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Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures

Tyler Durden's picture





 

We previously wrote about the possibility of a bank run in Greece following unsubstantiated reports that Greek citizens don't trust the Greek financial system all that much anymore, courtesy of the whole bailout and GDP reporting fraud thing. The rumor was not only just confirmed and also quantified: Dow Jones reports that in the past three months Greeks have moved about €8 billion out of local banks "fearing a possible new tax on bank accounts, increased government scrutiny on assets and a run on the banks if Athens is forced to turn to the International Monetary Fund." This represents over a quarter of the money held by private banks in the country. This also represents about €400 billion in total money leaving the system courtesy of fractional reserve banking and the money multiplier. Yet the worst news for Greeks: money controls are coming.

"There is a lot of uncertainty out there," said a senior private banker at a Greek bank. "We've had a number of customers asking to move funds out of Greece, mostly to Cyprus, Luxembourg and Switzerland."

Clients of private banks also fear that Greece may be unable able to raise the EUR54 billion it needs this year to pay back maturing bonds and will therefore have to turn to the IMF for help.

"Some of our clients are concerned about a run on the banks if the IMF gets involved," said another private banker, this one from a foreign bank. "They believe the situation in Greece will get worse before it gets better. There is also very little clarity from the government about its intentions on new tax measures."

 

"We estimate that €8 billion has moved out of Greece to accounts abroad since December. It's money from bank accounts, stock sales, property sales and other sources. This is pretty substantial considering that there is only €30 billion under management in private banks here," he added.

All is fine and well if this was all: just your plain vanilla run on the bank. But it's not - the Greek response to this capital outflow: upcoming money controls.

Wealthy individuals may have good reasons to be concerned, however. Finance Minister George Papaconstantinou earlier this month urged Greeks with accounts abroad to repatriate their money and said the capital will be taxed at a 5% rate.  He said those who choose to keep their money abroad should declare their deposits and pay a tax of 8% for the first six months.

Thereafter he threatened that Greece will use all laws at its disposal, such as double-taxation agreements, to ask foreign banks for information on Greek account holders.

"For us this is the first step towards taxing all accounts in Greece," said the chief financial officer of a major Greek shipping company. "The line is minimum deposits here and moving all assets abroad,"

And now back to your regularly scheduled program of curling and no mention of the imminent collapse of Greece in the mainstream media whatsoever.

 


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Tue, 02/23/2010 - 14:50 | Link to Comment WaterWings
WaterWings's picture

It's coming to a bank near you! Along with other nastiness, if we acknowlege history to always take its natural course:

“The next war will be a dirty war,” he told fund managers: "What are you going to do when your mobile phone gets shut down or the internet stops working or the city water supplies get poisoned?”

 

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_...

Wed, 02/24/2010 - 13:52 | Link to Comment Anonymous
Wed, 02/24/2010 - 15:22 | Link to Comment WaterWings
WaterWings's picture

If a bankster's lips are moving...

Tue, 02/23/2010 - 14:51 | Link to Comment MsCreant
MsCreant's picture

let it fail

Tue, 02/23/2010 - 15:06 | Link to Comment Selah
Selah's picture

It will all fail...

We all know that it will.

Yet, somehow, "No One Could Have Seen This Coming"...

Tue, 02/23/2010 - 15:49 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

+100000

Finally. Let it fail. Let it go. Let the Titanic sink.

Tue, 02/23/2010 - 18:13 | Link to Comment Anonymous
Tue, 02/23/2010 - 23:49 | Link to Comment MsCreant
MsCreant's picture

I typed it all lower case, no punctuation, because I did not mean it as a celebration. More of a small meek cry coming from out of the chaos. Imagine a child living in a dysfuntional family, who, in order to survive, must remember all the lies the family tells and recite them properly, at the right time, to the right people, or she will be called insane or punished. Those of us who know, sometimes, are like the child I describe. I want desperately for the lies to stop. It hurts.

Some people are living high on the hog at the expense of many others. There is no chance to set this right, lying, distorting, propping up, playing kick the can down the road. Capitalism needs failure to work.

The world needs an enema.

let it fail

Wed, 02/24/2010 - 01:17 | Link to Comment moneymutt
moneymutt's picture

what is known as a crash/default was once known to ordinary people as jubilee...

Tue, 02/23/2010 - 14:53 | Link to Comment truont
truont's picture

This is all for the "common good", of course.

It is just too bad that the Greek Govt and Greek people have very different ideas what the "common good" is.

I wonder if the border gates at Bulgaria are pretty busy right now....

 

Tue, 02/23/2010 - 14:56 | Link to Comment cougar_w
cougar_w's picture

Well this is just crap-tastic. One wonders how the contagion will be held to just Greece once Greek law starts following essets around the world. It wouldn't take much panic to morph "global Greek sovereign asset-grabbing" to "banks handing over deposits to governments" ... and then the lid comes off.

Tue, 02/23/2010 - 15:36 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Greece's financial system (and ours, they just started earlier) got busted up by all the rocks up the river.  Looks like Greece is going over the falls right now.

No way this contagion stays in the PIIGS.  I'm heading over to the bank to take out some more.  Been doing that a lot lately.  Buying gold and holding FRNs.  Guess I'll be doing that a lot more in the days to come.

I read the 2009 book "One Second After" last week.  That has finally pushed me to go and buy lead and lead delivery systems ASAP.

Looks like the system is going to fail.  Europe, here, probably almost everywhere.  Slow train wreck.

I'll be glad to give my daughter my gold when she gets married and has kids.  She'll need it more than me.

Tue, 02/23/2010 - 14:56 | Link to Comment Miyagi_san
Miyagi_san's picture

I want video

Tue, 02/23/2010 - 15:02 | Link to Comment bugs_
bugs_'s picture

Yeah! pics or no respect! LOL

 

Tue, 02/23/2010 - 14:58 | Link to Comment Burnbright
Burnbright's picture

Honestly this is one of the major reasons I buy gold and silver. Lets see them confiscate and tax my gold holdings when its in my possesion. I hate the fact that the government can just steal your money through taxation, inflation, etc. Why bother with a run on the bank, how about a run on government currencies. If they want their shitty paper so bad, let em keep it.

Tue, 02/23/2010 - 15:12 | Link to Comment GoldSilverDoc
GoldSilverDoc's picture

Amen, brother. 

And for all you out there who have ever once used the term "barbarous relic", put yourselves in the "nitwit" column...

Tue, 02/23/2010 - 15:56 | Link to Comment Anonymous
Wed, 02/24/2010 - 10:17 | Link to Comment swmnguy
swmnguy's picture

You're the Graham Chapman of the South?  I don't know if that's funny or just...too silly.

Tue, 02/23/2010 - 15:16 | Link to Comment Gold...Bitches
Gold...Bitches's picture

you got it.  by instituting capital controls it only causes more of the behavior they decry.  more people will buy something they can hoard that is outside of the system... like gold for example.

Wed, 02/24/2010 - 08:33 | Link to Comment Anonymous
Sat, 02/27/2010 - 15:54 | Link to Comment honestann
honestann's picture

They sure did.  Almost nobody who holds gold today would ever give up their gold.  It simply will not and cannot work again.  Virtually everyone who holds gold today understands that the federal-reserve and the government of the USSA are criminal organizations.  If they want heavy metal, they'll need to settle for lead this time around.

Tue, 02/23/2010 - 14:59 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Watch closely. This is how a population (re)acts when it no longer trusts it's government and/or it's currency. America's reserve currency doesn't inoculate it from this, only delays it.

Tue, 02/23/2010 - 15:09 | Link to Comment i.knoknot
i.knoknot's picture

wow - considering the situation as i see it (tnx ZH/KD/...) i think i'm actually *ahead* of the wave on this one. The wave of mistrust, that is... and i'm acting accordingly. why wait for everyone i see in traffic each day to catch on before i act on it...

my county: insolvent

my state: insolvent

my country: insolvent

as the ship goes down, all i want is a simple life-jacket, as the big guns will most certainly be killing for the life-boats on deck. don't go where they tell you to go...

 

 

Tue, 02/23/2010 - 15:31 | Link to Comment WaterWings
WaterWings's picture

Meanwhile, what is the rest of America thinking about? Seriously, what the hell is going on?

http://vigilantcitizen.com/?p=3306

Tue, 02/23/2010 - 15:48 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

All fascist/totalitarian regimes understand the critical importance of capturing the children long before they try to subvert the larger population. These techniques, while updated and modernized for the information age, are as old as dirt.

Tue, 02/23/2010 - 16:12 | Link to Comment Anonymous
Tue, 02/23/2010 - 17:14 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

You might be blocked but not YouTube.

http://www.youtube.com/watch?v=LNMVMNmrqJE

 

Tue, 02/23/2010 - 15:01 | Link to Comment bugs_
bugs_'s picture

Greek Bank Run!!!

 

Tue, 02/23/2010 - 15:45 | Link to Comment MsCreant
MsCreant's picture

Toga, Toga, Toga...

Tue, 02/23/2010 - 16:44 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

MsCreant,

I didn't take you for a party girl. I thought you were the brilliant but stodgy university professor. :>))

Tue, 02/23/2010 - 16:55 | Link to Comment msjimmied
msjimmied's picture

Nah, definitely not stodgy!

Tue, 02/23/2010 - 16:10 | Link to Comment carbonmutant
carbonmutant's picture

The price of Souvlakis is going up.

Tue, 02/23/2010 - 15:01 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

Smart Greeks have held their money in untraceable, untaxable form for thousands of years.

http://www.ancient-art.com/images/ac121.jpg

 

Tue, 02/23/2010 - 15:03 | Link to Comment crzyhun
crzyhun's picture

The contagion is through the euro banks to the countries to all else. A failure of the euro is a massive issue in relation to the $$. The euro cannot fail or we are in a modern day smoot haley with....? Who knows. Beware what you 'hope' for.

Tue, 02/23/2010 - 16:00 | Link to Comment MsCreant
MsCreant's picture

The thing about Smoot Hawley is that they put tarrifs on our exports after we did theirs and that hurt us.

We are not exporting so much any more, are we? I know it would hurt us, but it may not have the same kind of effect like it did in GD1.

???

Localization brothers and sisters. Resources, jobs...

Only thing is, not sure if we can figure out who owns what quickly enough to deploy the resources legally. Untangling the derrivatives and all will have the courts tangled for years.

We need a clearing house for this crap.

Tue, 02/23/2010 - 15:05 | Link to Comment Tommy
Tommy's picture

Can't the EU create a bankruptcy procedure for Greece?

It is a small enough economy to manage as a test case.  The loses could be assigned based on whatever might discourage this situation in the future.  I'm sure Germany, Greece, and France could agree on which American interests to screw over.

There is something dirty about profits solely derived from bankrupting either individuals or governments.  Stealing candy from a baby is not be admired or encouraged.  The resolution in the EU should reflect this sentiment.

Tue, 02/23/2010 - 15:18 | Link to Comment Gold...Bitches
Gold...Bitches's picture

It is a small enough economy to manage as a test case.

Thats what they thought with Lehman too...

Tue, 02/23/2010 - 15:29 | Link to Comment Ripped Chunk
Ripped Chunk's picture

I think there was more to Lehman than apparently most know.

Tue, 02/23/2010 - 15:35 | Link to Comment Anonymous
Tue, 02/23/2010 - 16:09 | Link to Comment knukles
knukles's picture

Small enough?  What in the world has the size of the problem got to do with sound solutions to problems?  Like Joe Kernan the other morning lamenting to Ron Paul (Who'd warned of the Fed bailing out Greece indirectly through the possibility of swaps on the books at AIG-FP, etc.) that "The World is Too Big To Fail."

Since when? 

Tue, 02/23/2010 - 16:17 | Link to Comment Anonymous
Tue, 02/23/2010 - 15:08 | Link to Comment Anonymous
Tue, 02/23/2010 - 15:13 | Link to Comment Anonymous
Tue, 02/23/2010 - 15:16 | Link to Comment MarketTruth
MarketTruth's picture

TD indeed rocks so i donated $50.

As for this Greece thing, just wait as it could easily happen within the EU, England and of course the USA. Once currency devaluation/hyperinflation kicks in it moves fast...

Gold gold?

Tue, 02/23/2010 - 15:32 | Link to Comment WaterWings
Tue, 02/23/2010 - 15:20 | Link to Comment Gold...Bitches
Gold...Bitches's picture

I cant wait to see BB's memior someday with the quote inside "In order to save the dollar we had to destroy it".

Tue, 02/23/2010 - 18:23 | Link to Comment Anonymous
Tue, 02/23/2010 - 20:06 | Link to Comment Gold...Bitches
Gold...Bitches's picture

I'm no fan of BB but isn't it premature to say he's destroyed the dollar 

This show aint even close to being over yet.  Im not a trader or looking at that kind of time frame, which is why I mentioned it as his memoir years down the road and certainly after he is no longer the chairman.  Do you really think the dollar will have the same purchasing power in ten years as today?  Or that it will be stronger than today?  They are doing everything they can to get the dollar to go down so exports go up and they can say 'look at all these manufacturing jobs were creating..."  This process will take a decade plus to finish.

Wed, 02/24/2010 - 00:25 | Link to Comment merehuman
merehuman's picture

Dollar  may be up, confidence is down. Without trust it aint nuthen!

Tue, 02/23/2010 - 15:26 | Link to Comment Anonymous
Tue, 02/23/2010 - 15:27 | Link to Comment john_connor
john_connor's picture

As cash disappears, the margin calls will spread like wildfire.

Tue, 02/23/2010 - 15:31 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

wow.....

Tue, 02/23/2010 - 15:37 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

GOT GOLD?

Tue, 02/23/2010 - 16:19 | Link to Comment Anonymous
Tue, 02/23/2010 - 18:34 | Link to Comment I am a Man I am...
I am a Man I am Forty's picture

Sounds like they need a bunch of euros to me.  Not hating on gold though.

Tue, 02/23/2010 - 15:39 | Link to Comment Anonymous
Tue, 02/23/2010 - 15:44 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

It's happening folks.

Withdraw all cash from your bank RIGHT THE F**K NOW because I can pretty much guaran-damn-tee that the government WILL place some sort of restriction on withdrawing your money. They already did that with the MMF's and Citibank also issued a notice that they can restrict withdrawals whenever they want. You have to be a total and complete idiot to be having any money in any bank right now. Better yet, convert all that cash into physical Gold because while you might get all your money from the banks at some point but what use it's gonna be if it's WORTHLESS?

Tue, 02/23/2010 - 16:36 | Link to Comment Marley
Marley's picture

Got to have money first.  Rest of us are living pay check to pay check.  Also, I would recommend individuals start going mum about what they got and where.  :)

Wed, 02/24/2010 - 00:27 | Link to Comment merehuman
merehuman's picture

Paycheck? where?

Tue, 02/23/2010 - 17:49 | Link to Comment Zé Cacetudo
Zé Cacetudo's picture

http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2

This comment about Citibank restricting withdrawals after April 1 is true. I've heard that other banks have done this as well.

I have an account there (there's a good reason I haven't closed it yet). I went into my branch yesterday and confirmed that this policy applies to my checking account - and all checking accounts in the USA. The woman who I talked to was pretty useless - she didn't know anything about it, but looked up a company-wide memo that confirmed it. Then she had to go talk to her boss to figure out what it meant. Then she came back and told me that it was true, but then tried to give me some snow job, saying that only those people with more than $250k on deposit needed to worry about it.

I'm not quite ready to close the account yet - as I mentioned I have a good reason to keep it - but I sure won't be leaving more than enough to cover a couple weeks' expenses in it!

Tue, 02/23/2010 - 15:48 | Link to Comment Going Down
Going Down's picture

 

I'll take "Debt Crisis" for $200, Alex.

 

A debt crisis wouldn’t be a debt crisis…

 

http://ftalphaville.ft.com/blog/2010/02/23/156881/a-debt-crisis-wouldnt-...

 

Tue, 02/23/2010 - 15:58 | Link to Comment BlackBeard
BlackBeard's picture

lol government fucks up - tries to rape people to make up for the fuck up.

Tue, 02/23/2010 - 16:12 | Link to Comment Anonymous
Tue, 02/23/2010 - 16:27 | Link to Comment carbonmutant
carbonmutant's picture

Greece was a Tax Haven... mostly because you didn't have to report. If the government starts to enforce it's tax code the... rats will desert the ship...

Can the Greeks counterfeit Euros?

Tue, 02/23/2010 - 16:32 | Link to Comment Anonymous
Tue, 02/23/2010 - 17:19 | Link to Comment Anonymous
Wed, 02/24/2010 - 00:39 | Link to Comment merehuman
merehuman's picture

So far i have caught 11 rats and one porcupine. Garden has provided potatoes and more 3 years in  a row. All this on a large city lot with a creek in the backyard for free water.

 

Oregon , the land of rain and the consequent mildew. I love it , but be aware of flesh eating microbes. Only way to live under these horrendous conditions is to drink beer and smoke pot and shoot the occasional stray deer from the bedroom window...BANG

John ? Are you ok? I am so sorry i shot you!

See what i mean. Dont come here!

Tue, 02/23/2010 - 17:00 | Link to Comment Bylinka (not verified)
Tue, 02/23/2010 - 16:57 | Link to Comment Anonymous
Tue, 02/23/2010 - 17:02 | Link to Comment Madcow
Madcow's picture

I have to side with the gold bugs here.  Clearly, the system is unravelling much faster and more violently than bankers or political leaders could have imagined. 

HUNDREDS OF TRILLIONS OF DOLLARS ARE VAPORIZING.  That' unimaginably deflationary. Financial assets in the West won't survive. The rents and bonds and debt covenants come crashing down - and the "people" are going to blame the bankers and they're going to demand restitution. "Sorry, you got tricked fair and square now buggar off" isn't going to cut it. 

 

I don't see a path forward that doesn't include 80% reductions in asset values - at least in real terms.  Gold will not to to the moon in an orgy of hyperinflation - but i think it will hold its own (along with physical USD CASH) as the deflation vortex gathers strength and momentum.  

 

There's no way to stop the collapse at this point. WAY too much momentum, fear, anxiety, mistrust, crime, fraud, angry mobs with pitchforks, well-funded and salivating lawyers etc etc -

 

I'm wondering if we'll still have running water a year from now - ?  

Tue, 02/23/2010 - 17:56 | Link to Comment jbcorwin
jbcorwin's picture

If this was 2006 I'd say we're at the top of the market: http://www.youtube.com/watch?v=zP0C-G_iWAg but it's 2010. Then again the market has been churning in the 10K range for what, 4 months?

And of course we'll have running water: streams, rivers; possibly ocean currents if you want to go that far (desalination plants anyone?). It won't all turn into lakes...

It's been that kind of day.

Tue, 02/23/2010 - 17:09 | Link to Comment Anonymous
Tue, 02/23/2010 - 20:00 | Link to Comment Quantum Nucleonics
Quantum Nucleonics's picture

It doesn't matter how strong the banks are if there is any hint that the government might implement capital controls or a tax on capital.  If that is a possibility, you run! don't walk to get your money out.  If a country has control of its own currency, the easier way to do this (tax on capital) is to devalue the currency, but that doesn't work for Greece since their central banker is German.

Wed, 02/24/2010 - 00:04 | Link to Comment chindit13
chindit13's picture

Do the banks have any kind of sizeable position in GGB's?  That wouldn't be good.

Do the Greek banks hold deposits of people who will have withdrawals restricted by the government?  If so, can these Greek banks call in every single loan immediately so as to meet the demand of people reacting, not to the viability of the banks, but to actions by the government?

Even if the banks are stronger financially that a Goldman Sachs partner (the new risk free standard in Bill Sharpe's CAPM), they do not operate in a vacuum.

Tue, 02/23/2010 - 17:40 | Link to Comment Anonymous
Tue, 02/23/2010 - 17:45 | Link to Comment Anonymous
Tue, 02/23/2010 - 18:00 | Link to Comment Gimp
Gimp's picture

Okay someone has to say  it = "It's all Greek to me?"

Tue, 02/23/2010 - 18:28 | Link to Comment Anonymous
Tue, 02/23/2010 - 19:43 | Link to Comment IveBeenHad
IveBeenHad's picture

so it goes and so it was... this is over blown and posturing by the EU until a package is annoucned. no imf on the turf of the EU.  

hey anyone have any info on the debt obligations for the next 12 months for the other PIIGS ? the terminal is to far away

if not lets say a piece on that! 

Tue, 02/23/2010 - 22:05 | Link to Comment Anonymous
Tue, 02/23/2010 - 22:39 | Link to Comment Anonymous
Tue, 02/23/2010 - 23:45 | Link to Comment Anonymous
Wed, 02/24/2010 - 00:27 | Link to Comment Irrational Exub...
Irrational Exuberance's picture

No worries!  It look like our Federal Reserve is going to bail them out!

Wed, 02/24/2010 - 02:12 | Link to Comment Failure to Comm...
Failure to Communicate's picture

Euro? Gyro!

Wed, 02/24/2010 - 10:05 | Link to Comment Anonymous
Wed, 02/24/2010 - 10:28 | Link to Comment swmnguy
swmnguy's picture

OK, I admit I have too many tabs open in Firefox.  But the tab for this story right now reads, "Greeks Scramble to Pull Out."

Now that I think about it, that's about right, isn't it?

Wed, 02/24/2010 - 11:34 | Link to Comment Anonymous
Wed, 02/24/2010 - 13:30 | Link to Comment Anonymous
Wed, 02/24/2010 - 15:46 | Link to Comment MsCreant
MsCreant's picture

How about you take a swift kick to the balls, fucktard.

The key point however is not the health of banks here but that the money and asset transfers are A MOVE TO AVOID HIGHER TAXES.

I understood that when I read it then. I knew these things were happening because of a crackdown.

 

European action would prop up the system. On this matter we are near certain, especially because Greece is under the EU/EMU umbrella given the endorsement of fiscal measures from the EC and Eurogroup, but also for the common good.

Why should anyone trust this? Because they say so???

These fuckers are afraid that ZH has nailed it and are trying to do damage control. There is nothing in that so called article that convinces me ZH got it wrong. Can't comment on the multiplier issue.

Moreover, as long as Greece plays ball on austerity and reform as it is suggesting – and despite the token strike efforts by local trade unions – then any action will be in the name of EMU solidarity and be sold as a hit against speculators.

What if they don't play ball? Aren't they rioting, as we write?

Harvinder Sian is a totally disinterested commenter. Love it.

Stupid, stupid, stupid.

 

Thu, 02/25/2010 - 21:04 | Link to Comment Anonymous
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Tom123456's picture

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