"Bank Holiday" Preparations Begin In Greece, Lines Form At Athens ATMs

Tyler Durden's picture

The writing has been on the wall for quite sometime.

Deposit flight from Greece's ailing banking sector has been running north of €500 million per day this week as the threat of capital controls casts a pall over the Greek government's efforts to reassure the public and head off a terminal bank run.

Sparking a panic has been the most powerful tool at the troika's disposal to bring PM Alexis Tsipras to the negotiating table and force Syriza to either concede to pension cuts and a VAT hike or risk social and political upheaval in the face of dark ATMs and public protests - we said this first in February and finally even the Greek government realized just what game Europe is playing.

Until now, Greeks had taken the barrage of headlines in stride with a stoic fortitude that would impress Marcus Aurelius but now, it appears as though the 'institutions' might have finally broken their spirits.

Earlier today, the ECB agreed to lift the ELA cap by just €1.8 billion, far less than Greek banking officials had requested and probably just barely enough to cover Friday's withdrawals. And so, as Europe's "Lehman Weekend" may finally be kicking off, the ATM lines are officially forming as Greeks prepare to be 'Cyprus'd' and as the country stares into "template" oblivion.

What is perhaps more shocking is that anyone still had money in Greek banks at all...

More ATM line photos from Corriere:


And in yet another sign that the next week may be the beginning of the end, Cyrpus is preparing for a bank "holiday" in Greece:

Bank of Cyprus, Cyprus’s largest lender, is preparing for an extended bank holiday in Greece as continuing deposits outflows may force authorities to take this type of step and impose capital controls.


“We are preparing to facilitate our customers with operations in Greece with additional liquidity,” a Bank of Cyprus source with knowledge of the situation said on condition of anonymity. “This is something we don’t want to see happening”.


The source said that in recent days the bank saw an increase in deposits inflows, both from Cypriot and Greek depositors, amounting “hundreds of million euros”.


Reuters reported on Thursday that European Central Bank Executive Board member Benoit Coeure told euro area’s finance ministers that he was not sure whether Greek bank will be able to open on Monday.


The Bank of Cyprus source also said that the bank cannot be ruled out that a bank holiday in Greece could also affect the Cypriot banking system via the units of Greek banks operating on the island in the form of deposits outflows.


The source was not in position to name the amount in additional liquidity the bank will need in the case of a bank holiday in Greece nor the number of its customers that would be affected.


“In that case, a bank holiday in Greece could also prompt Cypriot authorities to also impose a bank holiday in Cyprus,” the Bank of Cyprus source said.


Finance minister Harris Georgiades who was talking on state radio CyBC today said that the units of Greek banks operating in Cyprus are not affected by what is happening in the cash-strapped country.


“There are in Cyprus banks of Greek ownership,” he said in reference to ?lpha Bank Cyprus Ltd, Eurobank Cyprus Ltd, National Bank of Greece (Cyprus) Ltd and Piraeus Bank (Cyprus) Ltd.


“I want to clarify that they are Cypriot banks with a Cypriot licence, their own capital and capital adequacy, important liquidity with no exposure to Greece or to the Greek government or banks,” he said. “The fact that the shareholder is a Greek bank is not making any difference. What makes a difference in a positive way is the stability in and the confidence to Cyprus and its financial system which is internationally acknowledged”.

Interestingly, it appears someone got a hard tap on the shoulder because the above has now been removed. Here's a link to the cached version which was also captured by another local publication.

And the swissy is bid.

The only remaining question is whether today's deposit bleed will be dramatic enough to force Brussels - or Athens for that matter under pressure by the local banks - into implementing capital controls over the weekend. 

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wendigo's picture
wendigo (not verified) Jun 19, 2015 1:33 PM

Coming to an ATM near me? In a way I hope so. 

nope-1004's picture



Once again the goldbugs and Bitcoiners at ZH got it wrong.

Those pictures are of people showing exteme confidence in their central bank, the ECB, Mr. Draghi, and Mr. Yellen.  You see, those pictures are of people lining up to PUT money on deposit with those banks, doing their civic duty to keep the banking system liquid and whole.

Let's face it.  A bank with no money is not a bank.  Greek people know this and it's about time the neo-liberals at ZH learned the same.

Yours Truly,


MonetaryApostate's picture

Obviously the gold rush is on... >>>  https://plus.google.com/+GaleInnes/posts/JQooe7rpV5M

I told you guys, the Bank Bail-Ins are coming, cashless societies in 3...,2....,1....

Pladizow's picture

The fact that there are lines is proof of how asleep most people are!

Waylon Bits's picture
Waylon Bits (not verified) Pladizow Jun 19, 2015 1:42 PM

Please let this shit show be over so we can get past the phony recovery into the real depression....

max2205's picture

Where all the black people?

MarsInScorpio's picture

It is obvious that the troika are war criminals, seeding the fields for massive human death.

They are using their positions deliberately to destroy a nation - that is an Act of War by anyone's definition. And because they are doing it through criminal methods, they are War Criminals guilty of Crimes Against Humanity.


It is one thing for economic disaster to occur through the idiocy of players; it is another completely to deliberately cause an economic disaster with foreknowledge it will result in death, societal destruction, anarchy, and all the other inhumane consequences that the troika knows - and is using this certain knowledge - to inflict terrorism on any nation.


In a world with integrity underpinning its society, the leaders of these institutions, and the heads of state and their cabinet ministers who are participating in these crimes would be executed without hesitation.


Greece has the right to survive and be free of this terrorism. It therefore has the right to take whatever steps are necessary to administer the execution of these criminals to first stop them from continuing their terrorism, and second, to serve an incentive for others to not copy their crimes.


It is my most sincere hope that something will transform the Greeks from debt slaves into keepers of the nation's existence as an entity free of this terrorism.


I applaud a Declaration of War as the only available self-defense mechanism available to Greece, on those who terrorize the nation, and that Greece execute the terrorists as quickly, and completely, as possible.


Port of Pursia's picture

The alarming rise of Neo-Naziism in Europe.
Even more alarming. . . The truth.

MarsInScorpio's picture

The world knows that what is occurring is an act of brutal subjugation designed to instill terror into the hearts and minds of any other nation that dares question the troika or its power. Therefore, this is not a financial or economic decision; it is an act of crushing the entire fabric of a society for the sole purpose of reigning over it. As such, it is not only legally indefensible, but it is morally repugnant on the level of Hitler's concentration camps, Stalin's famines, Pol Pots' Killing Fields, Turkish genocide, and Ukraine's ethnic cleansing.


tc06rtw's picture

 … when wealth dries up,  ethnic diversity  becomes EXTREMELY problematic.

TruthInSunshine's picture

Easy money to buy Greek bonds now, because it's all Kabuki theater, as they've already planned to do a last minute rescue to prevent Greece from leaving the EU (this is what happens when the ECB, like the Fed, BOJ, PBOC, etc. has an electronic fiat printing press), even if it means forgiving ALL of Greece's debt.

Those Greek bonds will be worth 2x as much in 3 short months after this whole thing plays out, and the yields drop to 1/3 of where they are now, after Grexit turns into Grexscue.

Soul Glow's picture

Let's all remember that the money in a bank is unallocated.  The depositor is giving the bank a loan and it is the liability of the depositor to have funds at a bank.  This is why it is so stupid to have a bank account.

Captain Debtcrash's picture
Captain Debtcrash (not verified) Soul Glow Jun 19, 2015 7:38 PM

Never let a good crisis go to waste.  The Greeks will be made an example of what happens when you default and exit the Euro. 

Gaius Frakkin' Baltar's picture

This has got to be the most boring standoff in fucking history. It's like two old blind grandpas mumbling threats at each other while twiddling with their six-shooters trying to get them loaded. Everyone gave up watching a long time ago. Maybe someday one of them will manage to get a bullet in and shoot a foot.

Richard Chesler's picture

Could I have a penny for every one of "this is it for Greece" posts on ZH?


All Risk No Reward's picture

The sooner the following lesson is learned by humanity, the sooner we can begin to improve our quality fo life trajectory...

We are all "Jews" to the technocratic "Nazi" Banksters.

Unless you comprehend that skeleton key to life on Earth in its present day, you have no chance at comprehending how the world actually works.

Everything else is a distraction that was engineered by the technocratic "Nazi" Banksters.

realmoney2015's picture

All the nazi vs jew talk only steers dilutes the main message. Most people will shut down and ignore or fight anything that is said after these words are used.

The important take away from Greece (and Cyprus) is to not trust banks. The money you put in the banks is not yours. They can put any control they want on your accounts, including wiping them completely. Now is the time to make your preparations for bank runs and collapses.

Get your cash now (a few months expenses worth)! If you are blessed enough to have more money left over, protect your wealth by obtaining real, tangible assets. I'm talking about gold, silver, real estate, etc. I make candles with silver coin prizes (www.etsy.com/shop/ScentSavers) to help raise awareness to our financial and monetary situation. Yesterday, I had a 10 minute conversation with my 11 year old cousin about silver and the value of the dollar. It all stemed from a 1953 silver half dollar. He loved the way it clinked and rang when he flicked. Truely, anyone can understand the value of silver vs the value of the dollar when they are holding a silver coin!

All Risk No Reward's picture

>>All the nazi vs jew talk only steers dilutes the main message. Most people will shut down and ignore or fight anything that is said after these words are used.<<

I would argue that the response you discuss is a reflection of an irrational thought process.  If those words one's mind such that thinking rationally is no longer possible, then the problem is the throught process, not the words themselves.

The Nazi's were irrationally anti-Jewish.  Most people, even today, have fallen for the "It's the Jews" psy-op PROMOTED BY THE DEBT-MONEY MONOPOLISTS OF ALL BACKGROUNDS TO CONCEAL THEIR FRAUD AND OPPRESSION OF HUMANITY.

Ordinary Jewish people ARE VICTIMS OF THE DEBT MONEY MONOPOLY!  Yes, the Rothschilds are mass lying, mass thieving, mass murdering Debt-Money Monopolists.  So is the Queen of England.  So is the Queen of the Netherlands.  So are the Rockefellers.  But my Jewish neighbor small business owner IS A VICTIM OF THE NON JEWISH ROCKEFELLER DEBT-MONEY MONOPOLISTS!

The point of my post is that ordinary people need to comprehend that the Banksters view ordinary people in a light similar to the way the Nazis viewed the Jews.



Until ordinary people comprehend that reality, THEY CAN'T MOVE FORWARD IN A PRODUCTIVE WAY.

People educate yourself such that emotional "trigger words" don't create irrationality in your thought processes.




PS - The takeaway is that NOBODY can trues tthe criminal debt-money fraud banks OR THEIR OWNERS, QUISLINGS, AND SYCOPHANTS.  Debt-money is a fraud engineered to enslave ordinary people in a vicious attack on ordinary people...  much like Hitler's vicious attack on the Jewish people of Germany.  As Aldous Huxley explained, the Debt-Money Monopolists fascist attack is more sophisticated than Hitler's fascist attack...

“There will be, in the next generation or so, a pharmacological method of making people love their servitude, and producing dictatorship without tears, so to speak, producing a kind of painless concentration camp for entire societies, so that people will in fact have their liberties taken away from them, but will rather enjoy it, because they will be distracted from any desire to rebel by propaganda or brainwashing, or brainwashing enhanced by pharmacological methods. And this seems to be the final revolution”
? Aldous Huxley Listen to his lecture here:  Aldous Huxley - Speech at UC Berkeley, The Ultimate Revolution 1962 https://www.youtube.com/watch?v=5RX-iUfPJ9I Jewish people, as well as political dissidents, Gypsies, disabled people, etc...) that didn't respect the threat Hitler represented paid dearly.  Ordinary people that don't respect the threat that the Debt-Money Monopoly poses to them will also pay dearly.  In fact, this system of tyranny is massive and all encompassing, THERE IS NO WHERE TO RUN FROM IT!  DEBT-MONEY MONOPOLIST FASCISM HAS ALMOST SWALLOWED PLANET EARTH WHOLE! WAKE UP!
forexskin's picture

until the jews are willing to disavow the zionists, you're pissing in the wind here.

All Risk No Reward's picture

Hi for,

"the Jews" don't exist.  Individual people who identify as Jews exist.  Each one is unique.  Almost every one has no clue how the world works and are victims of the Debt-Money Monopolists (Banksters) who act as nazi like authoritarians, but with a technocratic edge.

Hitler identified many of the Debt-Money Monopolis mechanisms, but he fell for the Debt-Money Monopoly psy-op...  that the problem was "The Jews" and not the Debt-Money Monopolists!

The wolf hid by turning the sheep against the other sheep.

The result?  The Jews were sent into work camps and the Debt-Money Monopolsts profited from the Jewish (and political dissident and the Gypsies and the disabled) slave labor!

I'm acting as a cognitive anti-virus trying to reveal how the world actually works.

I have news for you, no ordinary Jewish person in their right mind would support Debt-Money Monopolism.  They key is to explain the system to them.  Otherwise, they do what all people do - tend to follow the establishment to which they look to for guidance.  WHO ifnances that establishment?  The Debt-Money Monopoly.

Hitler would've taken me out for my political opposition to his version tyranny.  But he identified the many mechanisms of the Debt-Money Monopolist tyrants, but he was duped into blaming the wrong people.  The Debt-Money Monopoly then benefited from the people Hitler enslaved and eventually the Debt-Money Monopoly destroyed everything that Hitler claimed to value and eventually Hitler himself.

The Debt-Money Monopoly is the devil.  Focusing on unwitting people who have been manipulated by the Debt-Money Monopoly, just like every other group is to waste your productive effort and to further the neofeudal agenda of the Debt-Money Monopolists.

Israel Protests: Over 250,000 join biggest anti-govt rally in Tel Aviv

The Jewish ordinary people IN ISRAEL are being punked by the Debt-Money Monopoly and the people they finance into power.

cdevidal's picture

Funny thing about the "Boy who cried wolf" story: The wolf eventually did come.

disabledvet's picture

I simply don't understand the connection between Greece and anything outside the euro-zone.

Should the euro suddenly collapse then I would imagine Russia would be very unhappy. In other words Germany returns to the German Mark thus "exiting" the euro itself.

Prices are very low in Europe which is normally the kiss of death for an economy.

In other words it could be a sign of illiquidity.
Equity markets have been flat-lining there all year.

Hungary is the first to throw up a border that I am aware of (against Serbia.)

If this happens across all Europe...something that could happen overnight I might add...that will be the end of the euro-zone certainly.

forexskin's picture

its the derivatives, and what it will do the the domino connected banks. douch bank hold somewhere between 50 and 75 trillion in interest rate and debt derivative - with reserve ratios in nosebleed land. think there is any concern among its counterparties, all of whom are exposed in kind, if not in degree?

Paveway IV's picture

"...'Bank Holiday' Preparations Begin In Greece..."

I LOVE holidays. Will there be a parade? I hope the Shriners will be there with their little helicopter go-cart things. It's both amusing and sad at the same time to see well-inebriated 50-something-year-old crackheads in fez performing precision go-carting to crowds of cheering children. What I wouldn't give for just one of those al Nusra TOW-2As!

I hope they have the clown car, too. The one where about fifteen central bankers pour out and shake down the crowd for cash and credit card numbers. That's always a real crowd-pleaser. The newest attraction in the parade is a black DHS Ford Explorer bristling with Stingray antennae and cell phone IMEI sniffers. It's flanked by rows of DHS Stazi protecting our freedoms with tazers and pepper spray barking "OBEY ME, fuckers..." and "...on the ground, NOW, potential terrorist!..." Parents will warn their children to behave or "...the feds will take you away and torture you..." 

I suppose Greece won't have anything fun like that. Thank God I live in a country that celebrates our liberty and independence every July with fun freedom parades. Eat your heart out, Greece!

forexskin's picture

you're steven king, right?

Paveway IV's picture

Nope, but I'm somehow stuck in one of his universes. A friendly alien (one of the heads, anyway... the other one was a bastard) told me the way back could be found at the ZH site. I'm about to get banned here, so I guess I'm really screwed.

Maybe I'll try Pinterest next.

Motasaurus's picture

If I had any money I'd take that gamble. I think you're probably right. The whole show is a way to make the bond yields as high as possible for the only people with money (bankers) to purchase, only to then "rescue" the country to make sure that they get paid their high interest.

disabledvet's picture

"Long war on the Eastern Front" has never been a bad trade.

Same goes for North Africa actually.

The Germans didn't call it "breathing space" by accident.

Bokkenrijder's picture

IMHO it's all posturing, both from Germany and from Greece.

In the end, Greece will not leave the henhouse that gave them the golden eggs (which they now have to give back) because there is no alternative, the northwestern European champagne socialists (read: Netherlands, Belgium, Germany, Luxembourg, Finland) will continue to transfer "other people's money" to southern European lazy deadbeats in order to create an egalitarian society, and the USA will happily see strategically important Greece stay in the Western Clubs (EUSSR, NATO) and big American banks will not go bankrupt because of the CDS's they issued on Greek debt.

The Saga will continue....for now.

ISEEIT's picture

I dearly wish you were wrong, however you're not.

The *cost* of a Grexit is far beyond financial to the sociopaths running this NWO project.

Won't be allowed.

BeaverCream's picture

For TPTB people trying to preserve Western culture is indeed alarming.

Scooby Dooby Doo's picture

Why does Tyler allow the Zero-Nazi's to propagate their hateful messages!

Think! Tyler is Nazi?

You the commenter, must end Nazi!

angel_of_joy's picture

Tyler is not nazi, but you are stupid...

One And Only's picture

Even though Greece is broke and has an insolvent banking system it still looks orders of magnitude nicer then any area in Africa or Haiti.

Shad_ow's picture

...or inner portion of any American city.

MollyHacker's picture

Not for the resource rich nations of Africa

Rusty Shorts's picture

..here's a few pics of West Africa I took a couple years ago, much rather be there than Greece.


angel_of_joy's picture

...Even though Greece is broke and has an insolvent banking system it still looks orders of magnitude nicer...

Sure thing ! Rest assured, it will be way more fun & giggles when that shit will happen on our side of the pond...

wiser's picture

what lines are you talking about ....people are on the beaches

indygo55's picture

They are in the other line, the one that all the white and hispanic poor people are in, for food stamps.

Fukushima Fricassee's picture
Fukushima Fricassee (not verified) max2205 Jun 19, 2015 10:30 PM

In Obama's gun free zones

Sid James's picture

Where all the black people? They're not dumb enough to put their money in a bank.

Kickaha's picture

To Germans, those are black people.

Captain Debtcrash's picture
Captain Debtcrash (not verified) MonetaryApostate Jun 19, 2015 1:52 PM

Its certainly not the last time the west will witness bank runs.  It looks like society will have to relearn the lessons of the 1930’s, that the banking system is not a safe place to keep your money.  The banking powers know and thus the push to ban cash and the freedom it provides.

jusman's picture

But the banks had to wait a generation until most of those that lived through the last depression were gone....