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The Situation Escalates – Greece Is Now Taxing Cash Withdrawals
The saga (or drama, if you like) in Greece is continuing and even though the country was able to make a 200M EUR interest payment to the IMF earlier this week, markets shouldn’t be too optimistic just yet as that payment is less than 5% of the total cash amount it has to pay in the next 4-5 weeks.
Indeed, Greece has just 3 days left to find 750M EUR to meet the requirement of a principal payment to the IMF which is due next Tuesday, and we consider it to be quite impossible for the country to meet this demand without finding additional sources to generate cash from.
There’s little doubt the 200M EUR was mainly funded by Athens’ radical request whereby the public agencies were ordered to wire the majority of their cash resources back to the central government in Athens. This was a very clear indication the Greek treasury was running on fumes as it could not afford to pay the salaries of government employees so there’s little hope the country will be able to repay the 750M EUR to the IMF next week without reaching a new bailout deal with its lenders.
The the population of Greece is understandably getting nervous as the negotiations between the Greek government and the European Central Bank, IMF and the European Union are still ongoing. Prime Minister Tsipras already had to remove his Finance Minister Varoufakis from the negotiation table as he was despised by the other side. Additionally, Varoufakis is also taking a lot of heat inside his own country after revealing how rich he really is. Whilst the Greek population is very clearly suffering, Varoufakis thought it was a good idea to show the French magazine Paris Match how rich he really is.
The banks in Greece once again feel a lot of pressure as thousands of people have started to withdraw cash. The European Central Bank once again had to step in by increasing the Emergency Liquidity Assistance to the Greek Banks as it had to raise the ceiling by another 2B EUR. The banks are still trying to pretend there’s no bank run going on, but all other evidence suggests the opposite is going on.
The Greek government is now proposing to instate a tax on withdrawals from ATM’s in the country and aims to raise 180M EUR in additional fees due to this measure. This is clearly aimed at containing the current ‘soft’ bank run that’s going on in the country. Additionally, all wire transfers of in excess of 1,000 EUR will also be subject to the tax.
With this idea, Greece is effectively introducing a capital control in the country, and it obviously would not do that if the situation didn’t demand for drastic measures to be taken. The clock is ticking, and Athens only has a few days left in its negotiations. Someone will have to crawl through the sand to make this story have a happy end (until it starts all over again in a few months)
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I don't know anybody with enough cash in the bank to matter. It's been a long time since I had more than enough to get to the end of the month.
But the socialists are all about the people. They are doing it for the children.
We'll gladly pay your pension tomorrow for your life savings today.
"But the socialists are all about the people. They are doing it for the children. We'll gladly pay your pension tomorrow for your life savings today."
While I disagree with your term "socialist," as it's really Zionism, it is, for power, definitely "about the children." How else are they to keep the ranks of their canon fodder, and soldiers, well manned and ready to be sent forth to steal or be killed?!
Liberty is a demand. Tyranny is submission..
"Raise your children well, so they may serve us well."
And we know it's more like they are doing it to the children.
I would like to update that quotation from Sinclair Lewis
"When fascism comes to America, it will be wrapped in the flag and carrying a cross."
Addendum: and holding a child!
You are wise.
That was what was so puzzling for me during the Bush Jr. regime. These evangelicals would pooh, pooh killing babies, and anything connected to homosexuals or Islam, but offer up their kids as cannon fodder like an ancient sacrifice or something. Very puzzling.
Then I realized that these people were so starved for "connectedness," community, and so full of self-loathing, that they gladly offered up their kids so as to gain just a moment's worth of validly and self-redemption--"patriotism." Very sad.
Liberty is a demand. Tyranny is submission..
I subscribe to the "two-war" theory. That is, if they want a war they must fight me, and all other parents, grandparents, etc., for access to our children. You can have my weapons when you take them from my cold, dead hands, but you'll suffer terribly worse if trying to take my kids.
First, you need to understand poverty, until you understand that, you won't realize why people will sell their 10 year old daughters for $10 in 3rd world nations, and it's even far worse than that, but thankfully ICE Is going after some of the bastards who choose to exploit the poor...
They need more tax slaves, period....
http://galeinnes.blogspot.com/2014/07/a-shortage-of-slaves.html
Oh, pleeze, let's not forget about the exalted teachers, the exalted police, and the exalted fire fighters...and the exalted "public effing servants"...and all the other exalted special groups singled out for special exalted perkolinis. It would seem there's no shortage of supplicants to the system. I'm crying big tears, I wanna be exalted too...
;-D
Biggest mistake of any American's life? You too could have been a civil "servant." In so being, you would have been overpaid to do nothing; need not speak any form of English understood by anyone over forty (aka "proper" English), and worked your ebay biz or watched porn when you were tired of ebaying. Then, after twenty years of those "vacations" (that you didn't take so you could add them to your retirement pay, thereby effectively doubling your "retirement" pay, and those endless government closed days, sick days, and "mental health" days, you can "retire" and take a second government job...leading to MORE benefits and that overpay from govt PLUS retirement pay! Who needs the mafia!
dup
Don't kid yourself; you aren't from the right sex/racial/cultural group to work for the government.
But keep one's soul.
Liberty is a demand. Tyranny is submission..
A friend of mine is a gun and badge thug; A 20+ year veteran of his citadel. Recently, a rookie his citadel hired last year, who financially wrestled himself thru community college for an Associate "criminal justice" degree, quit.
Based on convos my friend had with this guy, the rookie was shocked at the dichotomy between what he thought, and was taught, he would REALLY be doing as a costumed thug. The rookie, it seems, liked to leave the patrol car and talk with the people and request that, say a car, be moved, instead of writing tickets, etc. This did not please his training officer, or the hierarchy one bit.
Unable to comply, and unable to turn a blind eye to the truth, the rookie resigned, and told my friend that he is going back to school to get a BS in business--i.e. leaving "criminal justice" completely.
At least one that desired their soul more than the lucre of money and power.
I down arrowed all 3 of you.
I did the law enforcement thing for 25 years. Back in the late 70's, early 80's, I believed in the American way of life. Protecting that way of life was worth dying for. But the world changed. Maybe I should have known that. Vietnam should have been a warning.
Carter, Reagan, and Bush I were tolerable. The Republic, shaky as it was, was still standing.
Then came Clinton, Bush, and the current buffoon. Together this group of sociopaths and idiots along with the congressional criminals lining their own pockets, hi-jacked what was once a great Republic and turned it into a euro style socialist state minus the benefits. Bankers and politcians use our kids as cannon fodder to bully the world while the gapers chant USA, USA, USA.
We were once a very great country. I was proud to protect the people who still believed we were. Today, there isn't shit worth protecting anymore. These fucking gapers that pull a handle every two years are the enemy. We've been over run with dumb fucks. They are inside the perimeter. Thankfully I won't be laying it on the line for any of them.
Nostalgia- I loved what this country once was. But not this mess- not by a longshot.
lunatic - exc post. is it worth fighting for? of course(not)-not enough understand or care what is really going on. i certainly can sum it by reverting to self preservation with a fuck the fools attitude. the majority control where this goes. not worth fighting for anymoar.
After all we're just another brick in the wall.
Yeah, I want to be exalted too.
"Those that are first shall be last, and those that are last shall be first".
The Bible - King James version
The house of cards is extremely fragile
Can we please stop this comedy, we all know what the end result is going to be
Exit now fools and stop wasting people's life
What I dont get is why they arent buying gold and silver hand over fist. It makes no sence.
Who the fuck still has any of their cash in a Greek bank?
I'm sure they've figured out about direct deposit, "local checks only." An equally good question would be, "Who the fuck still has any of their cash in any bank?" There are certainly reasons.
Janet big dick Yellen and Mario cunt Dragi.
Picture a Punch and Judy puppet show.
Change the names and appearances of the puppets to that of "Yellen," "Dragi," etc.
Liberty is a demand. Tyranny is submission.
I can't answer that, because I don't know the greek word for muppet.
"I can't answer that, because I don't know the greek word for muppet."
"Malakas" SHOULD DO FINE.
https://translate.google.com/#en/el/muppet
History of corrupt leadership..
Plundered productive class..
Suppressed and demoralized citizenry..
That opened the gate for the barbarians in Rome too, didn’t it?
PS.. coming to a formerly representative republic near you.
There never was any representation in a republic or any other form of "government".
And leadership by its definition is corrupt.
Bankers everywhere are fiercely intent on getting all your money one way or another under any guise or deception.
This may be why Pakis, Indians, Chinese, and almost any Asian engages in cash-based business. Same with trades people like electricians, plumbers, etc. ... all cashola.
Remember it all goes back to Goldman Sacks cooking the books so Greece could get into the Euro. No Goldman no current problems...simple!
Well, it was GS with the approval of Kohl, Schroeder, and the French! Could it be they are all in the pocket of high finance....???!!!!! (Trick question)