This page has been archived and commenting is disabled.
Greek Bank Run Continues Unabated: €3.8 Billion In June Outflows Bring Total Deposit Base To Mid-2007 Levels
Who could have possibly imagined that in the month of June, Greek banks would see yet another major deposit outflow. Alas, according to just released NBG data, June deposit outflows by households and corporates amounted to €3.8 billion, bringing the total down to just €188 billion. This is a whopping 20% decline in total Greek bank deposits since January 2010. It also means that each increasing outflow merely plants the seeds for even more outflows in the next month as less and less confidence (and cash) remains in Greek banks. As a reference, an equivalent outflow in the US, based on the total $8 trillion in total domestic deposits, would imply a $160 billion monthly outflow, enough to put two Bank of Americas out of business. We expect to see comparable data out of the Bank of Italy, and then all other pigs, as billions of euros are being pulled from deposit accounts in insolvent countries and deposits in Switzerland. Naturally, it also means that European efforts to quell the panic are failing abysmally.
»
- 3222 reads
- Printer-friendly version
- Send to friend
- advertisements -
200 point bounce in about 90 seconds. I smell QE3 announcement frontrunning.
And how many people will crap their pants if the announcement is only continued accomadation for an extended period?
"And how many people will crap their pants"
The buyers at the Fed's SOMA desk who are trying to telegraph QE3 to the Queasy public?
Can' compute!
*****What Business is Wall Street in?
""Wall Street Doesn't Know What Business It's In.
Regulators don’t know what the business of Wall Street is. Investor/shareholders don’t know what business Wall Street is in.
The only people who know what business Wall Street is in are the traders. They know what business Wall Street is in better than everyone else......""
http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/08/wall-street-d...
*****Top Five Places "Not To Be" When the Crash Comes...
http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/08/top-5-places-...
******OT: Festival Film Short
The Creek.......
http://www.youtube.com/watch?v=BLRAqfN48zo&feature=related
The Greeks should outsource this data point to the BLS. Then we will see massive inflows.
of course Greece would then be revised
august 20th is big date for greece...they need a lot of money to pay what they have due...they probably get it, but better safe than sorry
HAHAHA!!
THEY DIDN'T GET THE BERNANKE SPEECH MEMO!! THE ECONOMY IS SAVED!!
How stupid will those who withdrawl their money feel when all their effort is for nothing....
Meanwhile a flurry of paper gold is being sold in order to corral the gold market and show all is fine with the fiat money system. P.S. please drive the price down so I can get more physical at a discount with my bernanke bucks!!!!
say it again and again--he who panics first panics best.
All getting converted to gold.
Oh and Goldman's $2,500 target by year end? They got it from me, here on ZH (2,400) :-)
coming to a bank near you!!!
educate your friends before this happens to your bank!!
buy silver. buy bitcoin. www.silverrevolucion.com
Remember what Argentina did? Default, seized pension money, froze bank accounts to raise cash.....Yesterday the Greeks imposed no more short selling in the market. Defaults and freezing assets are a real possibility...In panic Govts will do whatever they want..
If I were a Drachma dude, I would have long ago taken all the cash out of the banks and liquidated assets to cash and gold.
I reality that is what a lot of people are doing all over, including myself..
Why does a bank need deposits or customers when you have a government to bail you out and pay your bonuses????
"Why does a bank need deposits"
To fund their prop trading desks?
All reports are hereby canceled
Eur/CHFunder 1.0500 ;)
Explains where the Euro's are migrating. If I got paid in Euros, and could buy 1 CHF for my 1 Euro, I would take that deal. In a heart beat;)
Advertising Material
Stuffed Animals
Wholesale Vase
Wholesale Umbrella
Wholesale Towel
Wholesale Clothing
Men Beauty Care
Book Light
Pen Holder
Water Bottle
Beauty Equipment
Voice Recorder
Wholesale Gift Bags
Solar Products
Fishing Supplies
Wholesale Hardware Tools
Recorder Pen
Wholesale Pin
Cleaner Products
Sport Support Products
Wholesale Bag
Wholesale Keychain
Wholesale Scarf
Wholesale iPod iPhone
Wholesale Dartboard
Promotional Items
Electrical Gifts
Wholesale Clothes Rack
Wholesale iPod iPhone
Wholesale Flag
World Cup Products
Promotional Gifts
Wholesale Gift Bags
Crystal Gifts
Wholesale Playing Card
Wholesale Racks
Giveaway Material
Promotional Products
Wholesale Clothes Rack
Pet Supplies
Wholesale Hardware Tools
Wholesale Compass
Coin Bank
Wholesale Puzzle
Wholesale Stationery