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How Greek Banks Are Tempting Savers To Hand Over Their Money
In case these "tempting" terms are not seen as sufficient, then Greece can generate some much needed GDP if the enterprising population sets up stands by ATM's selling food, cigs and water...
h/t @RudyHavenstein
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Wow! I'm half way round the world and I'd fly there just to put my money in!
No Spidey towels?
All of your money are belong to us...
Tyler,
I think you're misreading that chart.
What it really says is that customers will likely get only 1.79% of their Deposits back after bail-ins...
"UP TO" 1.79%. Haircuts are an inexact science.
You meant up to 1.79%, minus VAT of course.
Free haircuts!
with a happy ending ?
Oxi!
Come on guys, at least match inflation at 10%+.
A huge precursor to the complete downfall of the greek economy and NPLs are the particularly lewd practices of Greek banks. You can't think of Greek banks as standard banks. They were much worse than that. Greek banks were the lowest of the low even as banking goes. Even court orders wouldn't make them behave on this and that. But once you add all the practices up if amounted to destroying both themselves and the private sector very fast.
Gonna need to jack up those interest rates to account for the risk.
They're risk free. The government says so.
Don't you believe them? I do!
But then, I'm the Village-idiot.
They have.
Shiny, the Greeks undoubtedly will rush their mattress money right down to those honest and trustworthy banks just as soon as they open......
I know I'm Tempted.
Not the strangest offer I've seen to get people to put money in a bank. I once worked on a project where people saving £5k+ would be eligible to win upto £100,000 any given month.
Id rather buy the bonds...they pay more...lol...so they say
Given the two choices, bonds or savings, bonds is smarter. Higher yield yet same risk that you'll not collect.
not tempting at all.........
Why not? There's one born every minute.
Any Greek citizen has got to be a nutcase to trust the banks at this point in time. Once they open, go in and empty the contents of your safety deposit boxes, walk up to the teller window and close your accounts and then run out the door, never to return again.
they should call fidelity, they would probably jump at that. personally i wouldn't put ANY money into ANY EURO BANK even if they offered a 50% a.p.r..
Sorry Greece. Portugal is giving 26 bps.
No wonder they're buying fancy cars!
No, wait...
Never mind the interest rates, just give me my money back! Oh, and while I'm here, can I please open my safe deposit box?
Actually, that's pretty tempting for deposits in Europe. Deutsche Bank is offering 0.30%, and UBS Switzerland of course offers you nothing. Sure, maybe you can't access your money in the short term, and it'll probably vaporize in the long term à la Cyprus, but there's always that hope of chiseling The Man out of that extra one and a half percent.
Like leaving morsels of food along a trail to a trap.
Liberty is a demand. Tyranny is submission..
I wonder what I could offer to entice the people to bring banksters and slithers (pols and crats) to my guillotine?!