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Greek Banks "Unofficially" Limit Walk-In Withdrawals To €3,000, FT Reports
With last week's outflows from Greek banks totaling €6 billion by some estimates, and with Reuters reporting pre-orders for Monday withdrawals topped €1 billion, capital controls now appear to be almost inevitable and indeed, the ECB itself hinted earlier today that if Monday's emergency summit is a failure (which now appears likely), it will need to reevaluate whether the ELA cap is increased starting tomorrow.
Now, FT reports that Greek banks, having lost another €400 million over the weekend, are imposing unofficial capital controls. Here's more:
The ECB on Monday raised the limit on the amount of emergency loans available to Greek banks by around €2bn, according to two central banking officials.
The ECB had already increased so-called Emergency Liquidity Assistance on Friday, but withdrawls from Greek banks have continued apace.
A commercial banker said about €400m had been withdrawn via ATMs over the weekend, bringing total outflows to €2bn between Friday and Sunday, a number confirmed by a central bank official.
Greek banks have imposed an unofficial ceiling of €3,000 on walk-in withdrawals, the commercial banker added. Advance orders for withdrawls worth at least €1bn placed on Friday will leave Greek bank accounts today.
The ECB’s governing council will hold another conference call in the next 24 hours, if necessary.
This comes as ELA collateral runs dangerously short and indeed, the above could indicate Greek banks now realize that even in the event the ECB agrees to raise the ELA ceiling tomorrow and Wednesday, the banking sector may run out of pledgeable assets. Of course any attempt by the banks to effectively impose preemtive capital controls could easily become self-fulfilling.
Deposits withdrawals allegedly at 1.6-1.8 billion euro on Monday, although pre-ordials for 2 bln. Banks closed as usual at 2:30 pm #Greece
— Keep Talking Greece (@keeptalkingGR) June 22, 2015
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capital controls! yeah, bring it on!
Bitcoin?
Great. As long as you have a network.
There is currently a stress test going on on the network. No problem so far. https://bitcointalk.org/index.php?topic=1094865.0
Paging George Bailey... #zuzuspetals
But what is the plan B?
What steps is bitcoin.org taking to make sure that bitcoin works when internet does not work?
I believe Plan B is to curl up in the fetal position and cry.
"I believe Plan B is to curl up in the fetal position and cry."
Ah, ok. Standard procedure then. Good to know.
Shitcoin.
In most cases, the average Greek citizen worked for those fiat notes, depositing them in good faith with their local crooks (banks). Now being told they can only withdraw an amount that the crooks deem appropriate, in order not to collapse their Ponzi scheme. Should tell you all you need to know. Coming to a US bank soon!
On the other hand, what percentage of Greek people living in Greece need more than 3000 Euros/day?
Well, what percentage? Not more than 1% I would guess.
So 100% of the neediest Greek people will be OK.
First of all, I didn't down arrow you. Just FYI.
I don't think ordinary Greeks are standing in long lines at banks because they are afraid they can't get € for everyday expenses. Rather, they are scared that soon they may not have access to any of their cash, or could see a big "haircut" on deposits.
Banks are supposed to be "borrowers" when we deposit our fiat. When we want it back, it should be surrendered upon request, regardless of how much. When they begin limiting withdrawals of any kind, that just proves how desperate they are to keep the system from imploding from all the shenanigans the banksters have employed these past several years.
If I were a Greek, and had any sizable amount of fiat on a bank there, I would be doing everything I could to get my € out of the hands of these crooks.
Should you have to prove a need to take your cash out?
I'd be there EVERY morning for my 3,000 euros until it was all gone. In my case, 3 or 4 days woud do it.
what's the difference between "official" and "un-official" capital controls?
Nothing.
what's the difference between "official" and "un-official" capital controls?
Theoretically a bribe to get more out wouldn't be illegal.
....and you can safely assume that's exactly what is happening.
Big guns and regular guns.
fuck you, pay me........
banks are BORROWERS, not Lenders
Technically, according to the treaties, only ECB can institute capital controls, so officially for Greece means breaking the treaties. In practice, you're right, it means nothing.
It takes a long time to restore confidence in a broken system, only one announcement like this to ruin it for a lifetime.
My great grandfather died at 93 in 1985. He live through the depression and bank BS of the day. In 50 years he never regained trust in the system and kept his money in a metal box in his room.
I understand him a lot better now than I did at the time. I think I will be a lot more like him than I thought.
Which explains the cashless drive. They plan on the collapse of confidence.
Limited by speed of printing notes with serial numbers starting with a V or X
Same thing at my bank, just getting $1,000 in cash brings out the bank president like you're a criminal.
Here in the PRoUSSA limited to withdrawing $500 per day from the ATM. And taking out that amount per day will arouse suspicions.
Ask for $2550 at teller, and they'll fill out paperwork for the Feds. And if you feel rebellious,ask them if they got their shipment of newly Fed printed bills.
The human robots at thievery inc (banks) are programmed to treat threats (withdrawers) with disdain and suspicion.
Then stop thinking like a Sheepdog and change banks.
I don't have that problem. But then I have multiple personal and biz accounts, a good relationship with my banker, and I "Dress for Success", not a Mad Max role.
Kirk's 1st Rule: "Think!" (Think more, bark less)
I have several accounts too, and several banks. However they still fill out the paperwork on withdrawals and if I wire transfer to buy gold or silver, they always
"Good luck with that...." With sarcasm to boot.
I have several accounts too, and several banks. However they still fill out the paperwork on withdrawals and if I wire transfer to buy gold or silver, they always
"Good luck with that...." With sarcasm to boot.
>>> Same thing at my bank, just getting $1,000 in cash brings out the bank president like you're a criminal.
Just say to the bank (vice?) president, in a very loud voice that other customers will overhear -
"I'M WITHDRAWING CASH BECAUSE OF THE RUMOR THAT THE BANK IS IN TROUBLE".
Try getting $7,000.
They actually asked me what it was for.
Can you believe that shit?
No cash in the banks shines a light on their fake digit currency, liar's poker writ large. Just make it up as you go along but be sure to slow the erosion of confidence.
Long Greek livestock futures!
Not too late to buy a little Bitcoin. It seems to be the go-to asset for evading capital controls.
Though there are far superior altcoins now. Only reason to use BTC is because more people know about it. Oh well.
Altcoin is superior in what respect?
Will altcoin work when internet does not work?
Can I take my thumb drive into Safeway and buy a cart full of groceries?
Or is it just good for buying Ketamine off Silk Road 2.0?
Im so fed up with all this EU bullshit...Ireland took the opposite direction to Greece yet the problems remain (just under the surface). The euro project is doomed but it will limp on for years crisis after crisis
Reading ZH convinced me to own gold to try remove myself from this madness as best I could but like nearly everybody I had F..K all extra cash to convert into bullion.
6 months ago I had no cash and no gold and a shed load of credit card debt.. Now I have a wee bit of cash,,, nice wee bit of gold... but I'm rid of the credit card debt..all from reading Zero Hedge and its commentators!!! thanks guys I owe you.
If you find yourself in the same position as me and your willing to try your hand at network marketing, you could use the commissions earned to acquire gold bullion from Karatbars. May not be for everybody and I not pushing it on anyone but it's another option for you and its working for me.
if you're interested in what is a Genuine opportunity visit www.teamramgold.com my own site - email me for full training.
How does reading ZH coments increase your assets and reduce your debt? Did it help regrow hair as well?
it gave me an alternative view Juggalo1 which increased my knowledge, which led me to finding a way to get my hands on gold!!! now i have gold, cash and no CC debt!!! As they say knowledge is only useful if you do something with it..
Didnt re-grow my hair unfortunately ... wish it did...
It didn't do a damned thing for my erectile dysfunction.
Fucking Zero Hedge!
http://news.yahoo.com/belgium-unblock-frozen-russian-diplomatic-accounts-fm-185358725.html
"A solution has been found to unblock as a priority accounts for the running of the embassies, and the rest will follow," a ministry spokesman told AFP, quoting Foreign Minister Didier Reynders.
Accounts held at ING Bank by Russia's embassy to Belgium as well as the country's representative offices to the European Union and NATO are among those to be unfrozen first, said the spokesman Henrik Van de Velde.
What the fuck is a bank?
A hole in the ground with a liar at one end.
Hahaha. That made me laugh, jug.
Most Australian Banks have similar withdrawal limits (unless you give the branch notice) even without a crisis.
All is well Gold is back under 1200 so the crises is contained one again. Assume your regularly scheduled program..
I dunno but it doesn't seem to me that the people of Greece are hurting for cash.
If the 5% of people with money in the US did the same thing it would produce the exact same effect.
Banks don't have much money. It's all digital bullshit now. You and your cash withdrawal are a fly in the ointment.
Fear not though, they are in the process of fixing that bug.
There will be NO GREXIT ever.
Like a drunk that beats the bejesus out of his wife every night and screams at her in public but tells her he'll kill her if she leaves him.
"Markets" shoot straight up higher at the open so just BTFATH and shut the fuck up!
I'm so so so so fucking sick of this rigged god damn casino!
Everything will appear "right" until it fucking DOESN'T!!!
I pulled 80 grand cash once had to set it up in advance, Felt like i was robbing the place of my own fuckin money. Oh i was buying a boat i said.
Reason for withdrawal of large amounts: Mattress needs stuffing.
You'd probably have an IRS agent contact you now days with questions. That must have been before the reporting requirements came into effect.
Welcome to the Hotel EUfornia, you can withdraw any cash like, but you can never Grexit
This is actually pretty good (so far). That's more money than a Canadian can safely bring across the US border without worrying about confiscation.