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Stunned Greeks React To Initial Capital Controls And The "Decree To Confiscate Reserves", And They Are Not Happy
Earlier today, following weeks of speculation, Greece finally launched the first shot across the bow of capital controls, when it decreed that due to an "extremely urgent and unforeseen need" (ironically the need was quite foreseen since about 2010, but that is a different story), it would be "obliged" to transfer - as in confiscate - "idle cash reserves" located across the country's local governments (i.e., various cities and municipalities) to the Greek central bank.
Several hours later the decree which was posted in the government gazette has finally percolated among the population, and the response to what even ordinary Greeks realize is now the endgame, is less than exuberant.
Bloomberg reports, that "as Greece struggles to find cash to stay afloat, local authorities say they oppose a government decision to use their reserves for short-term financing."
“The government’s decision to seize our reserves not only raises legal and constitutional issues, but also a moral one,” said George Papanikolaou, mayor of Glyfada, the third-largest municipality in the metropolitan region of Attica after Athens and Piraeus. “We have a responsibility to serve our citizens,” Papanikolaou said by phone on Monday. Glyfada has about 16 million euros in cash reserves, he said.
George is unhappy because as recently as tomorrow, he will find there is precisely zero euros in his public bank account, as all the money has now been forcibly sequestered by the government in order to repay future Troika, pardon, IMF obligations.
Sadly for Greece, this is the only option left as the money has now fully run out: Greek Prime Minister Alexis Tsipras ordered local governments and central government entities to move their cash balances to the central bank for investment in short-term state debt.
From Bloomberg:
The decree to confiscate reserves held in commercial banks and transfer them to the Bank of Greece could raise as much as 2 billion euros ($2.15 billion), according to two people familiar with the decision. The money is needed to pay salaries and pensions at the end of the month, the people said.
“It is a politically and institutionally unacceptable decision,” Giorgos Patoulis, mayor of the city of Marousi and president of the Central Union of Municipalities and Communities of Greece, said in a statement on Monday.“No government to date has dared to touch the money of municipalities.”
It took the radical leftist one all of 2 months since coming to power.
And the punchline is that the use of confiscated proceeds is unclear: the government says it is to pay pensions and wages, but recall that the same government recently confiscated pensions to repay the IMF, so according to the chain of logic, the government first raided pensions, and now municipalities, just to repay the dreaded Troika.
The Athens city council and the union of municipalities and communities in Greece will convene tomorrow to debate the order, a press officer of the mayor’s office said.
And one everyone realizes what just happened, expect the riot cam and the Greek Pay-Per-Riot channel, which has been on hiatus since the summer of 2012, to be fully reactivated.
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EXCLUSIVE : Former Greek gov. official claimed that Greece's default postponed for 3-4 years!
Plays into the hand of Golden Dawn.
And it's gone..............
Yup... and if they were smart they would also be banning all gasoline sales. Gonna be a hot time in the old town tonite...
Throw those pathetic Greeks out of Europe already.
Molon Labe.
There Is No Free Lunch!https://www.youtube.com/watch?v=VEWTPmMwgck
Paper promises are slavery if there's no collateral.
Entire world...watch what happens when govts eat all the handouts like addicts.
RIPS
Who pays the Greek cops? The Greek government, or the municipal governments? Inquiring minds want to know!
""local authorities say they oppose a government decision to use their reserves for short-term financing."
WTF "short-term financing" ??? You Mean The Money Is GONZO For Good!
INTERESTING...
This Muni Asset Seizure IDEA Comes RIGHT AFTER Klugman's Visit...
Krugtron The Potato!
Picture of the cop reminds me of my old G.I. Joe with the King Fu Grip. Hai-yah!
Holding his riot shield upside down, too. Or maybe it's because he's left handed and was using a right handed shield.
Not happy..??
I see a cop dancing to a drummer's beat..
A Greek Stomp..
Zorba would be proud...
The Greek Leaders [secret] Swiss Bank accounts have been getting a tad low ... thus the move to steal OPM.
And yet another reason to not go to Greece... Jumping riot police. Riot police are bad enough, but do they HAVE to have the jumping variety as well???
:-)
What part of lice might we not understand?
Oh, you’al just do not understand the eastern traditions
https://www.youtube.com/watch?v=oBqlfKtqTgc
my take on that photo of the cop was -
Drumming: ur doing it wrong
Project 'Taking It Up the Assets' has commenced
when things get serious, you have to jackboot.
The Bankers should be PROUD of their work.
Coming to a Country near YOU soon !
Cyprus Capital Controls First in EU Could Last Years
Fuck the Greeks. I bet all these munis are still flying the blue and yellow. Morons.
If you are invested in Euros then the Greek Default will make your European Union Banks insolvent.
It will not be contained. Then it will happen to you as a result. When you say fuck the Greeks you are actually hoping for your own ass reaming.
Not only can it happen to you but it will happen to you. And if ANYBODY ELSE believes that they are immune because they live here in the States and the currency is the Dollar?
It will also happen to us. It is just a matter of time and time is running short. It will be a spectacular implosion, happening almost overnight.
Who is the fucking moron? Take a good look in the mirror.
Fuck JPM and Goldman Sachs.
Sorry - I realize the Greeks leaving will wipe out everyone, especially the EU. Its why I want it to happen.
I am properly hedged against the situation, and am really looking forward to picking up a ton of assets on the cheap in the coming depression.
I realize it will be a spectatcular implosion. I realize there will be chaos, rioting, and a general sense of the world coming to an end. I also know that it is enivetable and MUST happen. The longer it gets put off -- the less I have time to rebuild before my retirement.
The world is cyclical.
I'll keep calling the Greeks morons, because, essentially -- that is what they are. Their media has directed their anger at the Germans instead of the EU and EMU where it properly belongs. Most of the population is too stupid to realise it, as more than 2/3rds of them want to keep the EUR and keep their seat at the "cool kids table."
Not to be nosy, but what assets are you talking about acquiring "on the cheap"?
Looking forward to swapping AG and AU for real estate in arrears.
And then the Guberment will come and TAKE & TAX it away from you.
Do NOT put all eggs in one basket.
You will understand.
Counterpoint -
I do not live in the United States.
Counterpoint-
It makes no difference.
The state of California tried that. The local governments told them to screw off.
""local authorities say they oppose a government decision to use their reserves for short-term financing."
WTF "short-term financing" ??? You Mean The Money Is GONZO For Good!
What if Greece is just a window to the future for every nation on this earth?
What if All Government are actually technically insolvent & broke like Greece & the elite say, too bad, pay up or else...?
What if I just stop shoving the truth down your throats and throwing buckets of realism on you all and go eat my happy meal now? :D
Makes no sense to cut off the money then.
Thirty percent interest in a Christian land?
Absolutely criminal.
Good video but they failed to show how it really works:
A bunch of pols, crats and funcs with guns show up and demand $11 from their victim. They then forward $6.00, after their cut, to the welfare meal recipient who then pays for the meal.
Why $6.00? Because the restaurant owner and his lobbying association have paid the pols and crats $.50 for priority. This enables the restaurant owner to raise his prices by $1.00 for EVERYONE, not just the welfare recipient.
Welfare starts with plunder.
Liberty is a demand. Tyranny is submission.
"Kill a welfare recipient, and they'll make more. Kill the plunder for welfare, and that's that."
The Greeks are hopeless z-slaves like Americans and Ukrainians. The only good thing in Greece was that dog who barked at the cops during the riots and he died.
Scum bag Greek cops would try to kick him.
http://en.wikipedia.org/wiki/Riot_dog
Do not forget they tax the transaction too. They getcha coming and going.
Kanellos!!
...Here, boy...
Federalism Bitchez!
They gave ownership of that money up when they signed up.
Confederalism is far superior government structuring, except in the eyes of thieving kleptocrats.
"Come and take it"......the greeks have nothing to take.LOL"
Gee, who would have thought that a welfare state wouldn't do so hot?
Throw the EU and IMF out of Greece! FIFY
A lot of people in the USA are very concerned about Jade Helm 15. What is happening in Grece may be what the US is getting ready for. We are BROKE
A lot of people in the USA are very concerned about Jade Helm 15. What is happening in Grece may be what the US is getting ready for. We are BROKE
Three words- Fuck you, Angela!
Say it again Ace!
Miffed;-)
Three words- Fuck you, Angela!
Shit, Miffed! Looks like I did!
Guess you can't back out of a comment w/o looking like a dumbass.
You gotta scroll back to the top and hit the home button.
In any case, I fervently hope that I have not made an enemy of you.
It's your choice.
Is that a threat?
Watchoo talkin' about, Willis?
Just teasing you. I'm feelin' obstreperous today. Ruffled a few feathers and kicked a couple of asses at work so, all in all, a mighty fine day!
How could you ever be an enemy? Partner in crime more likely.
Miffed;-)
You like music, no?
Supertramp
Crime of the Century
https://www.youtube.com/watch?v=wrPvZg042RA
Having once been an employee of corpUSA I will just say that your bosses have power behind them, and even though they need you, will nonetheless kick you to the curb, when it serves their purpose.
Much Love,
Ace
Big Supertramp fan. And to think I listened to Crime of the Century not knowing the scope of things to come. I miss those times when life was simpler and there was a modicum of freedom left or at least the perception.
I'm tired of corporate America and its petty rules, HR bitch queens and oppressive government regulations. More and more my job is to serve these beasts. Yes, they need me. For now. But first you are a Pet and then you are Meat. Such is the nature of this shitty world. And no one will follow me hoping I will take the fall and not them.
Miffed
Try this one out Miffed...
https://www.youtube.com/watch?v=puAeFwRFh3Q
Roger Hodgson is one of the artists of Supertramp...
Seems like most of us are trying valiantly to ignore the facts. We were part of a growing demographic, it's not surprising that the banksters were able to exploit that, given that we were never told how banking works.
You're not one to ignore facts, are you?
I love you for it, and apologize to Mr. Miffed in the same thought.
That's why the only way forward is always to work for yourself. Even a fair employer must make a profit off your production in order to stay in business. Which means you are selling yourself short every day.
Lucifer, the one who was called Satan, but was in fact the light-bringer, has taken many forms over the decades of my life.
Lucid, Lucent, and Illuminated are all derived from Lucifer- Is he really the devil, or just the enemy of the Roman Catholic church?
Does he exist? As an entity, probably not.
As an idea, absolutely- Much like Jesus.
Just so ya' know, greenies and reddies do not define me in this realm, or any other.
Light-bringer just doesn't seem all that threatening to me.
All I want is for one redder to explain how an all-knowing, purely benevolent God allows Satan (Lucifer, to you) to exist.
Lucifer is a fallen angel, according to y'all. But, if you were God, would you allow a defiant ex-follower an audience?
You wanna know why none of this shit makes sense, and why you can't explain it?
It's because it only exists within your churches, synagogues and mosques.
It's bullshit.
They should release the RIOT DOG. But sadly he is dead. Much like the Greek economy.
http://www.telegraph.co.uk/news/worldnews/europe/greece/11151215/Greek-r...
Happier times.
http://www.blinkx.com/ce/Ma0dDPiVOq9WP6JqLIKQ8OfVd1N9us7PbWvlTHmFsVeYX-z...
When you see the riot policeman holding his shield upside down and trying to take it out on a harmless drum, you really begin to wonder how soon before something truly ugly transpires.
All the police had to do is allow the people access to parliament while it is sitting and allow the people to extract their revenge. I am sure that after that the Greek people would be in a far better mood to accept a restructuring of their economy, bureaucracy and way of life.
That was a newly trained animal, soon to join the disable list.
You elect a bunch of socialist faux rebels (banker stooges) then act amazed when they take your cash?
Phooking amazing!
Did they "elect" them or think they did?
Liberty is a demand. Tyranny is submission.
Funny how this opinion is trendy now on ZH. It certainly wasn't a few months ago...
"And it's gone.............."
A friend this weekend pointed out that the bankster that utters that statement in that South Park episode is passing Stan's deposit around a bunch of bankster and Wall St. entities. As a result, it is not "gone," but "theirs." Gone from you, while becoming theirs.
"And it's theirs!"
Liberty is a demand. Tyranny is submission.
"And it's gone." My guillotine's operational motto.
theIRS
You forgot to add the "poof"
Did he actually say this was an "unacceptable decision"
I'm very sorry...this decision was made a long time ago when sheeple bow to Central Banking Monopolies. We are doing the same thing in the US. And one day, perhaps not soon, but one day, we too will be outraged and the unacceptable decisions made by the US Treasury and Federal Reserve...and we will be 100% powerless to do anything about it....because those decisions, too, have already been made.
Good luck Greek people.
I shall play you the song of my people …
good. GD is against the banks, the "NWO" and unlimited immigration.
that is, they are villified {certain extremists aside - like th etea party has bona fide nuts and racists etc} for basically wanting to help the Greek people.
dont believe everything you read - is a rule to be heavily applied to descriptions of the GD in western press.
and no - not everything they espouse is good or wise... but all in all... they aren't the bad guys they're made out to be.
at all.
People think they want freedom, when what they really want is security. It don't work that way, and the tyrant will always promise to provide security- for you to be free to pursue your dreams, while reaping every thin dime you create by your efforts.
Just sumthin' you need to know, Mister Delicious.
Most farm animals live a very secure life. Until that day.
Nice place you have here- be a shame if something happened to it.
there's a Golden Dawn diner in Trenton. Good food, but expensive for a diner.
if you give me baklava today
i'll gladly pay you tuesday..
Sorry, I accept pm only... :)
That's "Golden Coral" not "Golden Dawn."
Set Adrift on Memories Bliss of You - PM Dawn
#OhWait
Hopefully.
Looks like the greek cop is going to take a drumstick to the scrot
Any cop who would defend these thieves deserves a drumstick to the scrot.
Imagine how pissed off those cops are going to be when it's THEIR paycheck showing up with "IOU" written on it.
Not madder than he looked now, must have already been workin for back wages.
The praetorian assholes should already have looked into the emply accounts where their pension funds used to be kept and figured out that they are gonna take a beating even if no protestors show up...
No army ever never marched very far without being provided rations and pay unless they were in retreat...
Obviously those knuckle dragging thugs can't think that far ahead.
when their checks don't clear, they'll probably be less enthusiastic about showing up for work on time and bashing their neighbors skulls in.
The cops there are not going to need gym memberships to stay in shape anymore...
EXCLUSIVE : Former Greek gov. official claimed that Greece's default postponed for 3-4 years!
This is true and was confirmed to me by a shadow Minister of Finance of Germany some years ago "because the system cannot take a sudden default, therefore we have to extend the default period in order to prepare for the inevitable."
Maybe they need to go back to 'city states'
Sparta!!!!!!
This ends with false-flag and ZATO.
Another war with ZATO member Turkey? Invasion?
I just don't see any other way Zion can let this end, as they risk Greece climbing in bed with Russia and/or China.
Liberty is a demand. Tyranny is submission.
Poor Greeks: So few choices, and so fewer arms.
LOlz
Awesome!
vonderbar;)
One of your best!
Do you notice that Draghi doesn't have any lips? That's what so much coxxucking can do.
Some get a kick from cocaine
I'm sure that if I took even one sniff
That would bore me terrific'ly too
Yet I get a kick out of you
I get a kick ev'ry time I see
You're standing there before me
I get a kick though it's clear to see
You obviously do not adore me
https://www.youtube.com/watch?v=FtwO2tKZmwQ
I'd love to hear from someone in Greece to find out if cash balances are tranferrable out of personal and business demand deposit accounts right now. I penned my warning yesterady - EU Area Residents' Step-by-Step Guide to Escaping the Upcoming Bank Bail-ins & Capital Controls, which means that any Greeks who read it and took head would have had their assets mobile (out of the Grecian banking system) and would have started locking into EUR/USD swaps by this morning.
I understand the process was I posted might have been a little heavy for the layperson, but there's a method to the madness. First, we eliminated the liklihood of keystroke loggers, then we put up a VPN. This way the Greek government could not have known that you sent the money out of their reach, how much was sent, how it was sent and where.
Or you could have simply clicked the download link and got started, but then we might've been reading a ZH post about you (Greek national's assets frozen by...). See How Should You Handle Your Money? Conveniently Or Safely - There's Always A Trade-off
This is the type of situation that is cusom made for digital currency solution.
I don't think Greece has the sophistication in espionage that would require thwarting keystroke loggers or a vpn. As long as you've got an SSL connection you are probably good. Probably.
Wrong, wrong, wrong. It matters not what kind of sophistication the Greek .gov can muster. The NSA collects everything. Who do they work for. There are other entities as well. For example, to where does the NSA pipe all its traffic? Unfiltered? They probably send the Greek .gov a daily list of names w/ tax ids to peruse. They don't even need to know the content of the traffic, just certain telltale aspects of the traffic to raise suspicions.
Getting around capital controls could be the one and only real value of BC. But bear in mind, the net gets tighter every day. Some day people will head for the exits and not just some, but all will be blocked.
BC is also useful for moving capital beyond the reach of marauding spouses. :-)
double post sry (see below for my reply)
I just bought a (digital) game off Sony's Playstation Network a couple of hours ago and there were no problems with the transaction. I don't think that S(will)HTF until the 1st of May or even June now that the syriza government has raided every cash reserve they could get their hands on to find money for the IMF/pensions/salaries)
Also I see a lot of you here at ZH commenting on how dumb we are for still having money deposited in our banks, but the truth is that we only have a couple hundred euros per person max for those times when you have to use a credit/debit card for one reason or another, and let's face it if/when we go officially bankrupt those 200 euros will be the least of our concerns with civil war looming on the horizon. Old people have hidden all of their money under their beds or floors, those not gullible enough to listen to the people on TV reassuring them that everything's gonna be fine that is) It's the businessmen running successful franchises like supermarkets, restaurants, tech shops etc who have "big" deposits in greek banks and that's only because they have to pay their workers at the end of the month somehow.
Despite a few comments, I think most here understand that there would be a need for day-to-day funds. Best of luck to you.
I doubt very many did.I couldn't get my own sister to get out of the Cypriot banks,
despite the warning signs.She has only spoken to me once in the last 18 months, like
it was my fault that she ignored me.
no good deed goes unpunished
edit: in this case probably cos she's angry at herself and every time she sees/hears you it reminds her
If she is anything like the women I've known then you are a jerk for being right AND saying something.
None of this matters.
All short sellers are Fucked. The market will never pull back more than 2% ever again.
Bad news is good news, and good news is good news.
Theres no news which will take this market down. Im going from 3x short to 3x lomg.
Get Some bitches!
None of this matters.
All short sellers are Fucked. The market will never pull back more than 2% ever again.
Bad news is good news, and good news is good news.
Theres no news which will take this market down. Im going from 3x short to 3x lomg.
Get Some bitches!
Maybe the S&P will go into full correction mode and drop 30 points when Greece finally shits the bed.
Nah this is bullish. Greece tanking will mean cheap Med vaca so people will have more money in their pockets to not buy gas.
Johnny said it best...
A Cheap holiday in other peoples misery!
I don't wanna holiday in the sun
I wanna go to new Belsen
I wanna see some history
'Cause now I got a reasonable economy
'pay salaries and pensions'
How kind. At least their government workers and old folks won't have to move into the basements of the children.
Into their own basements with their children.
Fixed that for ya ;-)
"When people lose everything, they lose it." GC
How do you say ' elections have consequences ' in Greek ?
www.youtube.com/watch?v=_RW6Uh9Fgas
Coming soon to us here in the U.S. Of A....aaaaaaaannnnnd, it's gone. Poof
But...but...but I just gave you the money!!!
"Yeeeeahhhh....it's gone. Who's next in line? Please come forward." ;-)
Russia wants to build a pipeline through this country? LOL
USA wants to build a pipeline through USA...
Big oil, the MIC, and the Banksters want to build a pipline through the USA.
They do a lot of that sort of thing.... Here and abroad...
https://enronnext101.wordpress.com
He who owns the railroads the tank cars use won't allow a pipeline.
No one really cares> Misallocation of capital? No biggy! Just keep building.....shit.
Umm, Sir Topham Hatt?
It's safe to stick with these fundamentals: What Neocons cannot harness, control and tax into subservience and serfdom, they would rather scorch & destroy.
There's even a name for it: "Scorched Earth Politics"
The name is the word: "politics." Synonym for evil.
russia wants to build a country
thru a pipeline ..
In Soviet Russia, the pipeline pumps you.
Russia and China make deals and build shit while USrael prints fiat and kills people.
I have some doubts about the latter working in the longer term.
It's like going around starting bar sights, say.
Sooner or later, you pick on the wrong guy.
LoL'z...guy in the picture doing his best "This Is Spartaaaaaaaa!" Impression.....
just sprayed my laptop with sweet tea you asshole ...................lol
Good on ya....at least you HAVE sweet tea. I'm stuck up north with all these Yankees who don't know how to drink tea.
Because we got the memo that coffee is a million x better than painted water.
I thought he was just trying to join in on the drum playing but the drummer pulled the drum away!!! /s
Dunno...".looks like one of them there 'matrix' type deals.....is that the Greek Keanu Reeves?
For all of us that played in the band, this is just the normal state of affairs. The testosterone juiced guys that took martial arts always had to kick our asses when we were minding our business, banging out a nice tune. The kids that took archery were real pricks, too.
Road flares seem to get the point across. Just sayin.
You fucked up. You trusted us. [/Otter, Animal House]
Reminds me of the FDR gold seizure. Unconstitutional "executive orders" are often the method of choice. nobody seems to understand that they have zero legitimacy. http://www.thetruthaboutthelaw.com/sweeping-presidential-executive-order...
Won't get mine....lost what little I had in Lake Erie. Tragic......
Well you could always drown your sorrows at Put-In Bay.
10 days before FDR stole the Gold (Apr 5, 1933) , the Jews declared war on Germany.........makes ya wonder...........
"Judea Declares War on Germany!" - Daily Express headline, March 24, 1933.
http://guardian.150m.com/jews/jews-declare-war.htm
Banksters want their collateral.
They'll just start ripping stuff out of Greece.
Sevants to the new owners. Bankster Inc.
The comparitively tiny Golden Dawn will get publicity during their national televised trial and promise a national socialist solution as the Greek economy collapses, where have I seen this playbook before?
Q. Who benfitted most from and made Hitler's rise possiple?
A. The Banking Cartels.
Exactly.
If Golden Dawn were actual Nazis, they'd be in government, not prison.
On Adolph´s birthday to boot.
also 5th anniversary of the BP Eco-Disaster in the Gulf.
To stick to the playbook someone has to go to jail in this trial, write a book, then run for office.