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Greek Banks Will Not Re-Open Monday Even As Loan To Repay ECB Approved
The timing could not be worse from a visual perspective but within minutes of the Eurogroup confirming that they approved the €7.16 billion bridge loan (which will merely be recycled back to The ECB to ensure the appearance of normalcy continues), local reports note that the Greek finance ministry says banks will not re-open on Monday (as promised).
The elites get their money...
Eurogroup statement:
On 17 July 2015, the Council adopted a decision granting up to €7.16bn in short term financial assistance to Greece under the European Financial Stabilisation Mechanism (EFSM).
The loan will have a maximum maturity of three months and will be disbursed in up to two instalments. It will allow Greece to clear its arrears with the IMF and the Bank of Greece and to repay the ECB, until Greece would start receiving financing under a new programme from the European Stability Mechanism (ESM).
Longer term programme
On 16 July the Eurogroup decided in principle to agree to a request made by Greece on 8 July 2015 for stability support over three years from the ESM. Once negotiated between the institutions and Greece and approved by the Eurogroup, the ESM assistance would be used, amongst other things, to repay the loan Greece receives under the EFSM.
Economic policy conditions
The Council also adopted a decision approving a macro-economic adjustment programme setting out specific economic policy conditions attached to the financial assistance. The reforms undertaken by Greece are aimed at improving the sustainability of its public finances and the regulatory environment. Specifically, Greece was required to adopt legislation to reform its VAT and pension systems, strengthen the governance of the Hellenic Statistical Authority (ELSTAT), and implement by 15 July 2015 the relevant provisions of the Treaty on Stability, Coordination and Governance. The adjustment programme will be set out in a memorandum of understanding (MOU).
The financial assistance would be disbursed once the MOU and a loan facility agreement setting out in detail the financial terms have entered into force. Both are to be signed by the Commission and the Greek authorities.
Full safeguards for non-euro area member states
A mechanism has been designed so as to ensure that non-euro area member states do not carry any risk. Under the decision, the exposure of non-euro area member states will be fully guaranteed by liquid collateral under legally binding arrangements. If Greece were unable repay the loan in accordance with its terms, any liabilities incurred by non-euro area member states would be immediately reimbursed.
Declaration on future use of the EFSM
The Council and the Commission also adopted a joint declaration agreeing that "any future use of the EFSM Regulation or any other instrument of a similar nature, for the purpose of safeguarding the financial stability of a Member State whose currency is the euro, will be made conditional upon arrangements (via collateral, guarantees or equivalent measures) being in place which ensure that no financial (direct or indirect) liability will be incurred by the Member States which do not participate in the single currency. In order to reflect this principle, the Commission will make a proposal for the appropriate changes to the EFSM Regulation as soon as possible, which shall be agreed in any case before any other proposal for support under the EFSM Regulation is brought forward. Moreover, the Commission commits not bringing forward any proposal for the use of the EFSM without a mechanism for the protection of the Member States whose currency is not the euro being assured."
EFSM
The EFSM provides financial assistance to EU member states in financial difficulties. It relies on funds raised by the Commission on the financial markets under an implicit EU budget guarantee.
Which will all go t pay off the creditors.
The people not so much...
- *NATIONAL BANK OF GREECE: BANK HOLIDAY EXTENDED TO JULY 19
- Greek Finance Ministry says banks will not re-open on Monday, local reports
++ #Grecia, il ministero Finanze: le banche non riaprono lunedì ++ Aggiornamenti su @corriereit http://t.co/LSMAwez85S
— Corriere della Sera (@Corriereit) July 17, 2015
Welcome to the new normal Europe.
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Well no shit. Open the banks without capital controls, that extra 900 Million would be gone before lunch.
Who in the hell came up with the term "bank holiday?"
a banker.
Greek Politician & Bankers suicides starting in 3...2...1...
Greek Banks Will Not Re-Open Monday
Wait.....what?
Show of hands.....we're all shocked......right?
Tzirapadikis Will Go Down In GREEK HISTORY As...............
""" Greek Finance Ministry says banks will not re-open on Monday, local reports """
Greek Lesson Learned: If There Is any, Any, ANY Sign Of Trouble At YOUR BANK, RUN Don't Walk And ""GET YOUR MONEY OUT""...
I can understand why some people kept their money in the bank, what I don't understand is why ALL Greeks, who can open a bank account all over Europe and for that matter the world, kept any serious amount of savings in the Greek banks after the last three years...same with Cypus. I just can't have too much sympathy for those who had options and chose not to take them. The other folks who had no options...sympathies to you.
Now when or if the banks in the USA start to crumble well Amerikans are just fucked as it is pretty difficult to open a foreign bank account for USA prisoners due to Bankster-Treasury Gestapo and their new laws under Dodd-Frank like FACTA. I guess I might live long enough to see the carnage in the USA.
"why ALL Greeks, who can open a bank account all over Europe and for that matter the world, kept any serious amount of savings in the Greek banks"
Because they can't, unless they have some serious cash.
Another question. Why haven't greeks torched every last bank in their country, or at least looted them?
Stunned. I don't want to cause a big fuss, but I'm getting the feeling that somebody may have <gulp>.... lied.
Those who work for the bank.
The Same Tribe member who came up with Christmas....he is good at what he does.
The Brits:Spring bank holiday.end of May.
This is like saying "The economy is doing so fucking awesome but we still can't raise rates."
F*ck the people, as long as the banksters get their money they don't give a sh!t
Greek bankers will be too busy siphoning off, and stuffing the bailout loot into their secret bank accounts to be bothered honoring depositor requests.
How come the banks don't have to take a haircut or have their funds limited.
Fuck the bankers.
If I were a Greek I'd burn the buildings down.
Hang the money changers and the politicians that cavort with them.
So the EU agreed to loan to Greece so it can pay back the EU? What a circular bunch of bullshit. Oh here you go Greece we will loan you money at a slight rate so you can pay us back immediately and then owe us the interest. Seriously are the Greeks that fucking stupid?
Yes.
The people of Greece should go a 'strike holiday' and not work until the people get what is rightfully theirs
Other peoples money?
Considering most of them don't have jobs I think a strike would be out of the question. Maybe they could do the opposite - threaten to actually get off their lazy asses and do some work instead of sponging ?
"The elites get their money"
If it comes in the form of a loan is it really money they are getting?
Putting that small point aside, reading this is just sad and pathetic. The Greek people have to suffer waiting hat in hand for their two loan disbursements because their fucking politicians won't do the right thing and default. Sorry my Greek friends, it only gets worse from here.
This is more bankster shifting of responsibility to a different group for the worthless paper of Greek debt. The question remains whos taxpayers are getting fucked by this deal? and how much fee is GS getting paid for handling the transaction?
If you were stupid enough to keep your funds in a bank I have zero sympathy for you. And as far as the pensioners, you had plenty of time to make arrangements for how you were going to receive your money... Lesson learned fuck direct deposit always get a check in the mail.
You're being sarcastic, no? How is a check (cheque) any better than a direct deposit? In the EU cheques can only be paid into the account of the person named. You can't sell it for cash. But I guess that was your point...
Let them eat cake...
Yellowcake.
Nothing but psychopaths and sociopaths running the entire operation.
Chris Smithers train home and lyrics...
https://www.youtube.com/watch?v=5i224YjIlm0
Take a look inside,
I got nothin' left to hide,
take me as I am,
not what I wanna be.
The why we'll never know, we passed that long ago.
Is and was is all we're ever gonna be.
He's almost shade, down by the river,
feels a breath that makes him shiver,
takes a breath and makes a dive alone.
But the dead don't get no vacation,
down in that subway station,
the only break they take is to the bone.
They waitin' on a train to take 'em home.
I don't think I see much of anything for me
in visions of the past or the ever-after.
Now is what can be,
all the rest is wait and see,
those prophets never hear that cosmic laughter.
And gypsies in their wagons rollin'
never hear those death bells tollin',
never take no notice of the tone.
But I do, and my pulse beats quicker,
scornful laughs and knowing snickers,
stop my heart and sink it like a stone.
And I'm waitin' on a train to take me home.
This ain't what it seems, it's not the stuff of dreams,
nothing is as clear as this confusion.
The somewhat welcome news
is there is no way to lose,
because what isn't real is genuine illusion.
And it's all about that graveyard dancin',
some sit still, some still prancin',
some get caught between them
in a zone where there's nothin' left to give 'em cover,
they can't even see each other,
they just step and stumble on their own.
They waitin' on a train to take 'em home.
They waitin' on a train,
I'm waitin' on a train,
we all waitin' on a train to take us home.
Maybe they need to have a referendum on whether or not to open the banks, you know, let the people decide... LMFAO
Well, the ECB debt is due on July 20, and without that being made, ELA cannot increase. If banks re-open before then, there wouldn't be enough cash, it would be gone in a few hours.
The gods are not happy about this latest betrayal of the Greek people
http://news.yahoo.com/greece-battles-huge-wildfires-athens-peloponnese-1...
Banks won't open before shaving off some percentage of ALL savings accounts.
not found - sacrilege
Tylers, what is gonig on?
Your existentialist question of the day: if your deposits are frozen in a bank holiday does the money actually exist? Meaning do you effective shrink the money supply instantly when you declare a bank holiday?
for all practical purposes the cat is dead, but for the Banker's purpose, it's an asset!
Fuck Greece
Yep thats the plan.
They wont open the banks bc everyone will clean out their safe deposit boxes along with their deposit accounts
It will be too embarassing to Tsirpussy to see long lines as an affirmation that the Greeks have zero faith in their govt
Embarrassment is the least of their problems.
If they opened the banks, there will be a run on them. The banks will be immediately insolvent and there will be the need for more loans.
They are backed into a corner. There isn't likely a way to handle this without a complete implosion and more bailout money.
The other way to handle bank runs is to clean them out before the people can.
The Chinese have State Banks and a mix of private banks. It was the private banks that hypothecated new credit to run up the stocks.
Also, China does not properly tax land. In the first cycle, the Communists charged Fees on land, but on the next cycle it is not taxed. This caused a property bubble.
China's state banks are stepping in, and stopping the "exuberance."
Note, China has debts that are formed, but they are internal to the country.
Greece has debts that are formed and they are held in France, Germany, and by investors in Wall Street. Greece's debts are EXTERNAL to their law.
Stop comparing China to Greece. They are in no way the same.
China is actually buidling out real infrastructure and real wealth. China is a sovereign country with their own money.
Stop boo hooing about China. China is complicit in stealing Western Jobs; this to rise up quickly in industrial knowledge. Western Capital is complicit in the game, in order to take wage arbitrage.
This mechanism creates financial Oligarchy in the West, and builds out China. China's state banks in turn can insure the money supply is low friction, thus allowing wage abritrage to go on FOREEEEVER.
Game over. China already won. The west needs to wake up and change its money system.
Or the west needs to change its free trade policys back to import tarrifs.
Its taking way longer to bust open the SD boxes than they thought it would.
Without a banking system the economy is grinding to a halt. That is unless you can operate on unlimited credit. In just a few weeks most if not all small buisinesses will be tits up. In this banking utopia there is no room for any small buisiness or property ownership for that matter either.
Next up a complete corp economy.
A Greek coin under EU control would be an exelent way to pay the slaves. Or simply go cashless and tax everybody to death.
PS The fires are cover for more theft. jmo.
Maybe the Greek banks will burn to the ground in the forest fires on Sunday and will never re-open.
Schaeubel wins.
Only the banks will receive relief.
The people only get austerity.
Slash and burn in the blood of Jesus.
Can you imagine how confused the Greek low information voters will be Monday morning? They begged for the leaders to do what was necessary to restore life as it was. Tsipras signed an agreement. And now the banks still won't open???
It really sucks when you run out of OPM!