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Greeks Laugh As Bankers Beg Depositors To Return Money
President of Greek Banks Association Louka Katseli appealed at the citizens to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months.
Katseli, a former PASOK Minister, appealed to citizens to return their deposits to the banks “now that the banks are open” after a three-week holiday and capital controls.
“Let’s all help our economy,” Katseli urged Greeks and added “If you take your money out of your chests and houses – which are not safe in any case – and deposit at banks, this will enhance liquidity.”
“There will be no need to “haircut” deposits in the future if we all act responsibly,” she added -cheerfully I suppose.
Katseli’s appeal triggered laughter among Greeks and one stressed with hint to capital controls “Oh yes! I will bring my money back to the bank and get it back 60 by 60 euro.”
Another one noted “Ah sure! Banks will never see my money again, I prefer to buy tonnes of peanuts with it.”
A third commented “Certainly. And the banks will go bust after a while…”
A fourth reckoned a very unfortunate incident in 2010 and busted into tears and laughter. Back then Finance Minister Evangelos Venizelos had appealed to the Greeks to buy Greek bonds. The man invested 10,000 euro to help Greece. Two years later, his investment underwent a 53%-Haircut due to the PSI. Now the nominal value of his investment is …”I don’t even open the envelopes coming from the bank anymore, too frustrating,” he told me.
How can Greeks trust the banks after what has happened? Already many worry about their deposits as mergers of Greek banks are reportedly due. Even though they know that merger do not end in losing your money. Or does it? huh?
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Incidentally, this is justt as we predicted last week. In "Greek Banks Just Became A "Strong Sell" At Any Price" we wrote:
... even as an "unsustainable" Greece meanders day to day with yet another capital infusion to avoid a sovereign default, its insolvent banks just became the first casualty of reality. However, they may not be the only ones: recall that bank depositors are nothing more than unsecured creditors. If and when the reality of the Greek economic collapse is fully tabulated (as the IMF appears to have finally done) it won't be just the equity that is wiped out - depositors themselves face the risk of creeping haircuts to their "liabilities."
Which is why we doubt that Greek savers will rush to put their money in the banks, and why we think Draghi is taking a huge gamble by putting even more ELA into Greek banks just before the same banks will announce at any possible moment they are forced to liquidate existing shareholders. The popular outcry against the banking system once a bail in is confirmed, even if it does not involve depositors initially, will send shock waves through society and rekindle the bank run once more.
Ironically, the one thing that would help preserve confidence in the Greek banking system, is more transparency about the "performing" nature of Greek bank loans: if this amount has hit 50% (or more) on the total €210 billion of loans, then depositor haircuts become virtually inevitable - anything well below that and there would still be a modest cushion before bail-ins have to go up in the cap structure.
Which is also why we fear no transparency will be forthcoming and why we expect that people may be fooled once again into believing their savings are, well, safe only to find out the hard way they are anything but - a hard lesson that investors in insolvent Greek banks are about to learn first hand.
Sure enough, so far the score is transparency 0 - propaganda: +∞. And as duly predicted, the bank runs continue.
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I have a vision: Scat >>>>>>>> every banks front foyer.
She just had a Geithner moment:
In his first official visit to China since becoming Treasury Secretary, Mr Geithner told politicians and academics in Beijing that he still supports a strong US dollar, and insisted that the trillions of dollars of Chinese investments would not be unduly damaged by the economic crisis. Speaking at Peking University, Mr Geithner said: "Chinese assets are very safe." The comment provoked loud laughter from the audience of students.
Read more: http://www.businessinsider.com/chinese-students-laugh-at-tim-geithner-2009-6#ixzz3gXoahERuThat's awesome. Geithner deserves the electric chair.
One fish, two fish, smart fish, Dumb BASS.
LouSeli Katka SUCK ON THIS BITCH!
Aaaaand...it's gone!
To state the obvious ... at least the way it works in the rest of the world: THE BANKS HAVE NO NEED FOR THE PEOPLE'S MONEY AND ARE NOT WILLING TO PAY ANYTHING FOR THE USE OF IT.
The banks can and do create as much money as they want out of thin air.
We need new definitions of bankers.
Here is one: Worthless parasitic lying conniving piece of shit.
Is this what it takes for people to accept that banks are useless and destructive in their entirety?
Soon, Louka Katseli will be swimming with the fishes. It's business. Nothing personal.
This pathetic plea only makes me want to take money out of a Greek bank even more, and I don't even have any money on deposit there.
Most everyone that watches the stock market either as an opportunist gambler or as an interested observer realizes all of the markets are rigged and controlled by the banksters.
Most everyone with any mathematical skill knows the crash of the economy is coming; it is just a matter of time. Marten Armstrong is predicting the crashing market event will accelerate beginning in October and that has been confirmed by the Jade Helm military exercise extended into October.
The bankster Washington Empire of Debt, Fraud and Chaos is on schedule in their fascist Orwellian plan to morph into the bankster fascist totalitarian New World Order Empire which will be completed with the signing of the secret TPP and other secret trade agreements. More war is next. Whoopee!
Most everyone that follows the central government planning process of the Council on Foreign Relation, Trilateral commission, United Nations, central banking of the IMF, World Bank and their many tentacle affiliates realizes the economic crash is by design to consolidate power and control by the consolidated multinational corporate monopoly fascist (government of, for and by the multinational monopoly).
Enough is enough! Nationalize the Federal Reserve! Throw the criminal banksters and their criminal cronies in government in prison! Repudiate the criminal banksters system of debt peonage! Requisition the Federal Reserve to serve the People to restart our Free Enterprise System economy (that is FREE from corporate monopoly) with requisitioned bank investments into the American manufacturing economy.
Impossible! You say. Well, the banksters think that their “natural right” is fascist total control over our government.
The public Bank of North Dakota is doing fine with the criminal element taken out of the banking system. Ellen Brown has printed volumes on the subject of nationalizing the Federal Reserve and establishing a National Bank that is free from the usury criminal element that fascist banksters call “natural right”.
Yes, criminals do occur “naturally” in societies but most civilized societies throw them in prison to protect society from their evil criminal elements. Ha. Ha. Ha.
Nationalize it, liquidate it, take a stick and kill it like the snake it is. Then pass an Amendment that will not allow central banking except for the Treasury to collect taxes and pay bills. Deficit spending punishable by death. Arm the people with automatic weapons and everyone is free to buy anything else they can afford. Eliminate most of the military and use the Navy to keep the sea lanes open.
Make it a supermajority of 97% to declare war. If serious enough to go to war, kill the opposing leaders first, then march on in descending order of criminal activity.
Then you have government of the people, by the people, and for the people. Governments don't trust their citizens to bear arms freely because they are scared shitless of them when they want to imprison them. They know.
Tsipras government delays reforms, here we go:
http://www.ft.com/intl/cms/s/0/2734f386-2f9b-11e5-8873-775ba7c2ea3d.html
Yep, I said deal wont be honored.
This is the new normal.
Make agreements with no intent to follow them.
All just so the markets can live to see another day.
Deja Vu all over again.
the greeks need to learn every aspect of the mexican economy and lifestyle. Their future lies in that path of tourism and black markets selling contraband and trinkets to german tourists. Maybe even a donkey show. I'm sure the Germans will be into that.
bitcoin motherfuckers
Yes, they are kind of annoying.
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Tie a bankster to a pole inside the bank and give a new depositor a free whack for every 10k euro deposited.
Hang a bankster by the neck for "bankster tether ball with bats"
Come back? Well, now we know a bail in is in the works.
"I'm a banker, trust me."
trust me = fnck you
It's coming to the USA and sooner than we think, too.
Anyone who withdraws more than $27.40/day, each day for a year, in cash, is reported by their bank to the Treasury Department as a possible terrorist or dope dealer.
All it takes to become a suspect in the USA is withdrawing $27.40 a day in cash.
The Greek people know who the criminals and terrorists really are and they are showing they won't listen or support them.
I will put my money there, but you have to pay me the RISK!
How about 80% intrest ?
Banks should start selling gold with a promise of 100% buyback worth at future prices.
That way banks will have liquidity
and people , their money
my grandparents immigrated to the US in 1900.
they completely distrusted banks, and well understood
that money kept in a bank is a targetable asset
that could be wiped out at any moment
for any number of reasons.
I am sure that many Greeks have lived their entire lives
with this same attitude and understanding,
and have never kep the bulk of their money in any bank.