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Caught On Camera: A Greek ATM Gets A Refill
Over the weekend, JPM made it clear that absent some deal (or at least framework thereof since optimism for a deal today just crashed) being finalized today, Tuesday could be a very difficult day for Greece if and when the ECB finally revises the ELA calculation (a calculation which according to JPM may have already seen the ECB overstep the limits of its Greek borrowing base) or simply refuses to increase the emergency liquidity for Greece in what, thanks to the accelerating bank run, is becoming a daily routine.
Then, earlier today, the ECB confirmed that the entire emergency ELA boost from Friday had already been used up, and with the previously noted €1 billion in Greek deposit withdrawals ahead of Monday (and according to unconfirmed reports another €1.7 billion already withdrawn today), it was forced to hike the ELA once again this time by what is still an unknown amount. However, this time the ELA boost came with an explicit ultimatum, when ECB's Nowotny said that the latest round of funding was enough only to last Greek banks for the day. From Reuters:
Emergency Liquidity Assistance (ELA) for Greek banks has been extended until the end of today, the head of Austria's central bank said on Monday, signalling that what happens to it in the future depends on the outcome of negotiations with Athens.
"(ELA) runs precisely for one day because there is a summit meeting (of leaders) to deal with the Greek question and the ECB, sensibly enough, did not want to anticipate the result," Ewald Nowotny told journalists on the sidelines of a conference.
"That is why credit has been extended for one day. Then we will see what the result of the summit is," said Nowotny, who also sits on the decision-making Governing Council that sets ECB policy.
Will the ECB be as generous tomorrow when the Greek banks demand another €1-2 billion following today's latest bank run whose official tally we estimate to come in via Reuters "sources" any second remains to be seen, but if JPM is correct, the result may not be good for Athens.
However, for now the can has been kicked for literally 24 hours, and the proof comes courtesy of a reader at Arnie's Place restaurant in Nidri Greece, where moments ago the ATM machine was generously refilled as seen on the photos below.
So where is the money coming from? Recall that also over the weekend we showed something troubling, namely that as deposit flight picked up over the past few months, so has Greek "money" printing, and Barclays calculated that Euro banknotes in circulation surged by €13 billion over the same time frame.
As per further Barclays calculations, the money printing has also added to Greek Target 2 liabilities:
The amount of banknotes in excess of the quota for Greece (about €27bn) represents a liability of the Central Bank of Greece to the Eurosystem in addition to the net liabilities related to transactions with the other Central Banks in the Eurosystem (Target 2 liabilities). As of the end of April, net liabilities related to the allocation of euro banknotes were €16.2bn and the Target 2 balance was negative by about €99bn. Therefore, the total exposure of the Eurosystem to Greece was around €115bn. This corresponds to the amount of borrowing of Eurosystem liquidity (OMOs + ELA), as shown in Figure 4. Taking the increase in the ELA ceiling as an indication of the deposit outflows/usage of banknotes and the increase in Eurosystem funding, such exposure might have increased to about €125bn currently, we calculate.
Did today's ATM "refill" come courtesy of banknotes whose serial number begins with the letter Y for Greece (or perhaps X for Germany)? The surprising answer: neither. Instead, as the following photo of a €50 withdrawal shows, the generous source of the latest (if not final) ATM replenishment was V... for Spain.
In short: today Greece dodged the bullet with what may have been the ECB's final round of ELA generosity. Now the question on everyone's mind: what happens tomorrow, and how much higher will the stock algos climb the 5-year-old wall of an "imminent" Greek deal?
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who cares where it came from. fake is fake.
Who are those people, rich or poor, who STILL have a single penny in a Greek bank? ;-)
Looney
russian olecocks
We now have reports of bystanders reporting strange sounds at the time of this event. https://www.youtube.com/watch?v=1D5Sa2Yq-2g
Are you sure? Other reports heard other sounds:
https://www.youtube.com/watch?v=auERE6rREL8
Greece should switch to the Ruble and fuck the EU.
I think they're starting to run short short of physical EURO's, the ECB is bringing it in from all over, here it's from Spain.
Obviously everything is fixed, That's the first picture on Zero Hedge of a Geek ATM without a line of people waiting to withdraw in over a year!
I never heard the word olecocks so I googled it. hmmmm....
Good morning all....weather coming at the top of the hour. Later, sports. This one goes out to Buzzsaw. Have a great drive in to the office folks.
https://www.youtube.com/watch?v=TLV4_xaYynY
"..and there's hamburger all over the highway in Mystic, Connecticut..."
https://www.youtube.com/watch?v=dGTY_jTZ-Zo
ECB cannot suspend liquidity. If they do, then they'll have a bigger bank run on their hands & no liquidity to suppliment it. Greek banks would collapse within hours of the announcement.
Its just that simple.
If they did, theyn Tsipras could either reopen the banks with Drachmas, or completely cave in to get more ELA.
Either way it would force Tsipras into making a decision which the EU doesn't want Tsipras to make, for fear he choses Drachma time.
The V stands for Void.
I was thinking Vendetta "as Spain joins in the Great Olive Oil War of 2015."
the ink is still wet.
Euros should be printed in pink, white, blue with a big fat bankster on them just like monopoly money.
Good idea for the USD, Yen as well.
More importantly, how is the food at Arnie's Place ?
The customers say "I'll be back."
You're a funny guy, I like you. I'll kill you last.
How's the food? Just visit almost any 24-hour diner in the US these days.
Fed Res fiat debt notes are already the color of Monopoly Money:
https://2012patriot.files.wordpress.com/2012/06/end-the-fed-monopoly-money.jpg
On Fridya they said Monday would be the day of reckoning....Well, it's Monday and once again they cried Wolf and nothing happened.
Note: True catastrophic events are never told in advance to the masses. And they happen on a weekend or holiday.
well 4th of july is coming so we have that to look forward to
Maybe.... but there is such a thing as the 'cosmic curveball'. To wit: Putin's quickie invasion of Georgia, August 2008. IMHO, it caused the debacle leading to Lehman. Short time lag into September, with a helluva planetary lineup: KA-BOOM.
Figure 4 looks like the fish they're catching off Japan's east coast.
ECB's final round of ELA generosity.
The banksters monkey-hammered gold and printed the day to prosperiety. They are banksters. That's what banksters do. Arrest Jamie Dimon for treason.
If you look at the note close enough, Greece has already been removed...
..just kidding.
Hoarding cash? Just another reason for CB'ers to hate the greeks.
Bite the proverbial bullet and bring this shit show down, boys. No more extend and pretend.
cash helps beat the coming vat too
Quick! Someone arrest that man for transporting counterfeit bills.
if you see something..........SAY SOMETHING
WTF - double post - deleted
Have Spain and Greece been put into
the same bailout bucket?
The last picture shows a Euro note that was printed in SPAIN (serial number starting with a V). Just saying.
Wow...here is Greece essentially starving..and a single guard in a van drops off banknotes...here in overfed USSA, cash is delivered in VERY armored trucks with a minimum of two heavily armed guards moving the notes...
Go figure.
I was thinking the same thing. Apparently in Greece, the Greeks don't even have the ambition to knock off one fat guy in a van. No wonder they won't make any concessions on retirement.
I wonder if he even bothers to lock the fucking thing when he gets out.
I suspect the difference is the US QE-on-steroid-addled industrial-military-.gov complex. Over here, the mainstream psychographic is that one needs an armored car, equipped with an anti-aircraft battery, to proceed from the home office to the home shitter, to drop a deuce. "Cover me, I'm going in".
Believe it or not, armed robberies do happen, especially in America.
I don't think 'ambition' is the correct word.
Yes. You are correct. Ambition is not anywhere near the correct word.
The Greeks don't have the dishonesty to knock off one fat guy in an unlocked van...How descpicable.
Over here in the Land of the Thieves we have to have the two heavily armed guards in an armored truck, with anti aircraft missiles, drop off our currency because the Americans steal anything not bolted down.
That is commendable ambition, correct?
Geeez!
Reminds me of Bill Murray in Ground Hog Day walking off with a bag of money.
They can rob anything they like in Greece but I suspect that the traffic jams is what would bring them undone in each and every case.
That's what I was thinking. You'd also be in a whole lot of trouble if you photographed them.
Fresh, crisp garbage!
As long as it spends they can keep this up.
On a similar note, English Breakfast sounds *so* tasty right now. Damn you Arnies!
Someone in the know once told me that the average ATM eg at 7-11 can hold up to $100K in cash if they're mostly big bills. That guy looks like he's driving a pretty standard van with no visible security backup. Plus he looks like he partakes of a lot of Arnie's burgers.
That's no secret. The amount put into an ATM depends upon how much traffic it has and how often it's filled.
The whole thing smacks of coliseum type stuff. Where is the part where the Christians get thrown to the lions
Get back to work Germans! You gotta lotta mouths to feed!
Two Greek guys robbed a bank and made off with a garbage bag full of cash. When they got back to their place one of them lay down on the couch and the other emptied the contents o the bag on the floor. He looked at his friend on the couch and asked:
"Shall we count the cash?"
The other replied, "Don't bother. They'll tell us on the news how much it was."
Now that Greece has formally signed off on extending anti-Russia sanctions, the plug will immediately be pulled on Greece.
The decision was always political, never financial.
They're wishing with one hand and shitting in the other and trying to tell us to buy their shit.
Long GFS, DLAR?
I'll gladly pay you Tuesday for a hamburger today
wow that's how it's done
and here all along i thought it was the tooth fairy that filled atms
thanks for the heads-up ZH
As far as I can see it is business as usual
There will always be money for grece, spain, portugal etc
as long as there will be companies, resources and other important stuff to the chinese everything will be fine.
Fiat comes in a Ford ... connect the dots.
Stop being fixated with whose printer the notes come from. It's immaterial, because if , as it's probably the case, Greece has run out of production capacity for Bank notes, they can still draw on bank notes reserves from other central banks. If ever Greece gets out, their printer will be brought outside the country forthwith.
The real problem and possible contagion is: