This page has been archived and commenting is disabled.
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
»
- 136930 reads
- Printer-friendly version
- Send to friend
- advertisements -
lol
Please point us to where capitalism is defined as "You are not allowed to go bankrupt, ever! (at least as a big player)"
The growing number of statist/socialist apologists who read and comment here on ZeroHedge is truly amazing.
>>> Socialism allows the spending of wealth that does not exist.
What nonsense. Wealth can only be transferred from one party to another, unlike money - wealth cannot be spent. Ever.
If wealth does not exist it cannot be transferred.
Spending wealth that does not exist is just as impossible as heating water that does not exist.
"What nonsense. Wealth can only be transferred from one party to another, unlike money - wealth cannot be spent. Ever."
So, it's like energy, always conserved? There is something to that idea. Except the supply of wealth can be increased through production and innovation, unlike energy. Otherwise we'd all be dirt-poor by now.
Socialism is built on the idea of a productive class supporting a non-productive one through redistribution of wealth.
Also known as a dead-end as the productive class always retaliates or simply stops producing eventually.
Socialism allows for the creation of excessive debt that they never intend to payback. Same story ... differnt country!
Debt allows the spending of wealth that does not exist.
Debt = Fake Money - allows Socialism between generations and amoungst society.
Debt is a corrupting force and should not be included in true Capitalism.
Agreed! Particularily debt not backed by liquid assets & only a dubious fiat currency.
Oh, Jesus christ. You guys throwing around your stupid isms as if there was actually a fix for this. Big systems=tyranny. There has never been an exception and never will be. Any autonomous entity larger than village is too big, and you will NEVER have any kind of industrialism unless an elite few control the means of production and everybody else I'd dispossessed. Barring that, who the fuck is ever going to work in a factory?
Lady LAgarde has pulled the plug. The Troika is now in disarry...
So even Juncker cannot solve this unless the ECB changes tack totally along with Mutti...
What an amazing maze of Knossos this has become. Theseus of Syriza looking desperately for Ariane to avoid being gored by the Troika Minotaur!
I've had the bank runs before - but not sure if it was the Greek variety....
If you get the bank runs, make sure you get plenty of liquidities....you don't want to get hung out to dry.....
Don't get caught with your pants down (no cash) out-of-doors, as that could be both messy and embarassing.....
To alleviate the bunghole pain and hemorrhaging you're sure to experience, stay clear of gays, bankers, stock brokers and real estate agents......use a tampon to stem the bleeding....
Eat lots of the only thing you'll be able to afford to eat - rice......
And finally, practice early withdrawal - there's less chance of unwanted consequences and being left with nothing to hold onto....
Ever been real hungry, rice and its storage potential is a Godsend.
>>> Greek Banks On Verge Of Total Collapse:
The Greek Banks need to collapse. It is an essential part of the healing process.
economy can run without banks
I don't think so. Not modernly.
However, new banks can be created by government in a jiffy. And foreign banks who were not previously in the country can be invited to open branches.
Yes, but building wealth is easier with them.
Check the period before banks.
that's a helluva big wheelbarrow !!!
"Be happy, don't worry"...
The Greek people having a destroyed economy, 2 milion unemployed, 1 milion public servants, 4 milion pensioners and 2 milion children in a country of 10 milion people, will pay 500 billion euros the following years to IMF and EU banks and funds....
Yes this is going to be the next GREEK GOLDEN AGE after the ancient Athens of Periklis!!!
Be happy!
You lack real knowledge: it was not the Greek people who did this! It was shemitah people!
Every failure has a scapegoat.
Every success has many taking credit.
don't happy
be worry...
Ukraine is going to celebrate Nuland's coup with a parade. A gay pride parade.
http://mashable.com/2015/06/05/ukraines-poroshenko-supports-pride-parade...
Off topic and mischievous. Even Hitler was nice to small children and large dogs.
Part of Hitler's problem, I think, was that he was a victim of child abuse. His father supposedly beat him mercilessly.
I really don't get the hangup with gays and trans people.
I want other people to mind their own business and not fuck with my personal life. If you want to cross dress or do freaky shit I could honestly care less. This is called being tolerant and civilized.
So you don't mind them teaching your kids that you are abnormal.
You don't do your avatar the slightest bit of justice.
OK, Let me try.....
Fucking Fascist!! https://www.youtube.com/watch?v=w5BjCe0zA8Q
I have a good idea where the Cultural Fascists are heading and my read is that you don't have a clue...
Here is one story that might help elighten you... http://townhall.com/columnists/toddstarnes/2015/02/09/students-opposed-t...
Destruction of the nuclear family.
I quizzed my family as to what percentage of America is LGBTQEOJT.....
Most said like 10% one even said 25%....THREE PERCENT.
3/100 identify as gay/bi/wtvr.....
It's an agenda. You can fuck trees or identify as one, I could care less, but this whole push is beginning to backfire as the great majority of people have no care and think these people are just weird.
But the people that are having these parades and spectacles aren't normal, tolerant or civilized. They exist, just as the TSA does, to demoralize our culture. They are mostly bought and paid for by Soros et. al.
Really, you got a source proving that?
Even if you could link the transaction, it still doesn't rationalize the ignorant vitriol that's targeted at what is simply a meaningless distraction.
In the grand scheme of things, queers and trannies on parade aren't affecting anything - unless you allow them to.
Poroshenko is gay!
They'll find the pot of gold at the end of the rainbow.
http://fortruss.blogspot.ca/2015/06/ukrainian-military-to-issue-draft.html
OT
I see "Dinner with Warren" has only got 7 hours to go. Current bid:US $1,590,100.00
http://offer.ebay.com/ws/eBayISAPI.dll?ViewBids&item=291476022555&rt=nc&...
What is curious is that all the bidders have only 0 or 1 feedback and in some cases are no longer account holders. I can't wait to see the dispute resolution when Unlce Warren gets what he deserves. Zip.
As has been said here MANY times before, WTF still has money in Greek banks?
Bank deposits, for now, belong to bank depositors. None of the banks business whether or not depositors yank. If banks made stupid loans based on someone elses money thats their problem. No need for banks at all.
>>> Bank deposits, for now, belong to bank depositors.
No. Basic misunderstanding there.
When a depositor puts money in a bank it legally becomes the banks money to do with as it pleases and the bank acquires a liability (debt) to the depositor of an equal amount. When you deposit money in a bank you take a risk that the bank will remain solvent or government will stand behind your credit situation. All risks are risks. If you don't want to put your money at risk then don't deposit it in a bank.
Bingo. When you deposit cash at a bank, you become an unsecured creditor. You are loaning them your money.
That's why on a bank's balance sheet, deposits are listed as liabilities. Duh.
Having the cash is considered a liability. That tells you how perverse finance is.
Well isn't debt a liability?
Considering that Cash is a Debtor's Note then Cash is a liability.
It can be traded for assets (hard goods) and services. But what continues to astonish me is that someone will surrender their Hard Goods or services for someone else's Debt. It is quite obvious that people are not thinking about just what they are doing when accepting someone's debt as a satisfaction for their hard goods or labors.
And if you do not believe that CASH IS DEBT (for others, El Vaquero...I know that you know.) then you need to let this quote from Marriner Eccles, Former Governor of the Federal Reserve in TESTIMONY TO CONGRESS in 1941 sink in deeply.
From the Creature From Jekyll Island by Griffin...
(This is disappearing in the memory hole. I did a Yahoo Search for this exchange and got ZERO RETURNS other than Yahoo Answers which sought to ridicule the assertion. Yahoo has become completely corrupted. The Orwellian 1984 becomes more real with every passing day)
WAKE THE FUCK UP AND UNDERSTAND YOUR STUPIDITY, PEOPLE. You are trading away HARD ASSETS and YOUR LABORS for someone else's debts and believe yourselves to be gaining? That is RIDICULOUS..
Judging by how long Greece (and the EU) has lasted, the USA should be good for another 200 years easy.
Yep! It could be a banking holiday starting this weekend.
As long as people can get their money out first I don't care much if the Greek Banks collapse. They're part of the problem.
He who panics first, panics best.
Most of those funds were the borrowed funds that the creditors want back. It is a collasal error in judgement for the people to panic & destroy their banks. It will take 3 generations to get back to where they were before they headed for the hills. A broken banking system will ensure the people will lose their country.
Given how modern banking works, there are going to be more claims to the physical notes than there are notes. Only some will get theirs out should this bank run continue.
Ahhh ...yet another socialist success story to throw on the steamin' pile of self-serving visionary misery & suffering!
Even the BTFATH ers may be releuctant to get stuck in tonight, the Russell is on total drugs here
Democracy started in Greece; Varoufakis is right, the system is rotten, he just says it in other words, more polite. He's frontrunning what will happen throughout the west, the whole planet. The boot is trying to smash his face, it's the boot of a zombie, a living dead. With no fresh meat left, the zombies try to suck the blood out of eachothers assholes. That's where we are bitchez. Hedge accordingly.
A cash market, is a free market
Who knew those dodgy CDS's would come back and bite you cunts in the banking sector on the arse?
From Greece, with love, eh?
Filthy fucking child molesting, or covering it up cunts.
Tick fucking tock.....
;-)
Greek people taking it hard up the ass. Courtesy the Troika.
This is the end game. I interested in what the Keynesians visionaries will be thinking when they see the Greek marxists ripping people and families out of their homes and kicking them to the curb. That is the fini!
Its very interesting to know where all those money goes? EU? USA? Dominicana Republic? Shares/Bond market? Funny, ha? It is going to be a huge party soon. Very soon!
Gosh, who could have seen this coming? Apparently not the "Brainiacs" at the ECB. In the infamous words of Chip Diller, "Relax, all is well!"
www.traderzoo.mobi
Its a sprint not a run. The folks who waited, those who second guessed are going to get screwed over by Monday. The weekend is plenty of time to shut the doors and turn the screw. This should be a warning to us in the USA.
Where is that cartoon that WilliamBanzai put up a few weeks ago?
"THIS IS DRACHMA !!" FUCK THE EU !!
Sounds like the Greek people will be getting a bank hoiliday very soon. When people can't buy food methinks tempers will flare!
Fuck the EU
Gosh. Sounds like something a senior US State Department diplomat might say!
Nah .....
Banks collapse = Societal Collapse. Welcome to marshal law folks, brought to you by Carl's Jr.
What's marshal law? Something with Eminem as a judge?
Yeah at the end he drops the mic and walks away.
think he was refering to "Martial Law" Martial=Military; Marshal = the town Sherrif in the old west
The socialist/marxist politicians are all about bank and society collapse .... in order for them to blame capitalism & rebuild it in their own image and sensibilities. The ultimate terrorists!
Really ? Ask the american indians and read Braudel.
Can I take this thread as an opportunity to ask you fellow hedgers a few questions? I've been lurking here for almost two years reading many articles. I work in the financial industry, but not as a stock trader.
Many of you stack silver and gold. Other than local coin shops, of which I don't have any, do you make the majority of your purchases at APMEX? Are there reliable alternatives to APMEX? Are the prices on APMEX generally reasonable? (i.e. $2 or less over spot per ounce for gov minted coins)
When you buy silver, do you prefer gov minted coins? Or do you prefer the APMEX minted rounds/bars (which are not as expensive)?
Part of me thinks that in a hypothetical collapse of debt based fiat currency, after the dust settles a bit, people would be more willing to accept government minted silver because it is common and would be readily accepted as authentic. Or would it be the opposite? Would such a common coin (such as american eagles or royal maples) be more prone to counterfitting and, thus, suspicion?
Would people accept APMEX minted rounds/bars just as easily as gov minted coins? Or would they likely think they were "fake"? I suppose the answer is to have some of each kind, but I'd like to know what you guys think.
I have many many more questions but I think this is enough for now.
I just want to finish by saying that I am very thankful to have found this site. The independent spirit, cynicism, humor, and intelligence of the posters here has been a pleasure to study. Generally, there doesn't appear to be too much censorship (by Tylers or self-censorship by posters) and that is always a good thing.
I prefer government minted bullion coins with a marked $ or peso value. I have a regular coin shop near me and they give good deals since I'm a regular. My other preference is 22k gold Indian jewelry but there is a hefty premium on that unless you get a special deal somewhere. The advantage of jewelry is that you can wear it on an airplane with no questions asked. This is India's favorite way to buy and for a good reason.
I have had a few transactions with APMEX and found their prices reasonable, they are willing to offer volume discounts, have a broad product line and are Authorized Purchasers from the US Mint (they buy bullion coins directly from the mint rather than some middle man). They also occasionally have specials according to market prices. I have no problem with them and their service is excellent. I have also traded with coin shops. You can also frequently find good prices at coin shows and classified ads in some places.
In my opinion sovereign bullion coins are preferable because there is rarely any grounds to doubt their authenticity, so to require assays. I prefer American Eagles as that is where I live and so far no one has found a problem with them. If you can find $1000 face value US silver coin bags they may also be readily accepted in adversity as specie.
I have purchased from Provident Metals and find them very reasonable and with good service. They currently offer free shipping on any orders over $99. Have also used BullionDirect which has a bid/ask buy/sell service where you can list coins you want to sell or buy and price you want. Other users view the posted bids and ask lots and can place offers on some or all of any lot. The coins are verified by the staff as to authenticity and quality standards before orders are filled.
Obviously it's not the poor pulling money they don't have from an account which already went negative in the past.
So, first step after a Drachma-move should be banning Euro and Dollar from the domestic market.
That would make death official.
>>> So, first step after a Drachma-move should be banning Euro and Dollar from the domestic market.
No, not really.
If you are willing to let your banks go bust and then let foreign banks (or new banks) take over retail banking then you do not need to impose capital controls.
And if you don't impose capital controls then there is no problem having two currencies circulate side by side. Or even more than two.
For example, in Namibia the official currency is the local Namibian Dollar. But the South African Rand circulates widely. Simlarly Gibraltar.
There is, for example, no reason why Greece could not issue the Greek Drachma and hold it at parity with the Russian Ruble (1 percent charge to convert in either direction) for use in pensions payments and shopping. In this scenario if you need to pay government you must pay in Euros, but if you need government to pay you it pays in Drachma.
People who have Drachma would convert to Euros to pay government but pensions and salaries are paid in Drachmae which are tied not to Euros but to Rubles. Shops are compelled by law to accept Euros, Rubles or Drachma, whatever you have. But Euro remains, technically, the only legal tender for debts to government.
Drachma to/from Ruble is regulated at one percent, but Ruble to Euro is free floating.
The Greek government will be PAID IN BOLLOCKS.
in Hyder, Alaska the Canadian Dollar is the primary currency in circulation, the US Dollar is used for buying stamps at the Post Office, but not much else.
If you are hungry how much is a .22 rifle with 500 rds of ammo worth? How much is that squirrel in the back yard worth? PB first then any Govt silver coin,, pre 64 or Silver Eagles will work for barter. Toilet paper, tampons, hard liquor in pints or smaller and cigarettes. All will be hot commodities.
Think it can't happen here? Ever seen your debit card drive through limit? 500 bucks. They already limit what you can and can't do with your own money in the bank. Walk carefully folks. When this one hits it will be like the first time someone landed a good punch on your face. First time it took your brain to register that they actually had the balls to hit you before you realized you were in a fight. This time it is going to hit so fast and so hard you won't have time to react.
I once hit a man as hard as I have ever punched someone and landed it square on his jaw. He just looked at me and blinked and said, "you just fucked up." I was out the door before he could grab me. Long story but I think of him from time to time when I look at today's economy. We have been hearing warning bells for months and they are growing louder. I truly hope for all here you have been paying attention and preparing for your families and futures accordingly.
Worse case scenario you have paper ,, baccy, and bullets. You will use them eventually. Me, I loves me some squirrel and rabbit stew. Love frog legs. I could feed the wife and I handily and quietly but unfortanatly me for me I live in a six county metro area with almost 10 million people. I would have to hit the Road.
Good weekend all. Keep one eye on your bobber.
I'll be eating people. Easier game than squirrel.
Yeah, so societal collapse will happen but all the nuclear reactors will still be maintained?
Not buying it.
But Captain, we've not got enuf power!
Got to absolutely love the irony of it all. Nukes have back up gas/diesel generators for if the power goes out.
Just THREE DAYS worth.
Then the cooling ponds start to heat up and so do the cores.
And I need not tell you what happens afterwards as you already well know.
Seventy Two lousy hours, Knuks.
That may buy a little time...if the masses do not loot the tanks for the diesel fuel beforehand.
And the FSA are not the brightest, are they?
Security is pretty good around a nuke plant. But it does assume the operations staff shows up to work. In New Orleans after Katrina the local police melted away to take care of their own families. Required outside assistance to restart civilization.
I already have a few potential bugout locations picked out. Which one gets used, in the event that I have to use one, depends on how bad things get when the natives start getting restless. If it gets that bad, I suspect that everybody and their dog will be heading to the Gila or to the Jemez, and the streams will quickly get fished out and the deer and elk will get wiped out. Very few people even know the places that I have picked out exist, and they have water. I'm heading out tomorrow for further exploration of what I consider the primo spot for various reasons. I also know how to avoid paved roads while getting away from the population centers. Once I get off the pavement in Albuquerque, I could easially make it 60 or 70 miles without touching it again, and I don't need a map for that.
Anyone who lives within a MSA with a minority population more than say 15% to 20% is in big trouble should the shtf.
I'm not sure what MSA means, but if supply chains break, anybody who lives too close to any population that is not getting fed will be in big trouble if SHTF.
Metropolitan Statistical Area. A bigger city and surrounding suburbs.
CZU CZ455 AMER BA 22LR/17HMR 5
1 $542.79
DROS
1 $25.00
Firearm Safety Certificate (FSC)
1 $25.00
CZ 452/455/512 1" RINGS FOR 11MM DOVETAIL
1 $67.00
LEUP VX-2 RIMFIRE 3-9X33MM MAT FDPLX
1 $474.99
Subtotal $1134.78
Tax $97.63
Total $1232.41
Ammo is extra.
1921 Savage NRA Match .22 w/ iron field and fold up peep sight
1 $25.00 no tax
Plenty left for ammo.
I have several 22s. To me, they're worth not getting rid of. I just remember being able to go drop $1.50 for 50rds to feed the thing. Not anymore. Too many people are hoarding ammo, and the ammo manufacturers have schedules regarding what cartridge is manufactured when based on profits.
I'd tell you also, but NSA would be dispatching a clean-up squad to my pad. "A registered gun is an at-risk gun."
In situations such as these I'm amazed not to see the visionary socialist poiticians who masterminded these problems not hanging from a rope in the town square? It is a bit crude but an effective deterrrent - especially when they are swinging and rotating in the wind!
Isn't it about the 400th time they've yanked all their dough from the banks?
€700 million? That works out about €100 per Greek. Not exactly Armageddon, is it?
If Greek banks were solvent and if it was not part of an accelerating trend, it wouldn't be worrisome.
You seem to be forgetting that it's really adding up by now. Greek private sector deposits have altogether plunged by 50% from their peak levels.
Charts of Greek deposits (private sector only), euro-system financing and TARGET2 imbalance here:
http://www.acting-man.com/?p=37740
I am sure this will be the top story on the teevee tonight....
Second only to Catylin auctioning her pecker for charity
Someone's gonna get stiffed.
I dont know why you are losing ur mind. The greeks endured civil wars during ancient times, persians and ottoman turks. They wont go anywhere.
To the Q99X2, and there are quite a few of us watching Greece now, it all depends on whether or not Greece is going to default.
RIEN NA VA PLUS
+++++++++++
Well EU countries MAY be able to kick the can a little further by going back to their local currencies...what currency would Merika revert to.
Eagle feathers of course.
Seems they workd quite well for an awful long time
Here in the U.S. I am pulling an additional 5000 K in USD just because I need more cash to do business with. I buy and sell all sorts of legal to posses and own shit and I need more cash for a potential deal. I maxed out my my cash withdrawal limit at my bank because they did not have any more significant cash reserves at my local branch. I wrote a check to Mr.s M for 5K and told her I need 4K in hundreds, 900 in 20's and 100 in singles. We have done this before but she had 5k+ in her account. Now she has only $1700. I told her that she will have problems but she says she won't any.
Who will bet that she will have problems? We don't bank at the same bank. She likes to keep her money in cash. Other than shit like this we keep our finances seperate. Place your bets now folks. Will she bring me 5K in cash or $1700 and have problems? I have more than 5k in my account. Enough said.
It is a measure of liquidity.
That is the best Nigerian foreplay scam I've seen in a while. Did I mention I'm making $7000 a month doing part time work on the internet? If I lose some lbs could be more.
please post your bank account details
Fuck off you idiot. The point was that banks don't have much cash on hand and that they follow certain policies. It is all electronic these days you dumb fucker. It is a game I play with the banks once every Friday or so. She got $2700 cash and was told that she had no money left to spend. Right. That is all I need for now because I have other sources. I just wanted the pretty blue bills. That actually matters to some people. A lot of sellers think the blue ink is better. Ok then.
Here are my bank account details....you owe me a case of white rum.
Since I have no idea what you're on about with the banking - i'll accept the fuk off. as for blue pills and rum, I only drink beer ( which I make) so make it 2 cases of same - you'e on your own for wood maker
Do you have anything for sale or what? Let's go here already.
And a good banzai for you too......
Go Greeks !
The Greeks have given up thinking about the future, and are living only in the continual present.
That being the case, they expect the Germans and the IMF to keep providing them with a continual present...
It's the Europeans playing for time in the hope that the Greek government might fall. The Tsipras government is playing for time in the hope that Europe might bend their way. Russia and China wait on the sideline while the US is probably preparing for a colour revolution.
In the meantime bankers keep supplying sewage to maintain liquidity.
Thank God for the vast majority of ignorant people all over the world who haven't fully comprehended that they are in a jacuzzi full of shit.
Give on of those 'ignorant people' one of those ever-more-valuable gold coins of yours. :-)
I've totally lost count of how many stupid things you write/say in a day.
No downvotes, reads, and no replies.
Do not feed the troll.
....and never, under any circumstances, feed them after midnight...
If true, that is a very dangerous game to play, on both sides. Because a jacuzzi full of shit isn't so bad to sit in. That is, until you switch it on.
>>> while the US is probably preparing for a colour revolution.
We are passed colour revolutions, and it isn't the Greek way in any case.
One military coup d'etat coming up if SYRIZA enters into a coalition with KKE.
The Greeks voted for Pappy Pampers Andrew and then ScamMyAss but are pulling out what's left under Alexis tpsiras. Fuck'em.
I've grabbed a can of Mountain House and some gold and am shaking like a leaf under the kitchen table.
Which Greek bank stocks should I put all of my money into to profit from the rebound?
Damned good question. They might turn the banks into pizza parlors once it's all over.
I hope they all run out and buy Silver Bullion now.
A former CO of mine recently attended a gun show. A vendor there always has a bit of 'junk silver' and the COL buys from him. This last show, he had none. He said it was getting very hard to find.
Anecdotal, but there is something going on...
I snagged some online on Thursday and Friday. As I checked several sites I was noticing some gaps in junk silver product availability where certain items/sizes were no longer, and several items were 'out if stock'. Nothing serious yet, but I cannot imagine too many people are selling at this price and with this much uncertainty in the markets and with Greece.
Greece R us
don't look down
may be round up time soon
Concertina wire ya'll
look at the peechers
http://allnewspipeline.com/Aztlan_Fence_Colorado_Divided.php
My theory on Jade Helm - those who signed the petition to secede from the nation may be the target. A dozen states including what appears to be all of those who petititioned to secede are where JH exercises are taking place. No governer of these states has signed these petitions. This may be seen as equivalent to declaring war on the US govt.
No. They are not on the verge of collapse. They were on the verge of collapse 6 months ago...They have passed beyond the verge, into some other dimension of financial ridiculousness. I don't know WHERE they are, but it's nowhere near the verge...
Greece collapsing? Do you really have such hopes? Do you think we Greeks are stupid? Who told you so? You guess so, I think. Well what if I tell you that Greece will make the EU to spit blood, if does not pay Greece the money from massive tax evasion committed by its multinationals. WE WILL NOT STOP UNTIL THE WHOLE WORLD LEARNS WHO THEY REALLY ARE ! You got it? Well, take this for now: A new SOMO report in the Netherlands reveals that while Greece endures harsh austerity measures imposed by the European Commission, European Central Bank and the IMF and supported by the Netherlands, Greece's economic recovery is being undermined by large-scale tax avoidance enabled by the Netherlands. The report, "Fool's Gold", reveals that tax avoidance by the Canadian mining company Eldorado Gold, which uses mailbox companies in the Netherlands, has led to tax losses of at least €1.7 million for Greece in the past two years. If this had taken place in your own country would you still blame the Greeks for not paying their taxes? You see, .... there are two sides in every coin..... Jeroen Dijsselbloem a crook? Never! Varoufakis is a crook.....because he doesn't wear a tie !!! LOL. - More details on the SOMO website, or you can just search "Fool's Gold" :)
I'm surprised any Greeks pay taxes anymore. Especially after all the moral pontificating by the likes of LaGarde, who pays NOTHING herself.
If I was a Greek that's how I'd feel. To be told what to do by those who exempt themselves from the 'doing' gits my dander up...
They just sit around and live off the productive efforts of others, and wait for the money to roll in. Well, I'd be thinking, fuck you assholes, here's a little austerity, coming to an income-stream near you...
Greek banks... Greek banks... oh right... Greek banks! But of course. Greek banks. Sure. Whatever.
If you ask me the Greek people are really dumb, or they would have ALREADY gotten their money out of these failing banks! After all it's not like this was an overnight thing.
Except that it's becoming ever more difficult to pull large sums of cash out of any bank, let alone Greek banks. Reports of that in the UK and elsewhere.
And how long before cash transactions are outlawed altogether to keep your money in the bankrupt system where it's easy for them to skim, tax and steal?
Do you call a Greek that leaves their money in the bank a patriot, an optimist, or just plain nuts?
I think the proper term is "sucker".
The bad news: we're falling.
The good news: we haven't hit bottom yet!
How much will a Greek goat be worth this time next year?
About 1/10th oz of gold, same as now.
The idea that gold has the same value it had 100 years ago is wrong. The idea it will have the same value when the system falls apart is also wrong. The spring is compressed big time and the demand is no where near where it will be when the people, 7 billion of them, need real money instead of paper pretend "money".
And even if the 'people' do not use gold and silver - their central banks had better have a proven pile of gold to show the world or their fiat will go downhill very fast.
The bad news: The EU is cought evading tax in Greece.
The good news: Greece leaves the EU !
A new SOMO report in the Netherlands reveals that while Greece endures harsh austerity measures imposed by the European Commission, European Central Bank and the IMF and supported by the Netherlands, Greece's economic recovery is being undermined by large-scale tax avoidance enabled by the Netherlands. The report, "Fool's Gold", reveals that tax avoidance by the Canadian mining company Eldorado Gold, which uses mailbox companies in the Netherlands, has led to tax losses of at least €1.7 million for Greece in the past two years. If this had taken place in your own country would you still blame the Greeks for not paying their taxes? You see, .... there are two sides in every coin..... Jeroen Dijsselbloem a crook? Never! LOL. - More details on the SOMO website, or you can just search "Fool's Gold" :)
I'm gonna buy me a goat the eats fiat and shits gold!
Anyone here feet on the ground in Greece? What's happening with Greek real estate in the current situation?
My aunt lives on the outskirts of Athens, my uncle worked in shipping (profit share on cargo fees).Anyway, they built a new 3000 Sq ft house in a small village. At one time up to about 5 years ago it would have sold for $500k-$1m. Now they cannot sell at all other than to give it away for pennies on the dollar.In their town the antique store was about to close and put on a sale and buyers came in droves. Now they're a discount antique shop. It seems people still want to shop.Its a nice village but the expensive tavernas have closed. If and when people go out uts for cheap tavernas only.But my aunt doesn't like to talk about it. it's depression.
At least she has 3000sf to while away the hours...
Seriously, is 3000sf really necessary...? I have a small 3-bedroom flat (1000sf) for me, the wife, 7yo, and infant (and two cats). We are fine.
Having a new house built in a LatAm country that is appx 1500sf of livable space plus some outdoor space. It feels like a mansion and is more than enough for our family.
I think people are in a serious need for a readjustment as to just what is "necessary" to live in this new world that we are progressing towards...
When Iceland went trough a deep depression in the crash in 08 and the years that followed there were some people who worked together to create ideas that could make life easier and lift peoples spirits.
One thing that comes to mind is that in a small town in the north east of Iceland some people changed all the red lights on the traffic lights to a heart.
Like this https://c2.staticflickr.com/4/3391/3265417213_a901e2110b_b.jpg
A heart the size of a football field was then added on the mountain side across the fjord.
http://www.akureyri.is/is/ibuagatt/frettir/hjartad-slaer-i-heidinni
I think that if people do something like this for their community it can have a very powerful impact, if it is not done to advertise something or push some special interests.
If it is a selfless act, done only to help, then it can be almost magical.
Small and simple things can remind people that they are alive and they are not alone, they can work wonders.
Fuck them, if you say you have 'x' amount, then you should be able to give 'x' amount. It's not the banks fucking money
"It's not the banks fucking money"...wrong, in the Bankster system depositors are unsecured creditors. I have been unable to find any bank that has an account where they hold your money in trust.
Greece is bankrupt for over 7 years at least and EU denial of this broadly known fact in a sign of collective psychopathology of calcified or rather mummified EU bureaucrats and bankster.
Their minds are so full of imperial rot that they surpassed in their denial and absurdity even Byzantine empire, where dead emperor body sit on his throne for nine months, conducting audiences to foreign dignitaries, including dining and conversation, in atmosphere of friendship and awful stench of decomposing human flesh, before his death was officially acknowledged.
EU asylum is run by murderous mental patients in need of revolutionary treatment of shortening heads namely sane people revolution.
Since it is impossible to pay off the debt in an interest bearing debt based money system the whole world is bankrupt. Greece is just learning it now. One day everyone else will learn it and look back at their high and mighty criticisms of the Greeks to realize the plank in their eye is bigger.
It they were only EU bureaucrats, this is not a big deal. The big deal is, that ....A new SOMO report in the Netherlands reveals that while Greece endures harsh austerity measures imposed by the European Commission, European Central Bank and the IMF and supported by the Netherlands, Greece's economic recovery is being undermined by large-scale tax avoidance enabled by the Netherlands. The report, "Fool's Gold", reveals that tax avoidance by the Canadian mining company Eldorado Gold, which uses mailbox companies in the Netherlands, has led to tax losses of at least €1.7 million for Greece in the past two years. If this had taken place in your own country would you still blame the Greeks for not paying their taxes? You see, .... there are two sides in every coin..... Jeroen Dijsselbloem a crook? Never! LOL - More details on the SOMO website, or you can just search "Fool's Gold" :)