I don't know if there is any limit to how many She is allowed to issue. I don't know how such a limit could be enforced as the excess coins would not be destingushible from the authorized ones. This might be an action which could justify expulsion but also it might not. It would probably depend on whether the other nations thought it was important enough.

It would actually be kind of funny to have Greece try to pay Her debts with trainloads or shiploads of metal 1 Euro coins. It would also generate a lot of jobs at the mint. Certainly some practical limit exists on how many coins could be minted. I wonder how many coins a modern mint could issue in a day, does anyone know? How many mints could/does Greece have? The USA has had several in operation at various times in its history. I know that Philadelphia, Denver, San Francisco, New Orleans, and Carson City have had mints at some time in US history and each mint had a Mint mark so you could tell which one minted the coin (Denver mint mark is a letter D on the obverse of the coin). Does anyone know of any other mints the USA has had?

 

If they leave the EU, they'll still owe money, still need to go throguh austerity, will need to spend a huge amount of money to create a new currency. The government will still have to fight the people, they'll still have to start collecting taxes, they'll first have to pursuade people that they need to pay taxes.

But they would be able to manipulate their own currency.

Greece are years away from any of these things, which means we should all expect to take massive hits on our retirements.

 

No , we will refuse to pay and what are banks going to do , confiscate the country ?

 

No, but they can make Greek currency so worthless that an auto made in Sweden costs a few billion drachmas or whatever it is the Greeks go back to. A wheelbarrow full of Greek currency to buy a small lump of Feta cheese is not improbable.

 

Greece has goldmines we can tie the currency to gold also do not fall for the rapid devaluation, Bulgarian Leva = 1.2€
The bottom line is that we will not pay and there is nothing international bankers can do .

 

In iceland they didnt pay and are doing well, the countries that the neoliberals are forcing to pay back to the banks are sinking deeper.

 

Socialist countries are doomed to fail. Only a matter time before all the money is sucked out of the system. Socialist countries with large underclasses, large entitlements and poor work ethics will fail first. This is already evident in the USSR and Zimbabwe, soon to be followed by Greece, Portugal, Spain, Italy, France and eventually the US when enough liberal-communist-democrats are in power.