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Greece Will Open 700 Bank Branches On Thursday - For Limited Pension Withdrawals Only

Tyler Durden's picture




 

Good news - some Greek bank branches will re-open sooner than expected.

  • *GREEK OFFICIAL: 700 BANK BRANCHES TO OPEN THURSDAY FOR PENSIONS

Bad news - only pension withdrawals are allowed in limited size.

  • *GREEK PENSION WITHDRAWALS WILL BE LIMITED TO EU240: OFFICIAL

Party's over.

 

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Mon, 06/29/2015 - 09:28 | 6248906 SpanishGoop
SpanishGoop's picture

No not over, just beginning.

 

Mon, 06/29/2015 - 09:32 | 6248926 AlaricBalth
AlaricBalth's picture

To paraphrase Chris Hedges: 

We now live in a world where doctors destroy health, lawyers destroy justice, universities destroy knowledge, governments destroy freedom, the press destroys information, religion destroys morals, and banks destroy entire economies.
Mon, 06/29/2015 - 09:33 | 6248941 swmnguy
swmnguy's picture

Chris Hedges is one of the handful of journalists who remain.  Really, the number is less than 10, IMHO.

Mon, 06/29/2015 - 09:39 | 6248981 PrayingMantis
PrayingMantis's picture

 

 

... meanwhile ... hospitals report that the hearts of banksters are in strong demand by transplant patients, because they’ve never been used. ...

Mon, 06/29/2015 - 09:41 | 6248994 Headbanger
Headbanger's picture

Anal sex should be banned..

Cause that's how banksters are born..

Mon, 06/29/2015 - 10:06 | 6249055 hedgeless_horseman
hedgeless_horseman's picture

 

 

Waiting to get your pension payment from the government?

Good news - If you are not a dependent of the government, and have built some real wealth outside of the electronic-banking system, then you are going to be just fine.

Bad news - If you are a dependent of the government, then you are screwed.

 

One Solution:

Each month, the day before op-ex,
buy the same dollar amount of gold, say $1,000. When it is cheap you
end up buying more ounces, when it is expensive you buy less for the
same $1,000. On average, your price per ounce is less, so your return is greater...much greater.

 

Everytime the paper-gold folks hammer the gold price before opex you can be thankful.

 

Expenses are low, as you don't need a Bloomberg terminal, phone, or even a desk.

 

You don't need to waste your life sitting in compliance meetings, and you can sleep at night because gold has never gone to zero.

 

http://www.zerohedge.com/news/2012-11-08/why-bridgewater-manages-138-billion#comment-2960511

 

 

 

The Twelve Steps

  1. We came to understand that our government is powerless over its spending - that our nation's debt had become unmanageable.
  2. We came to believe that a power greater than our fiat currency could restore us to sanity.
  3. We made a decision to turn our savings and our investments over to
    the care of gold, as we understand gold to be a physical asset - not a
    paper promise.
  4. We made a searching and fearless inventory of our wealth.
  5. We converted to gold, to Krugerrands, and to Maple Leafs, the fiat
    paper assets of our wealth, thus eliminating our counterparties.
  6. We were entirely ready to have gold remove all risk of default.
  7. We humbly asked the coin dealer to reduce our exposure to The Inflation Tax.
  8. We made a list of those politicians that expose us to The Inflation Tax, and became willing to work against them all.
  9. We gave direct support to Libertarians whenever possible, except
    when no Libertarian is on the ballot, and then we voted against the
    incumbent.
  10. We continued to create wealth through our own industry, and then we converted it to gold, and promptly buried it.
  11. We sought through silver coins to increase our contact with precious
    metal, as we understand silver to be a physical asset - not a paper
    promise, paying for as many day-to-day transactions with silver as
    possible, using our credit card (not debit) for what was not, and paying
    off the entire balance each month.
  12. We, having had a fiscal awakening as the result of these steps,
    tried to carry this message to others, and to practice these principles
    in all our affairs.

 

Mon, 06/29/2015 - 10:17 | 6249223 rejected
rejected's picture

When they go cashless and only allow gold/silver to be exchanged at government banks and rates with limitations.... What then?

Mon, 06/29/2015 - 10:28 | 6249265 hedgeless_horseman
hedgeless_horseman's picture

 

 

Black markets have existed as long as "they" have tried to live off the productivity of others.

Mon, 06/29/2015 - 10:24 | 6249250 Colonel Walter ...
Colonel Walter E Kurtz's picture

HH, I hope you are right, but I fear the opposite. Real wealth (i.e. savings) is what these government are all after since all they have is debt backing up the pensions. They are going to confiscate from everyone, and real wealth confiscation is the easiest way out. Forget government actually living within tax receipts means, because we will have war before that happens.

Mon, 06/29/2015 - 10:30 | 6249274 hedgeless_horseman
hedgeless_horseman's picture

 

 

Electronic wealth in banks is far easier to confiscate than traditional wealth in the bottom of your local swimming hole.

Mon, 06/29/2015 - 10:55 | 6249409 shovelhead
shovelhead's picture

But-but...

Black markets are ...*GASP*

AGAINST THE LAW!!!

 

Mon, 06/29/2015 - 10:57 | 6249411 Colonel Walter ...
Colonel Walter E Kurtz's picture

You're correct. Kind of hard though to put everything in physical since that becomes it's own "carry and protect" burden when it reaches at a certain level. Even land is accessible by a global wealth tax, which is probably going to come at some point.

Mon, 06/29/2015 - 09:55 | 6249082 Paveway IV
Paveway IV's picture

Since this will eventually happen in the U.S. (again), I would really like to see the law that says:

Banks must stay open. Any bank that closes it's doors or can't fill its ATMs - even for an hour - will be nationalized and all directors jailed pending a thourough investigation.

That's it. No complex rules or threats. If you are unable to do business with the little people, then you cease to exist. Do whatever bankster clownfuckery you find necessary to make sure that doesn't happen, or your bank is ours.

Mon, 06/29/2015 - 09:34 | 6248947 unplugged
unplugged's picture

govts have always destroyed freedom - that's their job

Mon, 06/29/2015 - 09:35 | 6248956 Usurious
Usurious's picture

thats a beautiful quote

Mon, 06/29/2015 - 09:36 | 6248963 freewolf7
freewolf7's picture

Thursday? Bring a sleeping bag.

Mon, 06/29/2015 - 09:42 | 6249007 847328_3527
847328_3527's picture

I'm don't think doctors destroyed health care but I know for sure HMOs lowered standards tremendously in the 1990s and Obamacare bashed it again in 2010. I still see too-many-to-count doctors not accepting any form of Obamacare insurance no matter whether it's bronz, silver, etc. So Barry boasts more people have insurance but he does not clarify fewer and fewer doctors accept it.

 

Oh yeah, try some of those urgent care doc-in-the-boix places on every corner now. Very very few of them accept any Obamacare insurance so your stuck with a > $2,000 bill to have a splinter pulled out of your hand.

 

It's going to become more acceptible to head over to Thailand for major elective surgery like joint replacements.

Mon, 06/29/2015 - 09:54 | 6249095 swmnguy
swmnguy's picture

I am curious.  What is "Obamacare insurance?"  When I looked on my state's exchange, all I saw were the same options I could get by going to the insurance companies' websites.  Since I'm not eligible for subsidies, I just continue to buy my policy directly from the insurance company, as I have for a dozen years or so.

And since my family is very healthy, we've had a high-deductible policy for a long time.  As a matter of fact, I just had to pay about $500 to get a splinter pulled out of my hand.  Would have been about $950, except the clinic has a discount for my insurance company.

I'm not disputing what you're saying.  I'm not seeing how much it has to do with Obamacare, though.  I don't see any substantive change since 2004 when I started using individual insurance, other than premiums go up every year.

Mon, 06/29/2015 - 10:34 | 6249292 Handful of Dust
Handful of Dust's picture

Give a jingle to your various doctor's offices and see what they tell you. As the above poster said, there's many docs out there who no longer take many of these insurances. I was forced off my private, self-paying BCBS and pushed onto a O-Plan that I bought directly thru the insurance company [like you] and surprise, surprise, several of my docs do not accept it, even though its one of the better plans and No, I don't get subsidies either.

 

And these ER clinics --- be very careful since many of them do not accept many policies, This has been on the radio several times I think discussed by some hosp administrator from NYC who said the ER docs may or may not accept your insurance even if the hospital does! So you'll likely get numerous bills some or many of which are NOT covered by your insurer.

 

Good luck!

Mon, 06/29/2015 - 10:11 | 6249198 rejected
rejected's picture

The reason fewer and fewer doctors accept O-Care is because there are fewer and fewer doctors with their own practice. 

Most like the doctor I see have dropped their practice and become 'corporate doctors'. The Doctor I see has had a born again attitude. Actually gets upset that he cannot push unnecessary pills and tests on me. 

Many now are on a payroll just like a convenience store clerk. Beware....

Mon, 06/29/2015 - 11:15 | 6249513 CheapBastard
CheapBastard's picture

Agree with ya. Stay away from hospital or corporate docs since they can be difficult to deal with re: your bill since they simply pass the blame onto the hospital. Get a good doctor who has his own office and a good reputation to protect and been in practice for >5-8 years. They're usually harder to get an appointment but well worth it.

Mon, 06/29/2015 - 10:00 | 6249129 cuzzinjak318
cuzzinjak318's picture

you are right on exactly right

Mon, 06/29/2015 - 13:20 | 6250120 Never One Roach
Never One Roach's picture

Thanks.

 

Remind me; what did I say again?

Mon, 06/29/2015 - 09:32 | 6248933 SickDollar
SickDollar's picture

HIGH ALERT TYLERS: THE BIS REPORT IS OUT, PLEASE READ IT

https://www.bis.org/publ/arpdf/ar2015e5.htm

IT STATES CLEARLY, WE ARE DONE AND THE BIG ONE IS COMING AND THE BIS WILL SACRIFICE SOME CENTRAL BANKS

Mon, 06/29/2015 - 09:38 | 6248975 AlaricBalth
AlaricBalth's picture

To summarise, the workings of the International Monetary Financial System post-crisis have spread easy monetary and financial conditions from the reserve currency areas to the rest of the world, just as they did pre-crisis. Global financial conditions have consequently loosened to an extent that may not prove consistent with lasting financial and macroeconomic stability. 

Mon, 06/29/2015 - 09:44 | 6249011 SpanishGoop
SpanishGoop's picture

Summarized more, we are f*cked.

 

Mon, 06/29/2015 - 09:48 | 6249030 Paveway IV
Paveway IV's picture

Hmmm.... I don't think you're taking that far enough, AlaricBalth.

The last sentence of the summary is: "...Moving beyond enlightened self-interest would require international cooperation on rules constraining domestic policies..."

It's not just that the current system(s) are broken and lead to instability.  It's THIS: More global 'rules' are needed fo fix the system.

Sounds very NWOish to me. 

Mon, 06/29/2015 - 17:09 | 6251318 malek
malek's picture

 THE BIS WILL SACRIFICE SOME CENTRAL BANKS

Do we need to say more?

 

Mon, 06/29/2015 - 09:33 | 6248940 This is it
This is it's picture

ka mon! Give me moar! I got my pop corn here already!

Mon, 06/29/2015 - 09:30 | 6248915 Dr. Engali
Dr. Engali's picture

That hope and change will bite you in the ass everytime.

Mon, 06/29/2015 - 09:43 | 6249008 Kirk2NCC1701
Kirk2NCC1701's picture

And not just the Secular version.  

Or is the Ecclesiastical version 'Special' and 'Exceptional'?  All Latter Day Shamans think so. As do their Sheeple. 

"To give up ALL illusions, fables and pretenses, is the beginning to true Wisdom" -Kirk

Mon, 06/29/2015 - 11:06 | 6249463 shovelhead
shovelhead's picture

Except Zeus.

Zeus screws all the chicks and doesn't give a fuck about anything.

Now THAT's a God worthy of the name.

Mon, 06/29/2015 - 09:30 | 6248917 Alive or Just B...
Alive or Just Breathing's picture

Oh? So the Greek Government already back-door cut pensions? Well they'll be capitulating any minute now....

Coming to America soon? How pissed are all the SS, and Pensioners going to be? Nah, I'm just kidding. Dancing with the Stars is on.... That's all that matters right?

Mon, 06/29/2015 - 09:32 | 6248928 Alive or Just B...
Alive or Just Breathing's picture

Oh, and cute kitty pics on facebook and twitter. Everything is Ohkedokey.

Mon, 06/29/2015 - 09:36 | 6248968 unplugged
unplugged's picture

NFL is about to start camps & pre-season - time to focus on your fantasy team lineups!  And don't forget those Kardeshians (yes, intentionally mispelled)

Mon, 06/29/2015 - 09:50 | 6249044 TeamDepends
TeamDepends's picture

Indeed! Each and every stadium is a FEMA fun camp when the time comes. Women this way, men that way. Congratulations! You are serfs on the World Communist Team now.

Mon, 06/29/2015 - 11:08 | 6249476 shovelhead
shovelhead's picture

Please...

No more FIFA stories.

Mon, 06/29/2015 - 09:51 | 6249058 Alive or Just B...
Alive or Just Breathing's picture

You mean you haven't been playing Fantasy Baseball? Or, Golf? Or, Bowlings? Or, whatever the fuck you can place after "Fantasy"... 

You see an on going theme here? Dumb fucking idiots living is fantasy land.

https://www.youtube.com/watch?v=xnTU4dKpoB8

 

Mon, 06/29/2015 - 09:57 | 6249106 swmnguy
swmnguy's picture

The Internet is the greatest invention in history for the collection and distribution of Human Knowledge; the equivalent of the ancient Library of Alexandria right on your phone.

And the most common use for it, apparently, is playing Fantasy Sex.

Mon, 06/29/2015 - 11:10 | 6249486 shovelhead
shovelhead's picture

Pervert.

Some of us like cute kitties.

 

Oh yeah, and Russian dashboard cams too.

Mon, 06/29/2015 - 09:52 | 6249075 exi1ed0ne
exi1ed0ne's picture

Simple people will be simple, as they have throught history, chained to the wall pondering on shadows.  Why then is the enlightened man afraid to go back to the cave and lead them to the sunlight they will never understand they need?

Each to their own and to their measure.  The enlightened amongst us have a duty to position ourselves to step in once the old orders crumble and guide the path to a better world.  Or we can bitch about cat pics on a financial blog.  Its our season to choose.

Mon, 06/29/2015 - 11:12 | 6249494 shovelhead
shovelhead's picture

"When you walk the rice paper without a trace, Grasshopper..."

Mon, 06/29/2015 - 09:33 | 6248929 ebworthen
ebworthen's picture

Just enough to buy food, gas, booze, and tobacco for a week.

Coming to the U.S.S.A. soon as the global unwind commences.

Thanks assholes!  Hang the banksters already!  Hang 'em high!

Mon, 06/29/2015 - 09:39 | 6248980 disabledvet
disabledvet's picture

For pensioners...sure.

Who's paying into that thing? Besides the ECB "nobody."

Coming to Banks all across Europe....

Mon, 06/29/2015 - 09:49 | 6249042 Kirk2NCC1701
Kirk2NCC1701's picture

Say 'What'!?  How is this a problem for veteran ZHers? 

It's not as though ZH hasn't been predicting The End, or as though we haven't been cheering, yearning and prepping for it for years (so we can finally be proven right, and finally realize the power of stacked PM, Ammo, food and supplies).

Got Buyer's Remorse, Eb?

Mon, 06/29/2015 - 09:32 | 6248931 Able Ape
Able Ape's picture

Stay the course and STIFF the bankers and you will, in time, be dancing in the streets...

https://www.youtube.com/watch?v=UhDgpXWkFHE

 

Mon, 06/29/2015 - 09:32 | 6248935 swmnguy
swmnguy's picture

In this situation, what happens if you mail a check to the gas company?  Or make a PayPal payment?  Or swipe a credit card?  Most people don't need to take cash out of the bank that often.

Now, obviously, I understand why people want to pull their money out of the banks, etc., etc.  I'm just wondering about the basic transactions most people make these days.

Because goods and services are going to continue to be exchanged.  The question is how.

Mon, 06/29/2015 - 09:37 | 6248974 unplugged
unplugged's picture

barter would be nice

Mon, 06/29/2015 - 09:42 | 6248998 swmnguy
swmnguy's picture

I don't know if I'd call it "nice."  A modern society instantly reverted to hunter-gatherer doesn't sound that great to me.  A lot of things we take for granted actually depend on our acceptance of a medium of exchange, for better and for worse.

But it would be smart to prepare--right now--for barter situations.

Mon, 06/29/2015 - 09:41 | 6248982 stocktivity
stocktivity's picture

You might trade a silver dime (minted 1964 or earlier) for some food for your family. I've been buying these on ebay for roughly $1.40 - $1.50 each by the roll.

Mon, 06/29/2015 - 09:42 | 6249004 swmnguy
swmnguy's picture

An excellent idea.  That's really a reversion to previous modes of exchange.

Mon, 06/29/2015 - 09:58 | 6249114 rejected
rejected's picture

Good luck trying to redeem them for fair value. Most usa lemmings are clueless (and could care less) of the silver in pre 64 coins.

They'll have you arrested like that Ice Cream vender did a couple trying to pay using a liberty dollar.

I've actually offered a gold eagle in exchange for a DVD once at Best Buy. Wouldn't touch it. Had no idea what it was. Wouldn't even give the $50 face value. Thought it was counterfeit. Called over one of those security people. Wasn't asking for change,,, just a straight across trade.

Took a fiat twenty with a smile though while chewing her bubble gum.

Nothing dumber than a gaggle of educated Amerikan's. 

Mon, 06/29/2015 - 10:05 | 6249161 stocktivity
stocktivity's picture

That may be true during normal times. I believe the question had to do with buying goods and services when everything crashes and a dollar bill is virtually worthless.

Mon, 06/29/2015 - 11:16 | 6249519 shovelhead
shovelhead's picture

The Troika has closed Amazon to Greece.

Because they love them.

Juncker said so.

Mon, 06/29/2015 - 09:33 | 6248939 unplugged
unplugged's picture

So then this is the same as the troika's pension cut, no ?

Mon, 06/29/2015 - 09:34 | 6248948 Downtoolong
Downtoolong's picture

Bankster bread lines.

Mon, 06/29/2015 - 10:58 | 6249418 HowdyDoody
HowdyDoody's picture

I need new glasses. I read that as 'Bankster dead lines'.

 

Mon, 06/29/2015 - 09:36 | 6248964 steelrules
steelrules's picture

Coming to a country near you.

Mon, 06/29/2015 - 09:42 | 6249001 Osmium
Osmium's picture

Dip buyers out in full force this morning

Mon, 06/29/2015 - 09:44 | 6249012 mastersnark
mastersnark's picture

240 euros?!?! Hey, ZHers in Las Vegas: What's the over/under on (1) the first Greek bank arson and (2) first dead Greek banker?

Thanks in advance,

Mon, 06/29/2015 - 09:44 | 6249013 rejected
rejected's picture

ZH,,, Any other news out there besides Greece?

Mon, 06/29/2015 - 09:46 | 6249023 swmnguy
swmnguy's picture

Well, Donald Trump keeps saying funny shit about Mexicans, and they keep not liking it.

They caught those two escaped murderers, and killed one of them in the process.

The Twins dropped two out of three to the Brewers in Milwaukee.

Mon, 06/29/2015 - 09:48 | 6249022 BoPeople
BoPeople's picture

The question: Who is in control and making the decision to open 700 banks. Is it the Greek government or is it the central banking empire?

This information seems critical to understanding the nature of the Greek situation and who is really in charge. I am (not) surprised that ZH omitted it.

240 Euros? Looks like they got massive capital controls and austerity in place. Funny, how it does not look as if this will improve the debt payment issue as the Nazis insist it will.

Mon, 06/29/2015 - 09:49 | 6249037 swmnguy
swmnguy's picture

Yes, that is a key question.

And I was serious above: Are routine consumer transactions, besides cash withdrawals, proceding as normal?  Checks cleared?  Credit cards processing?  Direct bill-pay systems operating?

That too helps to understand.  As (somebody) once said, any civilization is 3 meals away from complete chaos.  If regular transactions aren't being processed, that countdown starts soon.

Mon, 06/29/2015 - 10:06 | 6249163 Debugas
Debugas's picture

where did they pull that 240 euros number from ?

Is it what the greek pension average (per month) will be in drahmas equivalent to euros two years down the road ?

Mon, 06/29/2015 - 10:07 | 6249167 More Ammo
More Ammo's picture

Wife was watich CBS news this morning as hosts exclaimed with "Suprise at how something like this could happen all of a Sudden." LMAO

Mon, 06/29/2015 - 11:20 | 6249534 shovelhead
shovelhead's picture

" Nobody saw this coming." TM.

Mon, 06/29/2015 - 10:12 | 6249204 Solarman
Solarman's picture

80% of all Greek transactions stay outside of the banking system.  This is a nothing burger.

Mon, 06/29/2015 - 11:26 | 6249554 shovelhead
shovelhead's picture

67% of those transactions involve a mask and a gun.

Of the remainder, 11% involve the words " I promise not to come in your mouth".

http://www.amazon.com/Statistics-Dummies-Deborah-J-Rumsey/dp/0470911085/...

Mon, 06/29/2015 - 11:40 | 6249625 Bunga Bunga
Bunga Bunga's picture

There go the pensions. Coming to your country soon.

Do NOT follow this link or you will be banned from the site!