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Greek Banks On Verge Of Total Collapse: Bank Run Surges "Massively" As Depositors Yank €700 Million Today Alone
While the Greek government believes it may have won the battle, if not the war with Europe, the reality is that every additional day in which Athens does not have a funding backstop, be it the ECB (or the BRIC bank), is a day which brings the local banking system to total collapse.
As a reminder, Greek banks already depends on the ECB for some €80.7 billion in Emergency Liquidity Assistance which was about 60% of total deposits in the Greek financial system as of April 30. In other words, they are woefully insolvent and only the day to day generosity of the ECB prevents a roughly 40% forced "bail in" deposit haircut a la Cyprus.
The problem is that a Greek deposit number as of a month and a half ago is hopefully inaccurate. It is also the biggest problem for Greece, which has been desperate to prevent an all out panic among those who still have money in the banking system.
Things got dangerously close to the edge last Friday (as noted before) when things for Greece suddenly looked very bleak ahead of this week's IMF payment and politicians were forced to turn on the Hope Theory to the max, promising a deal with Europe had never been closer.
It wasn't, and instead Greece admitted its sovereign coffers are totally empty this week when it "bundled" its modest €345 million payment to the IMF along with others, for a lump €1.5 billion payment, which may well never happen.
And the bigger problem for Greece is that after testing yesterday the faith and resolve of its depositors (not to mention the Troika, aka the Creditors) and found lacking, said depositors no longer believe in the full faith (ignore credit) of the Greek banking system.It may have been the Greek government's final test.
Because accoring to banking sources cited by Intelligent News, things today went from bad to horrible for Greek banks, when Greeks "responded with massive outflows to the Greece's government decision to bundle the four tranches to IMF into one by the end of the June."
According to banking sources, the net outflows sharply increased on Friday and the available liquidity of the domestic banking system reduced at very low and dangerous levels.
The same sources estimate the outflows on Friday around 700 million Euros from 272 million Euros on Thursday. The available emergency liquidity assistance (ELA) for the Greek banks is estimated around 800 million Euros. In addition, the outstanding amount of the total deposits of the private sector (households and corporations) has declined under 130 billion Euros or lower than the levels at early 2004.
The total net outflows in the last 7 business days are estimated 3.4 billion Euros threatening the stability of the Greek banks.
This means 2.5% of all Greek deposits were pulled in just the past 5 days! Indicatively, this is the same as if US depositors had yanked $280 billion from US banks (where total deposits amount to about $10.7 trillion)
As further reported, the Bank of Greece is set to examine on Monday if Greece will urgently ask additional ELA. However, since one of the main conditions by the ECB to keep providing ELA to Greece is for its banks to be "solvent" (a condition which is only possible thanks to the ECB), one wonders at what point the Troika, whose clear intention it has been from day one to cause the Greek bank run in the process leading to the fall of the Tsipras government, will say "no more."
For those interested, according to IN, the deposit (out)flows in the last 7 business days are as follows:
Finally, for those who missed it, here is the first hand account of the Greek bank run from precisely a week ago as retold by ZH contributor Tom Winnifrith:
Witnessing the great bank run first hand as I deposit money in Greece
Jim Mellon says that the Greeks should build a statue in my honour as on Friday I opened a bank account in Greece and made a deposit. Okay it was only 10 Euro, I need to put in another 3,990 Euro to get my residency papers so I can buy a car, a bike and a gun, but it was a start. But the scenes at the National Bank in Kalamata were of chaos, you could smell the panic and they were being replicated at banks across Greece.
For tomorrow is a Bank Holiday here and if you are going to default on your debts/ switch from Euros to New Drachmas a bank holiday weekend is the best time to do it. And with debt repayments that cannot be met due on June 5 (next Friday) Greece is clearly in the merde. If it defaults all its banks go bust.
But I had to open an account and make a deposit. Outside the bank in the main street of Kalamata there are two ATMs. The lines at both were ten deep when I arrived and when I left an hour later. Inside I was directed to the two desks marked "Deposit". You go there to put in money, to open an account or if you are so senile that you cannot do basic admin of your account without assistance. As such it was me depositing cash and four octogenerians who had not got a clue about anything. Actually I lie. These folks may have been gaga but they were not so gaga that they were actually going to deposit cash, I was the sole depositer.
Friday was also the day when pensions are paid into bank accounts. On the Wednesday and Thursday it was reported that Greeks withdrew 800 million Euro from checking accounts. Friday's number will dwarf that. Whe you go to a Greek bank you pull off a ticket and wait for your number to be called. The hall in my bank contains about 60 seats all of which were filled. There were folks standing behind the seats and in fact throughout the hall, all wanting to get their cash out before the bank closed at 2 PM.
At the side of the room, shielded by a glass screen sat a man behind a big desk. He tapped away at his screen and made phone calls. Ocassionally folks wandered over, shook papers in his face and harangued him having got no joy elsewhere. So I guess he was the bank manager. I rather expected him to end one phone call and stand up to say "That was Athens - all the money has gone, its game over folks." But he didn't. He may well do so at some stage soon.
Eventually I got the the front of my five person queue of the senile and opened my account. Passport, tax number, phone number all in order. I handed over a 10 Euro note and the polite - if somewhat stressed - young man gave me about ten pieces of paper to sign and stamped my passbook. I have done my bit for Greece and have given it 10 Euro which I will lose one way or another in due course. So Jim - time to lobby for that statue.
The Government did not put up a default notice on Friday as I half expected. The can kicking goes on. The ATMs will be emptied this weekend and on Tuesday and in the run up to a potential default day next Friday the banks will be packed again with folks taking out whatever money they can.
It is not just the bank coffers that are being emptied. To get to The Greek Hovel where I sit now from my local village of Kambos is a two mile drive. On my side of the valley there is some concrete track but it is mainly a mud road. On the other side of the valley there is a deserted monastery so to honour the Church - even if there are no actual monks there - a concrete road was built in the good times. By last summer it was more pothole than road.
By law, since I have water and electricity, I can demand that the road be mended and so last summer I went to the Kambos town hall (4 full time staff serving a population of 536) and did just that. They said "the steam roller is broken and we have no money but will try to do it in the Autumn." They did not.
But last week a gang of men appeared and the road is now pothole free, indeed in some places we have a whole new concrete surface. And as I head towards Kalamta there are extensive road mending programmes. At Kitries, the village has found money to renovate its beach front. It is a hive of activity across the Mani.
Quite simply each little municipality is spending every cent it has as fast as it can. The Greek State asked all the town halls to hand over spare cash a few weeks ago to help with the debt repayment. The town halls know that next time it will not be a request but an order. But by then all the money they had hoarded will have been spent. That is Greekeconomics for you.
Everyone knows that something has to give and that it will probanly happen this summer. The signs are everywhere
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DRACHMA BABY!!!
Credit Default Swaps, baby.
"Delay is not Default" said somebody with skin in the game
Like dominoes they'll fall, coming to a theater near you, and soon!!!!
It is beyond me, why they had 700 millions in banks up to today. They should've taken them long long ago.
exactly, isn't "greek deposit" and oxymoron?
A very "strong" one.
God forbid! Don't let the MSM see or print this.
This needs to be adapted for bank runs:
https://www.youtube.com/watch?v=pyCPhIjmk-s
The DEATH OF FIAT MONEY is close at hand. It's just a matter of time. Which is why investors purchased a RECORD number of Silver Maple Leaf coins Q1 2015:
Canadian Silver Maple Leaf Sales Hit New Record Q1 2015
http://srsroccoreport.com/canadian-silver-maple-leaf-sales-hit-new-record-q1-2015/canadian-silver-maple-leaf-sales-hit-new-record-q1-2015/
I've been trying to warn the masses for years now....
http://galeinnes.blogspot.com/2015/04/the-aftermath-of-corruption.html
Annnnnnddd..... ITS GONE!!!
Welcomen to Ze Country Formerly Know as Greece.
> In other words, they are woefully insolvent <
If the truth were told, it's pretty much the same here- except here, we have a print button.
I picture a Fed Party as kind of like this:
https://www.youtube.com/watch?v=PbI3N2chwww
Except it's "PRINT MOTHERFUCKER PRINT MOTHERFUCKER PRINT MOTHERFUCKER PRINT!"
There once was a man from Nantucket,
Who's Drachma was as big as a Phukit,
He went out to Brussel,
Got into a Tussle,
And told all of the EU to suck it.
That's pretty smart. This kind of stuff always happens on a weekend.
They'll have the massive gold surge under control by Monday.
Wait a minute. There are $10 trillion deposited with US banks? What the fuck? Thats about $30,000 per head of population. I don't know too many people with that much deposited. And it doesn't include mutual funds, 401K's etc.
A bail-in here would do a lot to prop up the system another decade or two. I can see it coming....
Unfortunately so can the people who own most of the $10T
They have to seal the exits before the race is on
when will this nightmare of a train wreck end already????
An eternity obviously. Know where you are yet?
The algos will be tripping on Monday... :D
Poor Greeks. Someone, probably the arch rewriters of global history, the Romans, aka the WOEmans, started to refer to the Greeks as the Hellenic people.
Hell, the word obviously derives from Hellenic.
Greece has been, for it's white beauty, known as Hell on earth for 3000 years.
Took a while for them (the Romans, who are of course still in charge and still hate how bad they are the world as it is), but finally, it looks like the Hellenes are going to Hell.
HEAVE-n is merely raised...heave-ho to heave-n!
Guitar heave-ing in case you missed it...
https://www.youtube.com/watch?v=lk1TSBW_368
I've been hearing about the collapse of Greece for ages. Yet it still stands. They aren't leaving the Euro. Meet the new boss. Same as the old boss.
I've got Ten Trillion in Zimbabwe Notes, is there an easy conversion to Drachmas?
"they arn't leaving the Euro "
LOL, want to bet cookie?
In my experience , this is it, the bank run is the nail in the coffin.
They default in the next 10 days.
Hades? Gehenna?
Oh...What the hell.
You can check out anytime you want but you can never leave.
Oh, I get it now. I thought he was talking about the DMV. Or a clinic waiting room, or a voice-phone tree. All kind of the same thing, really.
You can still buy a gun in Greece?
"You can still buy a gun in Greece?"
Of course you can. I don't know if gun ownership is legal in Greece, but that is not what you asked.
Gun ownership is not exactly legal in Greece. In order to own a gun you have to get a permit, and that if you have a valid reason to be carrying. The only legal ownership of weapons was by people living in the borders of the country. After finishing with their mandatory army service, those Greeks that lived in the borders were allowed to keep their G3's at home, as a precaution in the case of an invasion by a neighbouring country. 2-3 years ago, the government abolished this law, taking the weapons from those particular Greeks. It is believed this happened because the politicians were afraid of armed revolts.
My G-3 was lost in a 'boating accident'.
Almost stopped reading right there. Good stat to spread to the masses, even if you still get a blank stare. $10.7T in deposits. How much 'money' is there, exactly? $3T? I would think the average persons perception is that even if they know the bank doesnt have their 'money', that at least the 'money' (as in dollar bills) is sitting somewhere...
non stop Bitchez non stop
My thoughts exactly. Monkey-hammer that bitch down below $1100.00 again. Jamie Dimon needs another short on PM's.
I'm out bitchez!!!
This is the uber rich .01% attitude toward the rest of us.... https://www.youtube.com/watch?v=avaSdC0QOUM
Boating accident in 5...4...3...2...1 And nothing of value lost.
Well, maybe the boat.........
Those Greek mattresses must be stuffed with drachmas by now, eh.
+10,000 World insolvency. Pushing the "default" label (and that is all it is at this point) around the global map.
Agrentina
Greece
etc.
"Which is why investors purchased a RECORD number of Silver Maple Leaf coins "
From what I hear Ted Butler say the retail pm market is slow and those sales are JPM stocking up
Now look closely because the US is nearly as insolvent as Greece. The Greek people are protecting themselves by taking out cash. If the Keynesian economists have their way and ban cash, we will not have that freedom.
I hope someone tells us if anything goes back in on Monday. Cyprus told everyone that keeping it in the bank over a weekend is a BAD idea. Some will go back in on Monday but will it be swamped by other withdrawals?
Taking your own money out of your own bank account?
Be careful; that's what got Dennis Hastert indicted:
http://www.nytimes.com/2015/06/06/upshot/when-its-a-crime-to-withdraw-money-from-your-bank.html?smid=tw-share&abt=0002&abg=1
No longer convinced that we'll see the end of Western goats or that the USD will get dethroned anytime soon.
Reason being... the trio of trade agreements that the US is fevereshly trying to get enacted, comprise the majority of world economies, and thus ensure the continued dominance of the USD. Else, if need be, they synchronize and switch to the SDR for Balance of Trade payments between Club Fed & Friends/Serfs.
Under this scenario, which I am now certain the US Neo/Zio-cons are pushing for, the rise of the Yuan will be 'contained' or limited. And in this version of Risk, I do not think the BRICS will move fast enough.
The objective and smart person will hedge their bets accordingly, the rest will not.
Add this to your information and reassess.
The Derivatives Meltdown begins...
From Bix Weir...
Sometimes it takes reading the small print.
When Deutsche Bank announced that they are "internally investigating" $6B of suspected money laundering by their clients it just looked like another run of the mill money laundering case. A big one but one that can be nestled away in the attic with paying a few fines and taking a couple write downs. But what they describe is NOT a money laundering scheme but rather a problem with their derivatives book!
Deutsche Bank Probes $6B Suspected Money Laundering
http://www.reuters.com/article/2015/06/05/us-deutschebank-russia-idUSKBN0OL24220150605
"Deutsche Bank was investigating whether its employees in Moscow may have helped launder at least a triple-digit million-euro amount of money through the purchase and sale of over-the-counter derivatives in Moscow and London."
Hmm...$6B in bad derivative trades and 3 employees already fired at the largest derivative holding entity in the world. Also, Deutsche Bank was the largest bank to fail the latest stress test in the US. Hmm...
This will surely only get worse as the Greek credit default swap holders line up for payment.
It's getting hot out there!
May the Road you choose be the Right Road.
Bix Weir
www.RoadtoRoota.com
Good catch Tom.
What they forget to mention is always important.
Hmm, good info and insight, TT. Re-assessing... re-assessing...
That's a valid point, i.e. the dangers of extreme over-leveraging in the monstrously huge Derivatives Market, that swamps everything else in comparison.
The goal then would be to (a) Maintain a Dynamic Balance in these markets (offsetting bets), lest you have the DB problem you cited, and (b) use Safety Valves and Firewalls in an extreme and cascading/domino-effect perturbation.
I'd imagine that this is the part where they hire the Best & Brightest to keep the fiat Ponzi Casino going, to keep the likes of Dimon richer than us and Lord Bankfine doing God's work... and keep it going long enough to win against the Chinese/BRICS.
Except..uh..Except..uh...What is there to win?
A whole bunch of worthless, empty, paper promises to pay 15 times that which actually exists in real and tangible assets?
They are absolutely insane.
There is no winning. NONE.
In Global Thermonuclear War, or in Global Derivative Market Meltdown, the only winning move is NOT TO PLAY. They are both just Weapons of Mass Destruction.
(I may dislike Warren Buffet but he was right when he declared that the Global Derivatives Market was a Weapon of Financial Mass Destruction. That was an honest and accurate description.)
I am utterly and totally shocked that they allowed this to happen. I did not expect it. I really thought the FED would give them a Backdoor Bailout. Are they fucking stupid?
Agreed TT. Winning fiat is not winning. Its about maintaining the system of power over others. Marco Polo decided to leave China when he sensed that Kubla Kahn and his fiat system were looking toppy. Yes it would be dangerous to try to travel back home to Venice, but he reasoned even more dangerous to remain in the chaotic collapse of the Empire.
Oh this gets much worse...
Let's add in Housing Crash and Foreclosure Wave II
You must undeestand that even if you did not orginate one of these TIME BOMBS and your neighbors did then when your neighbor DEFAULTS then your HOME Eqity declines as a result of the new supply being added to the Real Estate Market.
Enjoy...After all...They were only looking out for your best interests, right?
from https://homes.yahoo.com/news/265-billion-wave-thats-crush-130038955.html
"GREEK DEPOSIT" = What Obama leaves up in Ben Finkenbinder's colon
I think you've got that backwards my friend.
Exactly- Obama is just a puppet and does whatever the hand thats up his ass tells him to.
Seems to me the Greek Govt knows what it's doing here, if there going to convert out of the Euro (which will still exist and have value) there slowly signaling to there population to run the banks and get as any euros out of the system as you can!!!
Delay and withdrawal, it's almost like there being advised u the Chinese and Russians on this? Hmmmmmmmmmm
God forbid! Don't let the MSM see or print this.
The MSM has become irrelevant.
The sheep are awakening.
The responses to Jon Hilsenrath on his open letter has revealed just how incredible the MSM has become....And the WSJ readers know it.
Zerohedge is in the top 1% of all websites frequented.
At this point it is now just too damned hard to hide the truth.
We are winning the battles for the minds.
Now we need their hearts.
Done
The fork was repossessed. It burns.
If anything collapsed, it was the WTC towers, that too purposely. Question is : by who? We know the why.
9/11 is the day when US collapsed when we look back at history, another 10-20 years from now.
Greek or Portuguese or Cypriot or Mauritian or Spanish or South African banks..even American banks pale in comparison! After all, it's only money, while 9/11 was changing the course of history on live television! It was the best Hollywood production ever seen that too LIVE!
This new footage, coming out 14 years later, confirms it was an inside job, with nano heat explosions, military helicopters et al.
Don't worry about Greek banks, the Chinese bought the failed largest bank of Portugal, bailed out Russia's ass over the last 1 year, gave billions to Argentina and Venzeuela, gave 45 billion $ to Pakistan.....Greece will only be the next step of the new paradigm of the 'Chinese world' instead of an American world! Americans will be de-americanised unfortunately for them.
Watch and enjoy self destructive America at its very best!
PRE-EXPLOSIONS UNDER WTC TOWERS CAUGHT ON VIDEO/AUDIO TAPEWhy spend 1 hour and 41 minutes of your life to convince yourself it was an inside job when anyone who has spent more than 10 minutes looking into it knows.
The cores of WTC 6 and WTC 7 were blown before either tower fell. Pretty tough to pull that feat off with 2 jets.
High resolution photo... enjoy!
http://i.ytimg.com/vi/g81GShWsx78/maxresdefault.jpg
Or just listen to Barry Jennings who was in WTC 7 when they blew out the core (stairs are there)
https://www.youtube.com/watch?v=OmeY2vJ6ZoA
Thanks.
We all know it was an inside job.
This was a different perspective from a different angle of a video and released today with more evidence of bombs with real media persons talking on radio and TV of the same which has all been erased from every official report.
Until they can outlaw file sharing and memory devices... 9/11 will continue to be "The turd that will not flush"
His name was Barry Jennings.
RIP Barry Jennings. Funny in a sad way how they forgot to tell the black guy not to show up at the NYC emergency control center. The only other official he meets there is an obvious ZioCon insider, doing a sweep who escorts Barry out. Barry talks about walking over dead bodies in the lobby, killed by the explosions. Serves them right that Barry let the cat out of the bag before he suddenly got ill and died.
talking about corruption now.... for hours the buildings were in smoke and no fire fighting airplanes in sight...
unbelievable........ this video blows my mind
https://www.intellihub.com/quite-possibly-the-best-911-footage-released-...
Talk about murder. MASS MURDER. Of US citizens. In broad daylight. On live TV. By those who rule.
Haaretz 9/11 Cartoon.
9/11 MASS MURDER in broad daylight and the justice department is doing nothing to investigate what happened and by whom... those towers were brought down by controlled demolition charges intentionally by a certain group or government in order to stir the public sentiment and direct it toward a certain enemy implicating the American sheeple to yet another war... thats called systemic corruption similar to the systemic corruption in Greece... For 5 years now they are killing people indirectly through austerity measures with no end in sight...
Tough crowd.
Looks like their are a lot of Bin Laden believers out there today...
Okay... how about some CNN News footage of the damage to WTC 6 from September 11th 2001?
https://www.youtube.com/watch?v=EVs4oMQEpvs (1 minute 37 seconds in...)
No. There are a lot of Disinfo Israeli Agents combing these threads.
They do not want the truth exposed that ISRAEL had inside knowledge which was exposed on Late Night Israeli Television through a inadvertent statement by a Mossad Agent that they were over in New York "...to DOCUMENT THE EVENT" rather than to PREVENT THE ATTACK.
You can HEAR those damnedable words UTTERED FROM THEIR OWN MOUTH if you can understand Hebrew on this VIDEO CLIP.
https://youtu.be/tRfhUezbKLw?t=1m20s
WE WILL NOT FORGET.
REMEMBER THE USS LIBERTY.
REMEMBER WTC 9/11
We will NEVER FORGET THE ATTACKS...NEVER.
Fuck you MURDERERS.
Thanks Tall Tom...now I know who is downvoting me...lol. loud guffaws!
You know that Downarrows do not change the truth.
Only to those who seek to be telling a lie does a consensus matter.
(The liars need to know if they are affective. That is the reason consensus matters so much to them.)
You spoke truth, Tall Tom.
Speak the truth- and do not worry about the up/down votes.
Ever.
9/11 is the day when US collapsed
The Archduke Ferdinand moment.
Wait until the "bundling" period is over. Then they'll use the 30 day "grace period". After that the "exigent circumstances emergency period" and we'll all be here in June of next year wondering if Greece is about to imminently default.
I must be extra grumpy today.
Naw, they've just kept the shitshow afloat longer than is logical. Not grumpy, just cynical, expecting a crash any day. When it finally does hit, even those of us expecting it are probably going to be surprised.
But that's the EU keeping the shitshow afloat, not the greeks.
Inquiring minds wonder why... no, don't look at the big European banks, I said no LOOK ELSEWHERE!
Nah... the European banks have largely unloaded their toxic Greek IOU's onto the ECB, IMF and friends. But it is a fight for survival we are witnessing.
It's the subsequent bank-runs that risk killing the EU and thus any hope for the much awaited NWO. That's why the ECB has to keep Greece in AT ALL COSTS and seal the exits with capital controls and move quickly to a cashless economy.
I suspect the Spanish, Portuguese, Irish and Italians etc. will be taking notes as to what happens to their money when their their own countries finally go broke...
personally, I will be fucking shocked. I will be watching it unfold in front of the TV, and still not believe its actually happening
Check it, it's real.
https://www.youtube.com/watch?v=IOehFesxJ9Q
Silly Greeks. Had they gone cashless, pesky banks runs would have been contained. Now they must live with uncertainty and unsettling self determination.
Miffed
Don't use harsh words like grace, exigent or emergency. Think positive and call it "happy stabilization period".
Regardless, the Greeks have to close a deal (with someone, who will pay them something).
There simply isn't enough Greek government money on deposit the Greek banking system to pay the ECB. If they can't close a deal, then they "could" print EUR and borrow Bernanke's helicopter to fly it to Brussels, or they bounce a check/wire and hope no one notices.
The Greeks could just offer some credit accounts that add 10 euros a month to the account if you open an account with 500 euros that must be held in the account for 5 years. See easy you then use that money to pay any outstanding loans. Kick that can.
The thing is that Greek banks alread have 70 billion in time deposits, and those 70 billion in CD's and other time deposits are included in the 133 billion figure above.
So there isn't actually 133 billion that can be withdrawn from Greek banks.
And given the capital and liquidity deficiency of Greek banks they won't be able to sell time deposits to anyone (other than the Greek government) at affordable prices.
When the bundling period is over, they'll either have overpriced insurance OR a cable television package which includes crap like Lifetime Movies, CNBC, or the Faux News Channel.
I am not sure who is withdrawing funds at this point. The Greeks are at least marginally smart - wouldn't they have already got their money out? This must be the very LAST 700 million.
Who cares? I'll let this shit sort itself out and if it's good enough, buy the whole show on BluRay off Amazon for 40 bucks, just like Breaking Bad.
I forsee a future of all-night-marathons on Netflix watching the collapse of the Euro....
Yeah, until the contagion travels from the European subsidiaries of US banks back here.
*Makes Popcorn*...Thats NEXT Season....*Spoilers*....Don't ruin it for me!
Spoilers? This is like predicting the end of Star Wars Episode III based on Episodes IV, V & VI.
[quote]
Moses came riding up on a guitar
His spurs were a-jingling, the door was ajar
His buckle was silver, his manner was bold
I asked him to come on in out of the cold
His brain was boiling, his reason was spent
He said if nothing was borrowed then nothing was lent
I asked him for mercy, he gave me a gun
Said Now n'again these things just got to be done
Abraham and Isaac
sitting on a fence
You'd get right to work
if you had any sense
Y'know the one thing we need
is a left-handed monkey wrench
Gideon come in with his eyes on the floor
Says: Y'ain't got a hinge, you can't close the door
Moses stood up a full six foot ten
Said: You can't close the door when the wall's caved in!
I asked him for water, he poured me some wine
We finished the bottle then broke into mine
You get what you come for, you're ready to go
It's one in ten thousand just come for the show
Abraham and Isaac
Digging on a well
Mama come quick
with the water witch spell
Cool clear water
well you can't never tell
[/quote] - Grateful Dead, "Greatest Story Ever Told"
(Sigh), all the Greeks need to get to work is a "left-handed monkey wrench!" :>D
Wake me when the walls cave in!
We aren't even close to panic. Merkel caves at that point. Tick Tock Tick Tock....
if greece is supposed to admit bankruptcy so should the rest of the world, starting with the instigator of worldwide unrepayable debt: the USA.
USA bankrupt? DAS RAYCISS! Incoming -1 from secret zion agent...wait for it!!!
And there it is. ZH Snob does get the predicted visit from the secret zion agent. One wonders why he skipped you on the drive by, TalkToLind.
A Greek classic on this very subject
http://youtu.be/Q9cD3tyfKsI
"The Greek people are anarchic and difficult to tame. For this reason we must strike deep into their cultural roots: Perhaps then we can force them to conform. I mean, of course, to strike at their language, their religion, their cultural and historical reserves, so that we can neutralize their ability to develop, to distinguish themselves, or to prevail; thereby removing them as an obstacle to our strategically vital plans in the Balkans, the Mediterranean, and the Middle East".
- Henry Kissinger
So many fevered egos. so many servants of mammon...
Faster please!
"Pull it."
yaaaaaaaaaaassssssss freewolf7
Faster? There’s 11 million greeks, that’s about what? 70 euro’s per person?
A real bankrun would be 3 billion a day.
But the banks are broke and Greece just defaulted because it didn’t pay.
At the end of the month:
1. WAGES NEED TO BE PAID!
2. GREEKS GET VACATION MONEY IN JUNE!!!! TWICE THEIR SALARY!! HA HA!!!!! NOBODY REMEMBERED THAT ONE NOW DO THEY?
3. PENSIONS AND SHIT, AND SOCIAL SECURITY AND CRAP
4. THEY NEED TO PAY BACK 2 TIMES WHAT THEY NORMALLY HAD TO PAY AT THE END OF THIS MONTH!!
NO WAY NO WAY THEY CAN PAY THAT!!
The clock is ticking for the greeks, they’d better run to cash, silver or gold. And he who thinks about it is doomed and will be begging for scraps in 4 weeks time. Even those who think the have money and a job.
Essentially this, don't forget they have 30 days from last months IMF schnanagens to repay their drawing rights. E.g., they have gotta cough up 750m within the next two weeks.
Then again, the EU/IMF will let it slide like they did Spanish EFSF contributions in 2012.
The EU/IMF/EMZ shitheads love the rules when they work in their favor, when they work against them -- well, they are more or less guidelines.
EDIT - I am 100% confident they can kick this car as long as the Greek banks remain solvent. The breaking point here isn't the Greek government being unable to pay its debts, the breaking point is the Greek banking system. Only then will we see stuff start to happen.
WelL, that 750 million is needed for the vacation money like I said so they won’t pay up.
My guess is that they try to keep everybody working for the summer because tourist season is a profitable one for them.
The question is who’s still going on vacation to greece.
And with the proceeds of summer they’ll try to pay down the IMF.
people who refuse to pay taxes but then keep deposits at the bank are a special kind of stupid...
Won't they be surprised when they find out the 700 million euros they just withdrew is worth diddly squat?
Really? You'd rather have Euros in a Greek bank than in your pocket? Only a fool would have money deposited in a Greek bank now.
Shit, I pulled my money out of US banks. I keep enough at the bank to cover bills and 10% more.
Obviously they have defaulted and a bank run is now in progress.
So now what?
We all hold hands and sing Kumbaya
I keep trading $$$ for silver.
:)
Thats funny as fuck
Isn't that what kum-by-ya means?
Fuck?
Exactly, what do they expect, Tsipras himself to come out on TV and say, "we have defaulted!"? This is what a default looks like.
True enough, but why don't the credit default swaps kick in? Banksters warping paper to play CYA ... again. Specific risk pushed off onto systemic risk until the system can't hold up anymore.
So now they fire up Jade Helm 15 to let everyone in America know that the FEMA Camps are built, TBTF is 100% overvalued, the stock market is 100% overvalued, and it's time for the biggest CRASH ever to hit the NYSE that has ever existed in the history of Wall Street and America.
NOTE: Do not resist the BORG of debt and deficit when it comes home to haunt you for the rest of your natural life, America. The BORG will not be stopped until it has consumed enough people to eliminate threat from those that control the BORG. What controls the BORG you may ask? All the money you have everywhere, America.
Pay up, SUCKERS.
If they would just get rid of cash they wouldn't have to worry about bank runs...
Im watching live, I like the fat guy!
i can't believe there was still that much money left in greek banks to begin with
There wasn't that much to begin with.
There was only half that in demand deposits.
Anyone want to bet $1 American dollar the Greeks go belly up this weekend? If I had a CDS I'd be checking in with my Lawyer...
sounds about as successful as shorting the "market"...
The show will continue until the last 11 EU countries get their bail-in laws in place by the end of July. Then the cascade begins and Jade Helm will go live in the US.
Re. July - this translated Russian article predicts a Ukie attack on TransDeneister by mid-July, with NATO troops as tripwire in the way, leading to a larger war. It ends with this ominous quote from Churchill
"Whoever between shame and war chooses shame, receives war and shame at the same time".
http://fortruss.blogspot.com/2015/06/west-vs-russia-point-of-no-return.html
they have a month to hash it out
now we're talking Drachma deliveries and all that stuff
not making the payment today was crucial
IMF is pissed and Lagarde may just have to resign this month
Only question now is:
1) ZATO to the "rescue?"
2) False-flag? "Bang you're dead. I shot you in the head with my AK-47, so you're dead. Now fake dead. Damn it! Activate your blood squib!"
Liberty is a demand. Tyranny is submission..
As Zion sees it, a lot of sheep in Greece, and most of them have two legs.
The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun.
Eclisiastes 1:9. More or less.
KJV. Gotta love Shakespeare.
The Greeks know what is coming. Stock up real value using your fiat currency while you still can.
MOAR Toilet Paper, they learned something from Venezuela.
Be careful where and how you store it. Mice seem to like it.
Is it possible that Greeks awoke to the fact that its' elected officials are a FARCE, and that nothing is going to be fixed?
As I said before, check Greek social media for the # of barter sites that have suddenly appeared.
the show is just getting started
no blood on the streets just yet
The party is over .... only an epic hangover is left to enjoy!
This afterparty is just getting started.
let's see what kind of man Tsipras really is. He has an opportunity to be remembered as a true hero and martyr. Enough is enough!
P.S.: 133.7*40% = 53.48, ELA = 80.7. The needed bail-in haircut would be more around 60% without ELA!
If the euro was still trading against the dollar at $1.40 this run would have been a cool trillion euros. Alas the purchasing power ain't what it used to be.
PS I bought silver yesterday with $$$
:)
That one guy did open a bank account in greece last week. I think he put in 10 euro.
in other news, greek bank deposits go up 100% last week, lol
Manic Monday for the markets and the dollar will drop like a rock
Socialism allows the spending of wealth that does not exist. Those who lent the funds for the purchases (of goods, services and votes) will be the bag holders. All of Europe is essentially the same. Wait til folks learn they are being paid way more than what theit labor is worth in a world marketplace. Those Chinese can do the same job for less. Just because China has been poorly paid for a few generations does not mean it will be that way forever.....and when I say 'China' I include Viet Nam ,Thailand, Tiawan, Cambodia, Malaysia, Singapore and soon to be Burma and probably many countries of Africa. In the future you'll have to be unique and talanted to get rich...not just born in the right country. I suppose crime will stil pay well too however.
Capitalism allows the spending of wealth that does not exist; its the bubble o nomics cycle of Reaganomics and its all spent in the Casino of short term steroid pumped plays.
Statism then tries to increase taxes and government spend to create demand that liquidity crunch has killed due to Capitalist gridlock. Whence this perverted Oligarchy controlled statism today; which has nothing to do with FDR's version as Glass Steagal does not exist to ringfence the deposit banks and fuel demand not speculation.
Thats what happened in 1929; and inspite of a printing press today thats what's happening again as the press only feeds the Casino bubble. There is no liquidity for the real economy as all horizons are now blocked or lost.
What the heck are you talkin' about? Capitalism creates wealth (not spend it) and allows for the most efficient allocation of energy & resources. Current QE state sponsored facism misallocats and malinvests critical resources necessay for effectively free market capitaism that benefits all. We are seeing a replay of the 20's just many orders of magnitude worse. Those 'robber barrons' greatly benefitted from central government legislation & self interest mismanagment. It had nothing to do with capitalism in its purest form.
capitalism leads to wealth concentration and in societies of the 1% with extreme inequalities, corruption, injustice, war.....
Wrong! Only state sponsored cororatism/facism allows that to happen. Capitalism does create unequal results but much higher standards of living for all. What we are witnessing today is a 100 miles away from Adam Smith type free-market capitalism.
OK then... where on this planet is true capitalism implemented correctly??
Cronyism, not free market capitalism is what leads to those things. I know, they both start with the letter C and end with "ism" but there's a pretty huge difference between the two.
Cronyism=Facsism when it's carried further than the local po-dunk town watering hole. Welcome to America 2015.
FRAUD allows the spending of wealth that does not exist. You can add any ism you like to that.
Fraudism?