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Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday
Update 3: Bloomberg, citing Kathimerini, reports that Greek banks will remain closed until July 6.
- GREEK BANKS TO REMAIN CLOSED UNTIL JULY 6 : KATHIMERINI
- GREEK GOVERNMENT ISSUES CAPITAL CONTROLS, BANK HOLIDAY DECREE
- GREEK GOVT LIMITS CASH WITHDRAWALS TO EU60/DAY AS OF JUNE 28
- GREEK CAPITAL CONTROLS INCLUDE LOCAL BRANCHES OF FOREIGN BANKS
- GREEK GOVT SETS UP COMMITTEE TO APPROVE PAYMENTS ABROAD
Update 2: Greece's Skai reports that if/when banks reopen (supposedly on Tuesday), a 60€ withdrawal limit will be imposed.
Update: In a televised address to the nation, Greek PM Alexis Tsipras assured Greeks that their deposits are safe despite an upcoming bank holiday and despite the fact that Greek stocks will not open for trading on Monday. Tsipras also said Athens has re-applied for a bailout extension and urged Greeks to "remain calm" in the face of what is sure to be a turbulent week.
- GREEK PRIME MINISTER SAYS GREEK PEOPLE SHOULD REMAIN CALM
- GREEK PM: BANK OF GREECE PROPOSED BANK TRANSACTION RESTRICTIONS
- GREEK PRIME SAID GREECE RE-APPLIED FOR BAILOUT EXTENSION
- GREEK PRIME MINISTER SAYS DEPOSITS ARE COMPLETELY SAFE
Earlier:
Despite the reassurances from any and all elected (and unelected) officials, given the run on bank ATMs in Greece has turned into a stampede, it is not surprising that:
- GREEK BANKS TO REMAIN CLOSED FROM MONDAY FOR A WEEK: PIRAEUS BANK CEO
- PIRAEUS BANK CEO THOMOPOULOS SPEAKS TO REPORTERS IN ATHENS
The announcement was made when Piraeus Bank CEO Anthimos Thomopoulos told reporters after a meeting of the government’s financial-stability panel on Sunday. The launch of capital controls just as the Greek summer tourism season starts, is sure to be the final crushing blow to Greece, whose entire economy will now grind to a halt.
At the same time, Finance Minister Yanis Varoufakis said an announcement would be made after a Cabinet meeting due to start imminently in Athens. Which is ironic considering just earlier today Varoufakis said he is opposed to the "very concept" of capital controls:
Capital controls within a monetary union are a contradiction in terms. The Greek government opposes the very concept.
— Yanis Varoufakis (@yanisvaroufakis) June 28, 2015
Banks will remain shut until at least after a July 5 referendum called by Prime Minister Alexis Tsipras on whether to accept austerity in exchange for a European bailout, Kathemerini newspaper reported, citing unnamed sources.
Reuters is also reporting that the Greek stock market will not open on Monday (leaving us wondering just what that will do to the Greek ETFs liquidity in US markets) as hedgers scramble to protect un-closable losses wherever they can.
More from Reuters, which reports that "Greece's banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday."
The ECB had made it difficult for the banks to open on Monday because it decided to freeze the level of funding support it gives the banking system, rather than increasing it to cover a rise in withdrawals from worried depositors.
Amid drama in Greece, where a clear majority of people want to remain inside the euro, the next few days present a major challenge to the integrity of the 16-year-old euro zone currency bloc. The consequences for markets and the wider financial system are unclear.
The head of Piraeus Bank, one of Greece's top four banks, speaking after a meeting of the country's financial stability council, said banks would be shut on Monday while a financial industry source told Reuters the Athens stock exchange would not open.
"It is a dark hour for Europe....nevertheless from where we're sitting we have a clear conscience," Greek Finance Minister Yanis Varoufakis said earlier in an interview with the BBC.
Greece's left-wing Syriza government had for months been negotiating a deal to release funding in time for its IMF payment. Then suddenly, in the early hours of Saturday, Tspiras asked for extra time to enable Greeks to vote in a referendum on the terms of the deal.
Creditors turned down this request, leaving little option for Greece but to default, piling further pressure on the country's banking system.
The creditors want Greece to cut pensions and raise taxes in ways that Tsipras has long argued would deepen one of the worst economic crises of modern times in a country where a quarter of the workforce is already unemployed.
Pro-European Greek opposition parties have united in condemning the decision to call the referendum on the bailout terms, but people on the streets of Athens backed the decision.
"I want him (Tsipras) to knock his fist on the table and to say 'enough!'," said resident Evgenoula.
Many leading economists have voiced sympathy with the Greek government's argument that further cuts in spending risk choking off the growth which would give Greece some prospect of servicing debts worth nearly twice its annual national income.
The IMF has pressed European governments to ease Athens' debt burden, something most say they will only do when Greece first shows it is trimming its budget.
Long lines formed outside many ATMs on Sunday, including some of 40 to 50 people outside some in central Athens.
The Bank of Greece said it was making "huge efforts" to ensure the machines remained stocked.
The German foreign ministry said tourists heading to Greece should take plenty of cash to avoid possible problems with local banks and some tourists said they were joining the ATM queues.
"I am trying to go over to the bigger banks," said Cassandra Preston, a Canadian tourist. "I am here for another month and I would like to make sure I have some cash on me."
* * *
In other words, Greek speculators (and of course, those depositors who were dumb enough to still have money in local banks) just got CYNK'd - you can buy stocks all you want, but if the market is about to fall out of the bottom, you simply are not allowed to sell.
Which, incidentally, is coming to every centrally-planned, banana "market" near you...
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So the trees did this...damn paper making motherfoekers
DEATH TO THE TREES
(i would say "god wills it" but that would be a bit to hollywoodesk)
Closed for a couple of weeks at least, one would guess.
Down does the Greek tourism industry too.
For now .. Soon it may be quite a bargain to go there.
Especially if US dollars are offered.
So what, you still gotta live, they will make the hard way. this situation needed to be resolved decades ago, the rest of the west as well, rude awakening here we come,maybe?
bitcoin user not affected
I'm thinking gold coin user not affected either.
try spending a gold coin in shop to buy loaf of bread or an apple.
bitcoin can buy load of bread or an apple if the vendor has a smartphone or tablet , no banks necessary.
Try doing a bitcoin transaction when it has been outlawed and the device location that you are doing it on can be triangulated within seconds.
Ok. It's not that hard.
Governments are not all powerful. Especially ones that are completely broke like Greece. They can't even collect PROPERTY tax, ie taxes on things that never move. How are they going to crack encrypted traffic on foreign servers?
Governments are as powerful as who they decide to marginalize, for whatever reason they deem fit the public at large will stand behind them on -- under the guise of 'unfairness'.
grow some fucking balls you chickenshit moron
I'm shaking in my boots, Mr. MMA wannabe tough guy...
you are shaking in your boots if your scared to use a phone to make a fucking bitcoin payment. pussy ass chickenshit you already shown it above. Now get back to your blanket.
Gee - what tough and intimidating language. I sure hope you don't find my IP address and come & beat me up or something... Where's mommy....
sounds to me like you are more scared of some imaginary figure who is smart enough to triangulate your phone and then arrest you , for making a bitcoin payment .... so I repeat: grow some fucking balls.
Hey people if this is it? We, you and I have what we have now, thats are position, I ain't getting anymore security for what comes, I either got it or no, the future wil arbitrate.
I would like to think that most store owners would knw about precious metals value.
If they don't they may know soon. and so may the rest of the world.
Just imagine if the MSM would put on the news that the people that have PM can still function. and th rest have their mony trapped inside the banks.
A lot of sheeple would learn quickly.
I would like to think that most store owners would knw about precious metals value.
If they don't they may know soon. and so may the rest of the world.
Just imagine if the MSM would put on the news that the people that have PM can still function. and th rest have their mony trapped inside the banks.
A lot of sheeple would learn quickly.
I would like to think that most store owners would knw about precious metals value.
If they don't they may know soon. and so may the rest of the world.
Just imagine if the MSM would put on the news that the people that have PM can still function. and th rest have their mony trapped inside the banks.
A lot of sheeple would learn quickly.
I would like to think that most store owners would knw about precious metals value.
If they don't they may know soon. and so may the rest of the world.
Just imagine if the MSM would put on the news that the people that have PM can still function. and th rest have their mony trapped inside the banks.
A lot of sheeple would learn quickly.
I doubt most store owners (and even more so) their employees have a clue as to the value of PM's. They may learn, though, in the not-too-distant future. Heres an example of peoples ignorance towards gold... https://www.youtube.com/watch?v=Gk5aRIz17fk
Cool, so the last Xthousend years gold and silver were the medium of exchange, 2009 bingo the latest and the gratest comes along, BITCOIN.
Only need electricity and some smart thingy's for it to work, it;s very stable and.........you can hold it in your hand
I wait and let it mature some bit
Been through a couple hurricanes, a couple major earthquakes...
That electricity requirement has me on the sidelines for bitcoin.
Hey people if this is it? We, you and I have what we have now, thats are position, I ain't getting anymore security for what comes, I either got it or no, the future wil arbitrate.
maybe a good time to have a few gold bars eh ? Like 5 or 6 400Kgm.
Gold bitchezzzzz
Neither is a gold stacker.
The problem with spending gold is knowing it's precise weight and purity. Very difficult for the average market stall holder if buying an apple for example. But if they both have a smartphone or tablet they can accept bitcoin immediately , no weighing scales or metal assaying equipment required.
You might be right about apples, but I am inclined to believe that if you want to buy firearms or ammunition, the seller is likely to favor precious metals over cybercurrency.
A silver dime can buy a loaf of bread. A silver quarter can buy a sack of groceries. You don't need to worry about dividing a gold coin into little pieces of dust.
Gold coins for the rich, silver for average folks, and copper pennies for the poor. That's how it used to be, and it could work again, certainly in an emergency.
Amazingly, in the not too distant past, practically all commerce was transacted with gold, silver and copper, and most people become very adept spotting fake gold coins without scales or acids or testers in very short order. Gold weighs more, and in the case of tungsten fakes, sounds completely different. Silver, too, rings in a way that clad coins don't.
I have my grandfather's pennyweight scales and they are extremely low-tech. They don't need wifi or satellite connections or any source of power to operate, and they fit in a box not much larger than your smartphone. I also have all of the testers but they're really not necessary in most cases.
Insofar as "slivers" or "dust" are concerned, I believe they may more rightfully called denominations.
The point I'm trying to make is most people would infinitely prefer something tangible rather than binary. Anyone who's been a victim of ID theft or had their computer infected with a virus, or worked for or applied for a job with the US federal government or had BCBS, is a little disinclined to put their faith in something out there in the ether.
Gold & Silver coins are all marked with their weight and purity Unlike the apple you mention they (apples) all have a different size weight and sugar content.
Obviously you have never held a PM coin. Sure there have been some counterfits but there are also counterfit FIAT.
no one counterfits a $1 bill or even a $10 bill I would think that trying to counterfit a 1oz silver coin would be moot as well.
large purchases with gold ,small ones with silver.
Why do I have this sinking feeling that the miners will be down 2-4% Monday?
"Greece ordered its banks shut Monday to avert a financial collapse"
Little late for that, no?
Next up Spain...
or Italy, Portugal...Ukraine, or France.
It is Moshpit Malaka Monday.
https://twitter.com/RobinWigg/status/614865103310057472/photo/1
Plus gold, silver and the miners. I'm going to lose a lot short term.
Portugal.
Chief Executive Officer Anthimos Thomopoulos spoke to reporters after meeting the government’s financial-stability panel in Athens
Financial stability? Ok, now that's funny!
...and so it begins.
Have fun everyone. See you on the other side.
About time this show got on the fucking road.
It starts very slowly and then it goes very very fast.
EU will not allow Greece to exit..more pain to come and much civil unrest already happening. Lord extend mercy to the one's who will suffer and make yourself known.
You don't understand who rules the world and what their motives are, obviously.
The .0001%'ers are doing this, they want collapse.
They're ready, and I can see you're not
Greece has in fact exited.
If Germany et al want their money back they will have to invade...
Hanging lowest.
https://twitter.com/RobinWigg/status/614865103310057472/photo/1
NATO has already said they were getting ready to offer 'humanitarian' aid. Like keeping the Russians out of the country and stomping the shit out of the locals.
Que Ebola outbreak in 3, 2, 1...
Well that should help things along
If you were Greek why would you still have money in the bank?
Banks will be closed "from Monday" which I infer that to mean possibly beyond just one day.
Cyprus' controls were supposed to last a week or two...which stretched well into a year.
Will the UK branches of Greek banks stay open, as occurred in Cyprus ? so the Oligarchs can get their money out ?
Time will tell.
Banning selling, yep, and will the DAX be shut as well cos can allow 300 point moves up, but down???? No, that HAS to be stopped
Euro drops to 79 cents to a dollar from a buck 12 where it is now.
I get paid in dollars and Euros. I wouldn't mind seeing that. I would pick up a couple of hundred bucks a month on my SS here.,
You can live quite a long time on figs, yogurt, cheese and wine...
Don't forget the olives and melons
So banks to be closed for 1 week before the referendum, sure a great way to get a NO vote! Those Troika are an evil crowd
Wow this is better than 'sex' I've ejaculated many times, but never have I seen such an ejaculation of hype !.
Good for you fella ! How's your dick feel ?
Please excuse our ATM remonetized software upgrades. Withdrawal services will be restored when it seems deemed fit.
Best regards,
ECB
Aka "Please do not worry"
Cash and ATM withdrawals spread to Germany, PIIGS, then across the EU. European bank holiday. Equity market closures. It could happen: The skids are Greeced.
Personally I'm looking forward to Chase, Citi, and Wells Fargo banks and ATM's being closed while CNBC runs repeats of their expose's featuring the more sensible and attractive reporters they've fired (Trish Regan and Melissa Francis - I'm talking to you).
You can't have Steve LIESman's ugly mug babbling nonsense when the markets are closed for a week!
I'd love to dick those gals Melissa and Trish and the redhead with the huge tits too !
Liz....
With the banks closed a week, that will give your aveage Greek time to say "O Fuck" and vote to sell their soul for a bail out, which will eventually happen. "You can check out Greece, but you can never leave".
Or maybe they wake the f*ck up and start thinking of leaving the eurozone.
Finally - A Reckoning...
The banks need the money in depoitors accounts to pay ghe IMF $1.6B payment due on Tuesday June 39th.
Makes sense.
It would be interesting to see if aggregate withdrawals are up in Portugal and Spain this weekend. Bet they are and EU is suppressing the data.
Law of Unintended Consequences is going to be in full effect this effect.
How far is ...
http://showrealhist.com
?
You can take THAT to the bank!
I'm not getting interested until such time as certain German and/or French banks may start going down.
Kabuki on.
"Shit just got real"
In realty, the ECB has no intention of letting Greece out of the EU or the Euro. They simply need the greek citizens to experience what "defience" results in (Closed banks and no money!). Once they're compliant and agree to austerity and everything that comes along with it, the money will start flowing again.
Hell, I wouldn't be surprised if Tsipras and Varoufakis came up with the idea.
Agree, but... Substitue the 'ECB' with the 'State Department' and I think an airtight argument can be made... After all, this situation is every bit as much a foreign policy issue as it is a 'banking'/Greece citizenry issue.
Time for the payday loan market to improve. No banks, go to other lenders to cash your check.
Crowdfunding time. Maybe Amazon will move in here.
And suddenly the noisy price curve for Gold has flat-lined.
Fascinating.
The sound of one hand clapping for Tinkerbell is getting pretty loud. Better to start praying: "Forgive us our debts as we for give our debtors".
All this really means is everything in Greek territory will be worth half to 10% of previous value as folks are willing to sell anything for a few Euros.
With the banks "closed" for a week, how will electronic payments be made? Think of all the cell phones being cut off alone.
This will ladder up. Cyprus, Greece, Spain, .... UK, USA someday.
You really can see the prejudice from the Western media pushing all the hysterics.
The Human Spirit will prevail as neighbors take cake of the elderly, the infirmed, the hungry.
All for a few billion. The Fed jerks that out in a month's time of phoney operations.
Greece should pull out of NATO in retaliation for the insistence for more IMF debt slavery.
If the ECB/IMF had any compassion they would just cut Greece off completely.
"Greek territory will be worth half to 10% of previous value as folks are willing to sell anything for a few Euros"
How do we get in on it?
"With the banks "closed" for a week, how will electronic payments be made? Think of all the cell phones being cut off alone."
The idea of BitCoin being crippled because of the collapse of fiat currency is simply ironic.
Electronic payments? The bigger issue is whether the credit cards will be turned off.
Shit...not what I expected.
Inflation or deflation?
Yes.
Bank run = Deflation.
When the banks panic that humanity might realize they dont need banks, Inflation (gota keep your patient anesthetized so he/she doesn't wake up).
How about a little revolt? Anyone? Anyone? Going once...
Did every country that joined the Euro destroy its currency printing plates and coin dies when they joined? Or are they in a vault somewhere "just in case"?
"Panicky depositors spent the weekend pulling an estimated one billion euros from the banking system, stashing the cash in their houses or exchanging them for bulging bags of gold coins."
It's called safe haven.
Bank run in Greece.....Done and done!
Bank runs in Italy, Portugal, Spain, and everywhere else....coming soon to a bank near you. Free advice: run, Forrest Gump, run.
Smartphone accoiunts to be terminated if no payment are made.
Gold bitchezzzzz
Cell phones are commonly available and in use in the poorest areas of Africa and Asia, places with no paved roads, no traditional copper-wire telephone service, and sometimes no electric service. This is not the problem.
The problem is paying off debt that represents obsolete technologies and obsolete business and government structures, debt that should have been written off as worthless since it is backed by worthless assets, having no value due to new technologies.
Soon the airlines won't be able to fly for lack of fuel and parts. The referendum is wasting a week in which a new currency could be printed.
The whole country is going down, and what do the bankers do??
They take a holiday..
How about that.
This is why lawyer economics doesn't work.
This is what lawyer economics will do to America.
What we have nowadays is a patch-work monetary / economic system held together by threat of force written into law by Lawyers that have no idea what the f$%% they are doing and have no basic understanding of the most rudimentary economic principles.
The way an economist thinks
"If we raise taxes past a certain point, economic growth will stall, tax revenue will fall, and tax evasion will be the norm"
The way a lawyer thinks
"If we raise taxes, we will make it illegal not to pay them, if it creates massive unemployment, we will make it illegal to fire people"
lol
Its idiotic.
Lawyers are idiots.
You can't point a gun to peoples heads and order them to produce what you want, atleast not indefinitely.
Like the stock market. . . its been crashing (or on the way to crashing) because of the very idiotic economic conditions lawyers have created. . . and their answer to the problem is . . . to write bailout laws . . . to keep things nominally propped up.
Instead of FIXING the real problem, they paper over they symptoms.... because to tackle the real problem would mean that the lawyers would have to look into the mirror and see what a disgusting piece of human filth they are.... and well. . . the first way to recovery is admitting you have a problem in the first place, this is the problem, in Greece the Troika, and banks writing the laws of sovereign nations created the economic condition Greece is in.
The Greek govt, by following the dictates of their creditors, went bankrupt . . . lol
Do nailguns work on lawyers too?
Depends if the lawyer knows how to use it or not.
Now the big boys will know what it feels like to be a small business owner weathering tough times, trying to make payroll, not getting paid him or herself, no bail out to look forward to and when the smoke clears, the business is closed, he or she is broke and in debt and no one will consider helping the 'failure'for taking a chance.
That is how it is done on Main Street fellas, no golden parachute for screwing up, no watching porn on company time while they pay you to work, no benefits. It is about time Wall Street and .gov had a reality check.
it seems in this world cherry picker, no one can hear us scream
https://www.youtube.com/watch?v=Ed5Bh_DbHPU
Got Cash??
And....................It's gone! Next please!
https://www.youtube.com/watch?v=-DT7bX-B1Mg
What if we had a Bank Holiday... and Nobody Noticed....
Watch very closely on this one boys. They will rewright the rules on this deal.
My guess is they do do overs until the winning hand is thiers. Margine calls that work for them only. Just like was done with GM going tits up. Or like with MF global or AIG. The scary part is the scale of it will be global.
Such is the nature of exponents. In order to keep todays type of governments in power they must.
My guess is they pull as much cash out of the system and start operating the system on credit/debt. They get the credit and you get the debt. This is what is really going on in Greece. The government stays in power on credit and the Greek people are to choak on debt. The same can be said for every government dependant on fiat credit.
Think about that stall boys. Its our only good move at this point. The Greek people should strike if the banks close. Go barter until a coin with a real value is in place. Let the government starve right along with the honest folks. The guards are all that keeps these walls up.
WW3 ? Not with a global strike goin on. A global strike to kill this fiat system. Fuck these fiat games.
Superman aint comming. Just in case you were wondering.
Long live the bitcoin! Hooray hooray!
Another valueless coin? I think not.
Check out BITGOLD - it's backed 100% with Gold, and now available to US residents...
Energy backed coin with a specific measurable value.
A backing that ends becoming smoke in the atmosphere?
Very durable I'm sure.
I assume you have a brain, try using it.
Try thinking in longer terms. Oh and drop the fiat thinking too.
Try thinking EMP, or earthquake, or hurricane or tonado and all power is out for days, weeks or longer.
Electrocurrencies aren't feasible.
Yep, stash your money in bitcoin.
2 years ago, $1200,
1 year ago $650,
this week, $240.
"Greek PM Alexis Tsipras assured Greeks that their deposits are safe"
Well that's a barefaced lie.
It worked before.
Dupe.
"If you like your deposits , you can keep your deposits".
A deposit implies that you gave some of yours to somebody else, for whatever reason.
Hence, it's not yours anymore.
whatever
Look this is ploy is really simple tho.
We all know Europe isn't gonna let this happen, Tspiras is a payed clown, or else he would have had an accident by now.
Because he couldn't lose face they are holding a referendum, the referendum is in like 4 days.
The way its going the Greeks are gonna BEG to accept the bailout conditions! And they can rape Greece even further for whats left over.
Don't be fooled.
To me it appears that the euroleaders are scrambling for and will be putting forward a new improved long term package - that includes debt forgiveness, as per Lew's edict - in the hope that the greek government will support a YES vote in the referendum
THIS IS A DRY RUN IN GREECE TO WHAT WILL HAPPEN SOON IN AMERICA!
www.ViewLasVegasRealEstate.com
this is total garbage.
why the fuck is the ''stock market'' closed because of this shit?
wtf r they trying to prevent here? whether its tomorrow or next week, the selling will be massive anyway, so might as well let it happen now
Here is a Wikipedia article on bank runs:
https://en.wikipedia.org/wiki/List_of_bank_runs
Bank runs are usually concurrent with economic catastrophe.
Greece before this was an economic mess. But an economic apocalpse for Greece begins now.
coming to every centrally-planned, banana "market"
coming to the US
So, I'm guessing if Greek banks are closed on Monday and Greeks are pretty screwed and the EU is crumbling ... then the NYSE should be up 2-3% on Monday?
elsewhere rumours are:
banks closed till 6.7.2015
and max 100 euros/day/person on ATMs
"Deposits are safe".
HAHAHAHA
Yeah sure they are..
"Greek deposits are completely safe" Yeah, sure, and how many euros does Tsipras and Varoufakis still have on deposit in Greek Banks?
Is that how the EU stimulates or simulates the economy?
Of course Greek deposits are "safe". The funds will be converted into New Drachma. What could be "safer"
Those greek demonstrators burn their German euros and are asking for greek Drahmas!
http://www.newsbeast.gr/files/1/2015/06/kaps3.jpg
http://www.newsbeast.gr/files/1/2015/06/kaps2.jpg
Now that is a picture worth doing a caption contest on.
5 euros at a time , let's see them burn a pile of, i don't know , https://upload.wikimedia.org/wikipedia/commons/a/ae/EUR_500_obverse_%282...
it's just paper, right
It has only the value you give it.
At this stage anyone who still has money in a Greece bank has to be OD'ing on souvlaki and ouzo. Ineterest rates are effectively zero... so why would anyone have more than 100 in the bank?
Who gets any income of significance except by direct deposit? most salaries, benefits, welfare are received that way. Even if a person emptied their account down to 100Euros, boom, another deposit goes in and they have to start lining up at ATMs to get it out again. At a 60 euros/day withdrawal limit most people would have trouble to drain the account down to 100 euros before the next deposit...
Damn, The greeks are dumber then I thought. Anyone with any sense should have gotten their money out of the banks Months ago, when this shit first started. They should also have the brains to get out of the Eurozone NOW. Sure it is going to be rough, but it will just be harder later on. Bite the bullet now and get it over with. And while you are at it get rid of all the bankers and politicians who made the mess to begin with.
Last one out bar the doors and shut the lights .
Come on now folks. If US banks got $800 billion on QE1 just because Paulsen said so, a Grexit will never go unanswered. I wouldn't be surprised if The FED, through one of its conduits ponies up the money just in the nick of time. Can't let China or Russia be the white knight anyways.
Kicking the can? Hah!!!! You ain't seen nothing yet!
I bet the banks will make enough paper profit just on the wild swings in the market rigged algos fromall this to pay for it. Average schmuck US retail saver/investor, we (the Banks) salute you.
Fractional reserve banking is kind of like the transmission in my old Chevy pickup truck.
It never worked worth a damn in reverse either.
The Greece problems will not be limited to Greece.
How to explain this to the taxpayer that food the EFSF bill see:
Greece’s forthcoming financial collapse will not be without consequences for the Euro
http://gefira.org/
Watching the dollar/Euro exchange rate. I get paid in both Euros and dollars and if it goes to 1.08 I make another 60 Euros on my SS payment around the first of the month
Ypu are one real lucky motherfucking bastard you are.
You make your own luck, I saw the writing on the wall years ago.
You make your own luck, I saw the writing on the wall years ago.
I'm Lovin' it!
Won't believe it.
'Til the fat lady with one eyebrow sings.
Greeks shuvin' it.
Won't be grievin' it.
When the last banker from Euro swings.
We greeced some folks
I hope the financial contagion spreads world-wide. Banks have too much control over governments they need to be taken down several dozen pegs.
Burn, mutherfucker, burn.
But is gay marriage going to be okay? Need to focus on important issues
MSM don't give a rip. Thousands go to ZH for information. The ZH peanut gallery secretly hoping for gold to get to $1600 so they can their fiat back. And my slow ass computer can't load all the embedded video ads. Fuck this fight club. I am going to the beach..