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Greek Deposit Run Accelerates Ahead Of Monday's Bank Holiday
Official Greek deposit data began tumbling in December (outflows around EUR3bn), and accelerated in January in the run up to the Syriza election (proxied by JPMorgan at over EUR 12bn). During the last two weeks, however, the absence of ATM lines and visible bank runs has been curiously lacking as, at least on the surface, there appears to be no panic. However, as Dody Tsiantar reports, sources in the Greek banking sector have told Greek newspapers that as much as EUR 25bn euros have left Greek banks since the end of December with outflows surging this week. Perhaps they are getting anxious that authorities will take Cypriot advantage of the Bank Holiday that is planned in Greece on Monday.
As Dody Tsintar reports (via CNBC),
In the midst of the dramatic showdown in Brussels between the new Greek government and its European creditors, many Greek depositors—spooked by the prospect of a Greek default or, worse, an exit from the euro zone and a possible return to the drachma—have been pulling euros out of the nation's banks in record amounts over the last few days.
The Bank of Greece and the European Central Bank won't report official cash outflows for January until the end of the month. But sources in the Greek banking sector have told Greek newspapers that as much as 25 billion euros (US $28.4 billion) have left Greek banks since the end of December. According to the same sources, an estimated 900 million euros flowed out of Greek banks on Tuesday alone, the day after the talks broke up in Brussels, sparking fears that measures will be taken to stem the outflow. On Thursday, by mid-afternoon, deposits had shrunk by about 680 million euros (US $77.3 million).
"If outflows reach 1 billion euros, capital controls might need to be imposed," said Thanasis Koukakis, a financial editor for Estia a conservative daily, and To Vima, an influential Sunday newspaper.
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Of course the surge in ELA funding needs somewhat confirms the much larger than expected deposit outflows.
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One wonders if the seeming standoff between Schaeuble and Varoufakis is making depositors anxious given the planned Bank Holiday in Greece on Monday...
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80% of Greek population are broke. Can't make a bank run when you have no funds.
They're lining up at the bank to get their EBT cards
Is this how they start the bank run, by a "source"?
Run to your bankomats (ATMs) and withdraw whatever you can. Step 2: Change your EURO bills with serial number starting with a Y (issued by Greece) Step 3: Hide your stuff at least until 28th of February (Greek loan becomes due). Good luck!
Like Mark of Zerro said: 80% of those people are already broke as a joke. I find it hard to believe it's the Greek citizens who are responsible for 25 Billion being withdrawn in not even 2 months.
Gotta call bullshit on that assumption. It's the rich "folks", oligarchs, or whoever else that have been extricating everything they've got from those banks.
Just like in the lead up to the Cyprus banking rape. Their president told the people everything was cool and that no bank closures would occur. That kept the sheeple calm while all those Billionaire Russian oligarchs, and the president and all his friends and family were allowed behind the scenes to withdraw all their money.
That's when the banks were closed and the people's accounts got raped.
The Greeks are already broke. They have no jobs and can hardly feed themselves. I doubt most of them have had any money stored in the banks when they would have already used it up just to live day to day.
If they don't hold it, they don't own it.
And about that $25 Billion; I suspect Save-America1st above is correct --- meaning, prob Swiss secret deposits increased $25 Billion during the same time period. The Oligarchs smell disaster and quickly withdrew their Millions before the little people catch on to what's coming.
Greeks sure know to how to buttfuck the oligarchy
I am lovin it :)
Three way them.
oral, vaginal, and... oh wait
I'm glad Greeks are taking this more seriously than their Cypriot neighbors did. As well they should.
Now I understand why this is happening now.
They had their epiphany a month ago (Jan 6th)...(heh.)
Seriously, it's all good.
Since when is Germany the bad guy, here ?
For not wanting to throw more good money after bad ?
That's like the Dems blaming the GOP for not supporting more entitlement programs,
after doubling our debt in 6 years, and in the middle of a recession.
I can't be broke, I still have checks !
The Germans made their mistakes years age when they accepted Greece in the EURO with fake figures and foul arguments.
Why do you refer to the chosenites as Germans? They are Israeli's residing in Germany.
Big picture Deutschland/troika are 'the bad guys' because they made bad loans to a country they were aware could not pay it for the purpose of bankrupting them with austerity and eventually buying Greece on the cheap.
Since when are creditors immune from risk? Is that not the reason they collect interest, because they have loaned money out that might not be repaid? When you loan money to a company which then files for bankruptcy, you lose your money. Your risk, your bad investment. When you loan money to a sovereign, and the sovereign can't or won't pay, you lose.
Write up all the new legal precedents you like, but good luck to the flops who loaned money to Greece and Venezuela or the rest when they decide not to pay. The can could be kicked further down the road with extensions and loan restructuring, but at some point the situation comes to a head. At this point the control the loansharks bankers have over the world's leaders will be meaningless, just as the world leaders' control of their respective populations will be.
Even bigger picture it could be said Germany owes most of its current economic prosperity to a centralised currency (euro) valued much lower than the currency of a country with a huge trade surplus, like Germany, would be.Blame both. It reminds me of this scene from Mean Streets
https://www.youtube.com/watch?v=Ag9zbMV5URM
This reminds me of The Greeks in S2 of The Wire.
https://www.youtube.com/watch?v=UluX8EfUM-4
an invisible bank run that a source wants to pretend is happening - the eurocrats still trying to play the pretend and extend game
Kill the EU. Collapse it all. Obama's ISIS will move in
Never trust a Greek that is broke. They have money in the mattress, stuck in a hole in the wall --- all Drachmas.
I suppose this means the 'price' of gold as quoted by crime-x will go down
if so, then have some dry powder ready to BTFD. Always grab 10 or 20oz's on good dip days.
+1 Mr. Panos reference: "Greece has a problem? No. You gave Greece the money. You have a problem."
what money they gave greece? thats all BS
all the money exchanged hands overseas
if Mr. panos is saying that he is part of the disinformation campaign ... but whats new right?
I'm pretty sure that everybody fogging a mirror in Greece got his euros out of his bank account a long time ago. So, what if they'll throw a bank holiday and nobody came... ?
Where is that scumbag Popandraous right now? Hes the mutha fucker that took a cut of this money. And what about his mother? She had that Swiss bank account. Why dont they call them to pay back a few bucks here? They were paid off to accept this bullshit and then boogied to who knows where with the bribe of millions and no where to be seen now. What the fuck?
"80% of Greek population are broke. Can't make a bank run when you have no funds."
The population cannot take it out until the government put is into their account.
Minnesota county bans fracking sand mining due to health, environmental risks
New 9/11 Audio: FAA employees say Secret Service told them “Flight 93 hit Camp David”
9/11 Truth: The NIST “no molten metal” guy posing by steel with unexplained melting (PHOTOS)
Is Minnesota in Greece?
We could always send the Somalis and Al Franken there.
who would of thought al franken would be a congressman? never mind. its all to much. much to much.
More than that -- he's a Senator. Minnesota is as pathetic as California with much worse weather.
I'm trapped in this shit hole.. Nice in the Summer hellhole in Winter. One diaper wearing ass and one butterfly saving air head for Senators.. We have three ex cop legislators making Cop body camera footage "private" the better to kick your ass with.. I am moving to a hole in the wall cottage in the middle of the woods somewhere south..
Because I'm good enough, smart enough and gosh darn people like me!
Best skit ever on SNL.
There's not even a close second actually.
If he was really into it he would run for President actually. "The Honesty Party."
"The only person I will care about is my persona! Of that you can be assured! You want selfies America? I will give you SUPER SELFIES! I will give you every possible imagining of me EVER CONSTRUCTED EVER!"
My 9/11 Conspiracy theory is that almost all 9/11 Conspiracy Theories are a Conspiracy, backed by NSA, to make any question of mainstream views look like they are lumped in with the tinfoil hat brigade. This distracts from the obvious, that persons in the US knew what was coming and used it as a Pearl Harbor / Blank cheque to attack Iraq/whereever the oil happens to be.
better late than never bro. those douchers pretty much coined the phrase, conspiracy theory. then they accentuated the topic by making a movie with mel gibson in it. typical audience will walk away subconsciously thinking conspiracy theory is synonomous with tinfoil hat wearing psychopath.
American domestic and foreign policy:
Hegelian dialectic
“It works like this – the manipulating body covertly creates a problem and then directs the media to incessantly focus on it without recourse. The problem could be anything – a war, a financial collapse, a rash of child abductions, illegal immigration, or a terrorist attack. The power of the media can create the false perception that a big problem exists, even if it doesn’t … Once you have created this problem government subsidizes it with strings attached or makes sure that an individual, a group or an aspect of society is blamed. This then rallies the population behind the desperate lunge for a solution to the problem. ‘Something must be done!’ they cry in unison. The people that created the problem in the first place then come back in and offer the solution that the people demand. Remember – the people screaming for a solution do not know that the problem was artificially created in the first place. The solution to the problem is always a further curtailment of freedom or an advancement of one or more aspects of the new world order.
Like ponzi schemes, new hegelian plots are invented to provide cover for past failed implementations, all to the delight of tyranical techincians.
wasn't the same done with jfk?
Socialism kills!
Lots of -isms kill, and steal wealth too.
banksterism is the worst ism of em all
Yes sir! IMF, ECB FED and all unelected super national banking institutions throughout the world. Nothing happens suddenly nor by accident. It's all planned well in advance. Obama is playing checkers while these psychopaths are the ones playing 11 dimensional chess.
http://fistfulofeuros.net/afoe/cyprus-an-island-in-search-of-a-saga-to-l....
Chosenitism kills, it's Socialism for the rich.
Hide your gold.
and it's gone.....
Tomorrow will be the marathon to the ATMs...it will take hours, it will be like the tortoise and the hare...slowly getting there in half-steps all day long.
The ATM lines will take forever.
Slowly, inch by inch.
We are approaching Grexit with an infinite number of half-steps.
Zeno's Paradox, tomorrow.
uhhhh what?
We are witnessing ' The BIG Squeeze '; it's every critter for himself as the giant ponzi disintegrates.
Get the popcorn ready . . .
dude, they are going to fuck things up so bad to the point where we will be begging them for things to go back to the way they were. atleast thats what keeps me up at night
Buy Gold and Silver, then wait.
and/or "Get Shorty" SRTY.
I'm surprised any person or business has left any cash in those banks given what's going on.
I'm glad you mentioned businesses. A lot tougher for them to get their money out of harm's way and still meet payroll, pay for inventory, etc. Individuals have more options in many ways, but businesses are largely stuck doing banking inside their own country. Or doing a lot of hand-springs to keep most of it outside the country and then 'sweeping' in and out of their local account as needed on a near-daily basis. More work than most small businesses can handle.
I was thinking exactly about small businesses. To meet all the expenses, payroll, product, services, etc. they have to have some way to pay. Logistical nightmare plus the danger of having those amounts of cash in basically unsecured, if hidden, places.
Yet another shining socialist success story that always leads to misery & despair!
"With no lovin' in our souls, and no money in our coats, you can't say we're satisfied ..."
Angie ....
https://www.youtube.com/watch?v=rXRExocnpUw
Dow 25,000 by the close.
Is making May Day a holiday in Greece a Syriza initiative nobody's mentioned outside Greece?
Red meat for the true Marxist believers, I suppose.
.
I thought Mondays were the 'work day' of the week?
Which prints more? Propaganda machines or Central Bank Printing Presses?
Isn't Lent about fasting, self-denial, and almsgiving anyhow?
What's the problem with the Greek government nationalizing the tradition and making it mandatory?
Fasting because you have no food to eat.
Self-denial because you can no longer squander your money on stuff you want but obviously do not need since you haven't bought it already.
Almsgiving because the Greek government needs to give itself a raise, refund and increase its pensions, and hire back its cousins.
All perfectly good chariatable things that can come about, thanks to a bail-in.
What would you call that anyhow?
A Grenter?
And he can see no reasons
'Cause there are no reasons
What reason do you need to be shown?
And all the playing's stopped in the playground now
25 billion? Thats one week's worth of printing for the BernankenYellen.
That's what Bernie Sanders has said too.
Why not just send in the military and simply "end them"? It's where all this is heading anyways.
We'll be compassionate of course.
" To be poor to Americans is a sin." And indeed...you will PAY sinner!
They could throw a purple Koolaid party.
Statistics are useless, 26% of people agree with me.
Hard to believe that any Greek with any sense was or has been keeping a dime in the bank. Should have removed it a long time ago.
I guess they trust gubmint to do the "right" thing!
Call in the FDIC if there is a problem!
Is it true that some Greeks are intentionally infecting themselves with infectious diseases for financial assistance?
Greek Economic Crisis Desperation: Greeks Self-Infecting HIV
Nothing escapes thorough & efficient socialist/marxist political leadership!
All investment, savings, motiviation, entreprenurialship, production, growth, currency & banking systems are destroyed equally!
The line outside the bank during a run is strictly old shcool. As depositors in EURO member state banks, Greeks can transfer unlimited amounts from Greek banks to banks in any other member country.
So I got this "make debt easy!" message in my email this morning:
"An easier way to manage your finances.
Paying bills with your {xxx} Bank Visa® Platinum Card makes managing your finances easier than ever. Simply contact the service providers you send payments to each month (for services like your cable or satellite TV, cell phone, utilities, insurance, gym memberships, etc.) and ask them to arrange automatic payments to your credit card.
Don't wait — automate.
No more writing checks, no more forgetting due dates. It only takes a minute, but the convenience continues month after month."
What was that euphamism for thievery that the Brussels Bankster Bandits used for Cyprus?
Oh yeah: "Stability Levy".
In Canada there is a big push on right now for, get this, PRE-PAID credit cards.
That might be a good idea. Just make a large payment to the credit card leaving a large credit balance in EUD.
The newly elected visionary marxist government should freeze & expropriate all funds on desposits from all depositors so the citizens can really enjoy their Venezulelan-type socialist culture !
yeah, there are some leftovers from Goldman Sachs advisory mission (in 1999)
http://www.resilience.org/stories/2015-02-18/greece-and-the-eurozone-crisis
...and yet "the gold price" keeps....FALLING?!
GIGANTIC weels turn to supress the price of gold
Because THEY know that when gold will start rizing like crazy it is the END
Oh great, another holiday; baklava for everyone!
Balakalavas for everyone!
Hey.
It's like the out-of-town opening of a show that's going to play on Broadway.
Or actually "play on Wall Street."
The normal people in Greece are broke.
The $340Billion went to Greek Oligarchs, who fraudulently obtained it with Goldman Sachs' help, and who NEVER, EVER, intended to pay it back.
They are the ones who are withdrawing money in volume...because that's what you do in a bank heist.
less, than 10% of the bail-out money stayed in Greece. Most of it sits in TBTF banks.
That ATM picture is fucking hilarious
The first time I read the headline, I envisioned thousands of Greeks lining up to deposit their money into the banks.
Queues at ATMs ..... I am sure they have internet banking.
'
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I think it's the new greek government doing the people a solid, giving them a headz'up before the crunch comes and they default, moving back to their old currency, which everyone knows won't be worth a shit.
•?•
V-V
I you give me a Euro today, I will gladly pay you in Drachmas on Tuesday !
It only takes a few days to switch the programming on bank computers to a new currency. The Greeks probably have those old Drachma programs and files somewhere.Bet you they are still running on some of the same IBM computers too.
That would be really cool. Next Tuesday could be the start of something really big. How do you say to the Fuehrer that you lost 340 billion Euros, all in one weekend?
Mein Fuehrer, eine gute nachricht, wier haben heute 340 billionen Euros verloren. Soll ich die Geltmaschine anschalten und mehr Euros druecken? Sieg heil mein Fuehrer.
The Monday of Lent is when the shenanegians begin, and the bankers move in.
If there is a God, I hope he takes notice and launches a fireball right at the Earth.
Can we give Goldman a 99,999 day banking holiday?
Greece has lost everything, so there is little left to lose.
The Eurozone blinked first when it agreed to extend €3.3 billion to Greece the day before yesterday.
Germany can't afford to play brinkmanship because it has plenty to lose, unlike Greece.
If Greece can hold her nerve, the Eurozone will blink again.
The bank ledger won't be hard to audit. It will have been emptied. Zero balance.
If and when the BATFE bans M855 you'll see a real stampede.
I heard this idea was being tossed around, something about using the tyrannical Gun Control Act of 1968 (or another of its hellspawn sibling pieces of "legislation") to justify banning M855 as 'armor piercing'. As if somehow a piece of ammo having AP properties is "illegal".
Odd, is it not....that these same scumbags trying to ban AP ammo are also tirelessly working on banning BODY ARMOR. For you and I that is......not for the enforcers of the state's will, naturlisch.
Man I hope there is a chance that critical mass can be achieved soon in the Red-Pill movement.
If they have the same fractional reserve banking that we have here, those banks are crazy fucked, no...?? Tiiiiimmmmmbbbberrrrrrrrrrrrr.......!!!!