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Greek Bank Run Update: Up To $1 Billion A Day Now

Tyler Durden's picture


Yesterday, we did an update of the Greek bank jog, when noting that between €100-€500 million per day was being withdrawn from Greek banks based on Kathimerini reports. 24 hours later the jog has become a trot with the most recent estimate from Reuters now estimated at nearly double: "Combined daily deposit outflows from the major Greek banks have reached 500-800 million euros over the past few days, with the pace picking up as the election draws closer and rising noticeably on Tuesday, two bankers said." This is roughly $1 billion a day in the upper case, and a number that is approaching 0.5% of the entire documented €170 billion (now likely much less) deposit base.

Deposit outflows at smaller and medium sized banks were running at 10-30 million euros.


"This includes cash withdrawals, wire transfers and investments into money market funds, German Bunds, U.S. Treasuries and EIB bonds," said one banker, who spoke on condition of anonymity.


Fears that Greece may have to quit the single currency and return to a weak drachma have fuelled a steady stream of withdrawals by companies and businesses alarmed at the prospect of seeing the value of their deposits cut sharply.


The result of the election, called after a previous vote in May failed to produce a government, remains too close to call, with the conservative New Democracy party running neck and neck with radical leftist SYRIZA.


Both groups say they want Greece to remain in the single currency but SYRIZA has pledged to scrap a 130 billion euro bailout agreement signed in March which has imposed some of the toughest austerity measures seen in Europe in decades.

At the daily rate of doubling the "estimate" by Friday the trot will be an all out sprting and Greece will be experiencing a $4 billion in outflows. We wonder which banks will have any cash left at that point.

How much of this is fact, and how much pre-election rumormongering to scare people from voting against Syriza remains to be seen. Due to the polling moratorium it is impossible to get any grasp of which is the most popular party in Greece currently, even if the polls that had been released had the accuracy of an Excel random number generator.


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Wed, 06/13/2012 - 15:03 | 2522854 Mercury
Mercury's picture

ieee spectrum June issue dedicated to digital cash and money:

Wed, 06/13/2012 - 15:12 | 2522892 WakeUpPeeeeeople
WakeUpPeeeeeople's picture

As they have always said in Greece:

"Bend over"

Wed, 06/13/2012 - 15:17 | 2522926 MillionDollarBonus_
MillionDollarBonus_'s picture

The thing that amazes me is that to this day, NOT A SINGLE GERMAN OFFICIAL has opologized for causing this mess. Germany's predatory lending promised retirees comfortable retirements and government workers secure and well paying jobs, and now Merkel is just heartlessly taking it all away.

Wed, 06/13/2012 - 15:19 | 2522938 Mr. Fix
Mr. Fix's picture

Good for her!

Wed, 06/13/2012 - 15:22 | 2522951 butchee
butchee's picture

Is anyone depositing Drachmas yet?

Wed, 06/13/2012 - 15:22 | 2522957 Manthong
Manthong's picture

A billion today, a billion tomorrow.. pretty soon you’ll be talking real money.

Wed, 06/13/2012 - 15:37 | 2523059 zaphod
zaphod's picture

Given the relative sizes of the US and Greece, this is equivalent to US depositors withdrawing $50-$100B per day from the banks. I'd say that is real money and a glimpse of what will happen in the US when the sheeple wake up.

Wed, 06/13/2012 - 15:48 | 2523120 BKbroiler
BKbroiler's picture

MDB, you're falling off, homey.  You've been a fantastic addition to the comments section, but the troll force is not with you lately.

Wed, 06/13/2012 - 16:05 | 2523179 Badabing
Badabing's picture

MDB, Bravo once again you made me LOL and pee a little.

I love the way you like to spin the truth just like the MSM anyone with a half a brain will have boiling blood with this statement. You are the king of sarc!

NOT A SINGLE GERMAN OFFICIAL has opologized for causing this mess.”

When we all know that its the banksters not the governments that should apologize.

And that’s how you spell apologize.  

Wed, 06/13/2012 - 15:48 | 2523121 Thomas
Thomas's picture

Who the hell has money in a Greek bank? My God. Do they need a CAT scan? My personal run on the bank would have been months ago.

Wed, 06/13/2012 - 17:51 | 2523593 AvoidingTaxation
AvoidingTaxation's picture

I think has 3 causes:

1) Normalcy bias

2) Everybody thinks that his own country is better off

3) Small people has no choice

Wed, 06/13/2012 - 19:48 | 2523898 Vet4RonPaul
Vet4RonPaul's picture

Thomas, I had the same question.  Further, I am really surprised that there was still that much money left in the entire country.  I used to think that the Greeks were being unfairly criticized but not now; they're too fucking lazy to even pull their own money out of a bank that they know is about to go bust.  That's fucking lazy.

Wed, 06/13/2012 - 20:02 | 2523931 Doña K
Doña K's picture

The Greek people have already taken their money out since last year. It is the companies that have to have accounts with which to operate their businesses especialy multinationals. And they are now taking all but their daily turnovers.

Wed, 06/13/2012 - 20:32 | 2524000 steve from virginia
steve from virginia's picture


The idea is that Greeks are relatively well off with passbook savings accounts. They close their accounts and take the train to Dusseldorf and put the euros into a similar passbook account. All neat and tidy.

 - A large number of Greeks have no money, in or out of any bank(s).

 - Businesses with payrolls have little choice but to use local banks. Since most Greeks still have jobs (and presumably gain paychecks) there is a percentage of Greek funds that are bound to Greek banks.

 - If funds are removed from bank accounts, where indeed do they go? A bank is a bank is a bank. Greek version today, UK bank tomorrow, China bank the next day. Believe it or not there is really nowhere to hide. If money is cash in a hole in the ground, the cash itself is worth little or nobody accepts it or whatever you can trade for it is useless. Money is 'too hot' or not hot enough.

We are all in uncharted territory.

Wed, 06/13/2012 - 23:04 | 2524419 jeff montanye
jeff montanye's picture

i think that's why some say to exchange it for gold coins or bullion while one still can (while the bank account is still denominated in euros, pounds or renminbi, in your example).  though the renminbi might outlast the dollar. 

Wed, 06/13/2012 - 15:50 | 2523127 junkyardjack
junkyardjack's picture

Wake up? That's what the medical weed is for...

Thu, 06/14/2012 - 00:07 | 2524548 andrewp111
andrewp111's picture

A little perspective. That rate is peanuts compared to the 2008 run on Money Market Funds after Lehman failed. That run rate was $250B/hr and accelerating before the Fed declared a blanket guarantee.

Wed, 06/13/2012 - 16:12 | 2523246 resurger
resurger's picture

Imagine you run a stress test for 1 week bank run scenario and your Central Bank Deposits (Assets) on your balance sheet is = Zegh'oooo





Wed, 06/13/2012 - 16:18 | 2523206 capitallosses
capitallosses's picture

I'm getting mine out of Greece and depositing in my account at the Bank of Gono.




Wed, 06/13/2012 - 18:51 | 2523767 Dermasolarapate...
Dermasolarapaterraphatrima's picture

"If you see a line in front of a bank, get in it."


El Erian, PIMCO

Wed, 06/13/2012 - 15:21 | 2522947 magpie
magpie's picture

I believe Germany should apologize for not printing a 1000 Euro bill, so that the poor Greeks can take less trips to the ATM.

Wed, 06/13/2012 - 17:57 | 2523614 AvoidingTaxation
AvoidingTaxation's picture

You can buy 1000 CHF bills if you need...

Or gold CHF

Wed, 06/13/2012 - 15:36 | 2523050 Bellaraphon
Bellaraphon's picture

I find it disheartening that none of the Core Europe countries have started an aggressive "Buy more Feta! Buy more Rioja!" campaign.  It's their duty to buy as many products from their southern neighbors, to support their teetering but otherwise healthy economies.

Wed, 06/13/2012 - 16:04 | 2523189 mickeyman
mickeyman's picture


Thu, 06/14/2012 - 14:26 | 2526529 Peter Pan
Peter Pan's picture

My prediction: New Democracy will win the election and form government with SYRIZA falling into line. Stock market will post around a 20% rise and gold will drop around $59. This ofcourse is just for the first week. Things should settle down and get back to the usual panic very very soon after that.

Wed, 06/13/2012 - 15:53 | 2523139 davinci7_gis
davinci7_gis's picture

During WWII the Germans just about starved the Greeks to death...I think it's going to be a repeat of that!

Thu, 06/14/2012 - 00:11 | 2524551 andrewp111
andrewp111's picture

After the Grexit, Greece will have only one source of foreign exchange - sexual tourism catering to Germans. And I'd bet that old Strauss Kahn himself will be the kingpin pimping the Greek boys and girls to all those guys named Gunther and Wolfgang.

Thu, 06/14/2012 - 14:30 | 2526560 Peter Pan
Peter Pan's picture

Many Greeks are already hungry and children are fainting in class while at school. Food assistance from Europe is not far off. Austerity will be parked in a side street and new handouts for Greece are coming.

Wed, 06/13/2012 - 15:18 | 2522930 ZerOhead
ZerOhead's picture

Great Zeus!!!

That burn rate is faster than an Apollo Saturn V moonshot!

Wed, 06/13/2012 - 15:28 | 2522982 Cognitive Dissonance
Cognitive Dissonance's picture

All your Greek Gods are belong to us.

(And everything else for that matter.)

Wed, 06/13/2012 - 15:44 | 2523101 Sudden Debt
Sudden Debt's picture

I've heard Aphrodite is of the slutty kind...
You get to have zeus...

Thu, 06/14/2012 - 14:48 | 2526653 Peter Pan
Peter Pan's picture

Yes, you do own everything, including the humanitarian disaster that is unfolding in Greece. Do you still feel good?

Wed, 06/13/2012 - 16:27 | 2523303 BeetleBailey
BeetleBailey's picture

....THATS' why it always "french and greek" in the old smut swinging books....

Wed, 06/13/2012 - 15:11 | 2522894 sunaJ
sunaJ's picture

ZH Dictionary:  Sprinting. (n)  1. CB printing at hyperinflationary levels.


We're almost in the home stretch!  Yaw, mule!

Wed, 06/13/2012 - 15:13 | 2522909 whatsinaname
whatsinaname's picture

Blackrock hires Philipp Hildebrand.

Swiss Cheese.

Wed, 06/13/2012 - 15:16 | 2522924 Joe Davola
Joe Davola's picture

All your bits are belong to us.

Wed, 06/13/2012 - 15:28 | 2522971 Mercury
Mercury's picture

Well, that’s the thing.

These guys write a lot of good stuff but from what I’ve read so far here, they’re a little too cheery and optimistic about how digital money = Progress!

Wed, 06/13/2012 - 15:35 | 2523046 Joe Davola
Joe Davola's picture

I'm a EE, and when that issue of Spectrum arrived I cringed alot. I'm no gold bug, but medieval alchemists aside - no one has ever counterfeited gold.


Worst of all was when I read an advertisement from my employer (unrelated to digital cash) - marketing must have had a keg at their weekly unicorn roast on the day that ad was written.

Wed, 06/13/2012 - 16:18 | 2523273 Mercury
Mercury's picture

Ha!  I think I know which one you mean...

Wed, 06/13/2012 - 16:24 | 2523294 pods
pods's picture

Counterfeited no, re-re-re-hypothecated yes.


Wed, 06/13/2012 - 16:23 | 2523289 Vegamma
Vegamma's picture

All your bits are belong to us

But all you Brits get to stay free because you didn't fall for my little Euro trick.

Wed, 06/13/2012 - 16:01 | 2523167 jal
jal's picture

Greek banks are bankrupt.

Let me say it another way they do not have any money.

Let me say it another way.

Who is supplying the money to give to the depositors.

The greek banks do not have any money to give back to who ever is supplying the money for those deposits.



Wed, 06/13/2012 - 18:09 | 2523660 Papasmurf
Papasmurf's picture

Courtesy, inkjet technology.

Thu, 06/14/2012 - 00:14 | 2524554 andrewp111
andrewp111's picture

The ECB is keeping those ATMs stuffed through ELA .

Wed, 06/13/2012 - 15:04 | 2522861 vegas
vegas's picture

If you got some FB stock and plenty of ouzo on hand, what do you need money in a Greek bank for? Duhhhhh.

Wed, 06/13/2012 - 18:11 | 2523663 Papasmurf
Papasmurf's picture

Have you taken delivery of your FB certificates?   I thought not!

Wed, 06/13/2012 - 15:04 | 2522862 GeneMarchbanks
GeneMarchbanks's picture


Wed, 06/13/2012 - 15:53 | 2523138 GS-DickinDaMuppets
GS-DickinDaMuppets's picture

Gene - don't you mean "?????????" ?  I think so...



Wed, 06/13/2012 - 15:07 | 2522865 JoeStocks
JoeStocks's picture

Just a little faster as funds flowing out of equity funds here. Another outflow just reported for this week;

Estimated Long-Term Mutual Fund Flows
June 13, 2012

Washington, DC, June 13, 2012 - Total estimated outflows from long-term mutual funds were $1.37 billion for the week ended Wednesday, June 6, the Investment Company Institute reported today. Flow estimates are derived from data collected covering more than 95 percent of industry assets and are adjusted to represent industry totals.

Estimated Flows to Long-Term Mutual Funds
Millions of dollars   5/9/2012 5/16/2012 5/23/2012 5/30/2012 6/6/2012 Total Equity -1,214 -3,483 -6,994 1,584 -1,731   Domestic -2,255 -3,367 -7,178 906 -3,083   World 1,041 -115 184 678 1,352

Equity funds had estimated outflows of $1.73 billion for the week, compared to estimated inflows of $1.58 billion in the previous week. Domestic equity funds had estimated outflows of $3.08 billion, while estimated inflows to world equity funds were $1.35 billion.


Wed, 06/13/2012 - 15:05 | 2522868 CommunityStandard
CommunityStandard's picture

Despite the accelerating speed, this is still a very slow train wreck.

Wed, 06/13/2012 - 15:58 | 2523156 mick_richfield
mick_richfield's picture

If the rate keeps doubling each 24 hours, Greek bank deposits will reach zero on Thursday, 21 June. 



Thu, 06/14/2012 - 02:18 | 2524676 Bohm Squad
Bohm Squad's picture

If you carry the seven, the date is 17 June, 2012.  :)

Wed, 06/13/2012 - 16:00 | 2523158 BKbroiler
BKbroiler's picture

frustratingly slow.  popcorn is stale. and already I bought all the gold I could afford, so I'm sitting here with this big apocalypse hard-on and all I'm getting is soft core porn.  I'd like to see some sovereign sodomy, please.  I'd like to see the villagers with their pitchforks hunting bankers.  Is that asking too much?

Wed, 06/13/2012 - 17:18 | 2523499 Jake88
Jake88's picture

I'm a bit surprised that so many classless jerkoffs read ZeroHedge.

Wed, 06/13/2012 - 17:50 | 2523592 TruthHunter
TruthHunter's picture

The comment section is the new bathroom wall

Wed, 06/13/2012 - 20:35 | 2524008 krispkritter
krispkritter's picture

'He who writes upon these walls, rolls his shit into little balls. He who reads these words of wit, eats these little balls of shit.'

(Actual bathroom wall quote from Rehoboth Beach bathroom circa 1975...)

Wed, 06/13/2012 - 23:31 | 2524481 sullymandias
sullymandias's picture

Here I sit


Tried to shit

But only farted

Wed, 06/13/2012 - 17:23 | 2523518 bdc63
bdc63's picture

How is it even possible that they haven't imposed capital controls yet? ... we couldn't possibly be more than a couple of days away from that

Thu, 06/14/2012 - 00:21 | 2524566 andrewp111
andrewp111's picture

There is an election coming up and pissing off the voters is usually a bad idea.

Besides, why should they impose capital controls as long as the ECB still has the ELA turned on and the ATMs are kept well stuffed.  Once the switch is flipped off, Greece's only choices are going back to the Drachma, or pure barter, and capital controls become irrelevant.

Wed, 06/13/2012 - 15:06 | 2522872 brooklynlou
brooklynlou's picture

A very ugly thought came to me a few days back the bank runs may be a moot point ....

If Germany plans to leave the Euro, they can send over as many paper Euros as the PIIGS can pull out since it all will be worthless (and thanks to capital controls) just converted back to the local flavor.

Wed, 06/13/2012 - 15:16 | 2522916 ebworthen
ebworthen's picture

Perhaps, but France will likely hang on to the Euro until the bitter end and allow an influx of refugees from anywhere for any reason.  It might dilute the Muslim invasion but it won't really matter because they will give themselves away before admitting failure.

Wed, 06/13/2012 - 15:19 | 2522933 Mark123
Mark123's picture

They need another  that guy had balls.

Wed, 06/13/2012 - 19:11 | 2523812 BigJim
BigJim's picture

He also got a shitload of Frenchmen killed for no good reason.

Wed, 06/13/2012 - 20:34 | 2524004 Trajan
Trajan's picture

but he killed more foreigners than he did french, maybe he should have let the rothschilds do it...

Thu, 06/14/2012 - 00:23 | 2524572 andrewp111
andrewp111's picture

France is the only EuroZone country with nuclear weapons.

Wed, 06/13/2012 - 15:26 | 2522973 hidingfromhelis
hidingfromhelis's picture

Good question.  Wonder if there's a rush to buy tangible and barter-able items.  Are grocery stores running out of canned goods, beans, and rice?  Are there shortages in alcohol and tobacco at retailers?  I'm guessing that PM's are virtually impossible to find without paying a huge premium there.  With the combo of Euro exit and simultaneous conversion/devaluation and captial controls, I'm curious as to what Greeks are seeing as a safe haven.  How is "prepper" expressed in Greek?

Wed, 06/13/2012 - 16:00 | 2523162 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 brooklyn and hiding

I did read here at ZH that the pharmacies are running very low on meds.  That's bad!

Wed, 06/13/2012 - 16:27 | 2523307 youngman
youngman's picture

I read that they are stocking up on canned goods and other storable items for the election no least we have the Myan thing to stock up for

Wed, 06/13/2012 - 15:06 | 2522873 catacl1sm
catacl1sm's picture

Bank runz, bitchez!

Wed, 06/13/2012 - 15:09 | 2522885 Stimulati
Stimulati's picture

A question for commenters here.  If you were in Greece, which party would you vote for?

I would vote for Syriza.

Wed, 06/13/2012 - 15:10 | 2522896 Mark123
Mark123's picture

I would not vote, but would move to a small village with good fishing, beaches and drink myself to death.  Opa!

Wed, 06/13/2012 - 15:13 | 2522912 SilverTree
SilverTree's picture

~Back-scratcha? Back-scratchar.

Wed, 06/13/2012 - 15:37 | 2523056 Pure Evil
Pure Evil's picture

I would vote for Mussolini or Hitler. At least they put the people back to work before all the killing and maiming started.

Wed, 06/13/2012 - 15:15 | 2522921 ebworthen
ebworthen's picture

I would write in "Ron Paul".

Wed, 06/13/2012 - 15:27 | 2522986 infotechsailor
infotechsailor's picture

+1... that or MEP Nigel Farage

Wed, 06/13/2012 - 16:15 | 2523262 resurger
resurger's picture

Nigel Farage, i want to take some public speaking courses with him.

Wed, 06/13/2012 - 15:42 | 2523085 roadhazard
Wed, 06/13/2012 - 20:24 | 2523984 Think for yourself
Think for yourself's picture

I would vote for Joe Pesci.

"You know who I pray to? Joe Pesci. Two reasons: First of all, I think he's a good actor, okay? To me, that counts. Second, he looks like a guy who can get things done. Joe Pesci doesn't fuck around. In fact, Joe Pesci came through on a couple of things that God was having trouble with.


For years I asked God to do something about my noisy neighbor with the barking dog, Joe Pesci straightened that cocksucker out with one visit. It's amazing what you can accomplish with a simple baseball bat."

Wed, 06/13/2012 - 15:08 | 2522886 Mark123
Mark123's picture

3 years after the banking crisis, you have the sovereign crisis.  Well, we are just about right on schedule.


Door #1 hyper inflation followed by war

Door #2 depression followed by war

Door #3 magic neo-Keynsian experiment that leads to never-ending prosperity where failure is forever banished and we all love each other.

Wed, 06/13/2012 - 15:15 | 2522920 SilverTree
SilverTree's picture

All three doors are opening.

Wed, 06/13/2012 - 18:29 | 2523713 Poetic injustice
Poetic injustice's picture

and we all love each other.

No greek details please.


On unrelated note, I do think that small village with plenty of food is good idea. Just bring some blacksmith or carpenter tools to have a rich life after society breakdown.

Wed, 06/13/2012 - 15:14 | 2522888 Bansters-in-my-...
Bansters-in-my- feces's picture

.................MORE COWBELL...!!!...!!!....!!!!!!!!!!!!

Wed, 06/13/2012 - 18:36 | 2523730 MisterMousePotato
MisterMousePotato's picture

Like John Malkovich, he is a unique individual.

Wed, 06/13/2012 - 15:10 | 2522889 WakeUpPeeeeeople
WakeUpPeeeeeople's picture

sorry, dupe


Wed, 06/13/2012 - 15:10 | 2522897 PontifexMaximus
PontifexMaximus's picture

I am wondering, that Greek banks still have this amount of deposits........stupid Greeks

Wed, 06/13/2012 - 18:30 | 2523714 Poetic injustice
Poetic injustice's picture

Maybe they are giving fake euros, bought cheap from professional Italians.

Wed, 06/13/2012 - 15:11 | 2522900 Stackers
Stackers's picture

I wonder how they are sewing it into their underwear ?

Wed, 06/13/2012 - 16:31 | 2523322 Mesquite
Mesquite's picture

Probably still damp (from the printing presses)


Wed, 06/13/2012 - 15:12 | 2522903 Conman
Conman's picture



Does it really matter who wins. its like winning at the special olympics.

Wed, 06/13/2012 - 15:13 | 2522905 TruthInSunshine
TruthInSunshine's picture




Greek Bank Customer:          "I'd like to withdraw all my money and close my account, please."


Greek Bank Teller:                "Would you like that in drachmas, or alternatively, in drachmas?"




Wed, 06/13/2012 - 15:19 | 2522937 SilverTree
SilverTree's picture




Greek Bank Customer: "What? I can't with draw any of my money?!"


Greek Bank Teller: "No"


Greek Bank Customer: "BANG-BANG-BANG"



Wed, 06/13/2012 - 15:22 | 2522955 Mark123
Mark123's picture

Since they don't have guns in Greece, I assume that the bang bang bang is the Greek hitting his head on the counter.

Wed, 06/13/2012 - 15:28 | 2522987 SilverTree
Wed, 06/13/2012 - 16:18 | 2523278 resurger
resurger's picture

<----The estimated total number of guns held by civilians in Greece is 2,500,0001 AKA Terrorists

<----The defence forces of Greece are reported to have 1,532,5005 AKA Counter Terrorists 

Who Wins?


Wed, 06/13/2012 - 16:00 | 2523164 brooklynlou
brooklynlou's picture

Oh, they have guns. Lots. Most unregistered. Most fully automatic ...

In some parts (Crete, Northern Greece) the sheer amount of firepower some homes possess would make a Texan blush. Theres a been a budding trade in automatic weapons (and in some cases RPG's) coming in to Greece from Albania, Bulgaria and Iraq.

Remember, in every Greek Socialist, there is a gun owning, no tax paying Libertarian waiting to get out ...

Wed, 06/13/2012 - 16:17 | 2523270 JimBowie1958
JimBowie1958's picture

In some parts (Crete, Northern Greece) the sheer amount of firepower some homes possess would make a Texan blush.

I very seriously doubt that.

Knew folks back home that had literally hundreds of automatic rifles/pistols and who had hundreds of thousands of rounds of ammor for them along with bullet proof vests, anti-tank rounds etc.

This guy has an armory..

...and he is a Kaliphornican.


Wed, 06/13/2012 - 16:52 | 2523393 brooklynlou
brooklynlou's picture

In Crete its tradition to get a knife when you're 9 and a gun when you're 14.

Tell you a story from a Cretan wedding I was invited to a few years back. First off the wedding invite had the words "NO GUNS" in bold at the bottom of the invite. I get to the restaurant where their passing out the orektika and a bunch of old guys are standing in a circle pulling at their belts showing off their guns to each other that they have hidden in their pants.

One guy starts talking about his sister's wedding in the 50's. Every one in the village is shooting rounds in the air when the groom's father goes to the back of his truck and pulls out an MG42 that he had gotten his hands on as the Germans were leaving the island. He takes the MG42 and starts shooting it in the air. The brides father was a bit miffed that the grooms father from another village tried to show him off in front of his village. Especially on the day of his daughters wedding. So he goes back to his house which was near the village square and rolls out a Bofors gun that he had 'liberated' from the British as they left the island and starts pumping rounds into the bay of Chania ...

Wed, 06/13/2012 - 17:22 | 2523511 Jake88
Jake88's picture

wow great story

Wed, 06/13/2012 - 15:13 | 2522910 Dr. Engali
Dr. Engali's picture

So do you suppose people walk by the lines at the bank and think..."gee what's going on there ? Maybe I should check this out and see if there is any money fo me". Or do they just shrug and say ...."I think I'll wait until the line gets shorter"? 

Because it sure seems like it's taking a long to bleed the banks dry.

Wed, 06/13/2012 - 17:19 | 2523505 Maos Dog
Maos Dog's picture


"If you see a line in front of the bank, get in it" - Ancient Saying

Wed, 06/13/2012 - 18:53 | 2523773 SilverTree
SilverTree's picture

"If you see a line in front of the bank, CUT" - Modern Saying

Thu, 06/14/2012 - 00:29 | 2524582 andrewp111
andrewp111's picture

It is called an electronic funds transfer.

Wed, 06/13/2012 - 15:15 | 2522919 Conman
Conman's picture


the 1day US equities chart looks like boobies ok back to the doomsday predictions.
Wed, 06/13/2012 - 15:32 | 2523026 Conman
Conman's picture

Btw i am not mentally retarded was referring to ugly double top - yayy for booobies though.

Wed, 06/13/2012 - 16:37 | 2523346 Papasmurf
Papasmurf's picture

Are you saying it's going "tits up"?

Wed, 06/13/2012 - 15:18 | 2522925 barliman
barliman's picture


"Polls?!?  We don't need no stinking polls!?!"

"We will however take your euros!"

Yeppir, after the debacle of Spain there is NO WAY of guessing how the Greeks are planning on voting in this next election.

Just a complete mystery.


Wed, 06/13/2012 - 15:36 | 2523051 web bot
web bot's picture

Please leave the Poles out of this.  :D

Wed, 06/13/2012 - 15:40 | 2523075 Pure Evil
Pure Evil's picture

What good will Euros be if Germany reverts back to the Reichsmark.

Wed, 06/13/2012 - 15:54 | 2523142 barliman
barliman's picture


Germexit - like World War II with all the looting but the Blitzkrieg is headed back INTO Germany.

This has been the German's plan ALL along.


Wed, 06/13/2012 - 15:18 | 2522929 lolmao500
lolmao500's picture

Remember folks...for a crowd to panic, you only need 2% of the crowd actually panicking before reaching critical mass... same thing with bank runs...

Hitler knew it... people in crowds are even dumber than normal...

Wed, 06/13/2012 - 15:20 | 2522942 surf0766
surf0766's picture

Where did the 2% number come from?

Wed, 06/13/2012 - 15:30 | 2522956 kridkrid
kridkrid's picture

96% of statistics are made up on the spot. Same here.

Wed, 06/13/2012 - 15:36 | 2523054 lolmao500
lolmao500's picture

Well I don't know if this is made up... but the times I've been in crowds and analyzed how they acted... it rings true... Crowds are very very dumb... The herd mentality...

Wed, 06/13/2012 - 16:02 | 2523176 kridkrid
kridkrid's picture

I'm just kidding. I'm sure what you say is mostly true.

Wed, 06/13/2012 - 16:37 | 2523350 Badabing
Badabing's picture

if one % of the population fights thats an army of 3,000,000

Thu, 06/14/2012 - 00:31 | 2524586 andrewp111
andrewp111's picture

Black Friday sales at Wal Mart show the stupidity of crowds, especially when workers are trampled to death.

Wed, 06/13/2012 - 15:44 | 2523072 lolmao500
lolmao500's picture

Honestly, I don't remember. I read that months ago... (I think)... I read too much stuff every single day to remember every single source... my gut feeling tells me I read that on ZH...

I found this for now... it's 5%... but this might be different for humans in crowds as this is for animals in herds.

Critical 5 Percent

The whole theory is based on a natural principle, Krause says. As soon as 5 percent of a group of animals behaves in a certain way, the majority will imitate this behavior too.

Wed, 06/13/2012 - 16:12 | 2523241 kekekekekekeke
kekekekekekeke's picture

that's still pretty low D:

Wed, 06/13/2012 - 18:33 | 2523722 Canuckistan Al
Canuckistan Al's picture

Might you be referring to the 100th monkey thing? Didn't that get debunked?

Wed, 06/13/2012 - 20:39 | 2524016 krispkritter
krispkritter's picture

Excuse me?!? Who's debunking monkeys? 

Wed, 06/13/2012 - 15:18 | 2522932 The Proletariat
The Proletariat's picture

They better turn that shitty Euro fiat into PM's asap.....

Wed, 06/13/2012 - 15:19 | 2522934 carbonmutant
carbonmutant's picture

Will the New Greek government be forced to implement Capital Controls?

Wed, 06/13/2012 - 15:51 | 2523130 cougar_w
cougar_w's picture

Yes. But it will be too late by then to make much of a difference.

Another war with Turkey will be the only avenue left.

Wed, 06/13/2012 - 17:04 | 2523463 carbonmutant
carbonmutant's picture


Wed, 06/13/2012 - 21:06 | 2524061 Kiwi Pete
Kiwi Pete's picture

Too late for capital controls. They will have to go to Drachma and have a big devaluation to get the money to come back in. Same sort of thing happened back in the 80's with the NZD.

Wed, 06/13/2012 - 15:21 | 2522946 junkyardjack
junkyardjack's picture

Jamie Dimon just made a call back to the office about the markets, guess he didn't like the questioning...

Wed, 06/13/2012 - 15:23 | 2522959 JackT
JackT's picture

I think that would be $1billion over the course of a few days -- not per day...yet.

Wed, 06/13/2012 - 16:01 | 2523168 Papasmurf
Papasmurf's picture

The rate will declline as the grocery shelves empty.

Wed, 06/13/2012 - 20:38 | 2524014 Trajan
Trajan's picture

only if  trains stop running to zurich;)

Wed, 06/13/2012 - 15:25 | 2522966 monopoly
monopoly's picture

And there goes the markets, at day lows. One thing for sure, the Greeks are not depositing funds into their banks. So the Euro is a wreck, our dollar will soon be on the trash heap and I do not want Yuan, what is left. :)

Wed, 06/13/2012 - 15:26 | 2522977 shovelhead
shovelhead's picture

Greeks should name their new currency the Dracula.

Because it's really going to suck.

Wed, 06/13/2012 - 15:36 | 2523023 mayhem_korner
mayhem_korner's picture




Wed, 06/13/2012 - 20:08 | 2523944 Likstane
Likstane's picture

How about the Bernachma?    They could have a picture of some dipshit doofus with a real trimmed beard on them(anti-counterfeit measure).  You could exchange 100 of them for a note that says you will get 103 of them in 5 years. (or just spend them at the bath house on mousuki and ouzo)

Wed, 06/13/2012 - 15:49 | 2523125 Sudden Debt
Sudden Debt's picture

Why not go more contempory and call it:

Promiseing in the beginning... Worthless after the first year...

Wed, 06/13/2012 - 15:26 | 2522978 TooBearish
TooBearish's picture

In other news...Egan Jones cornholes Spain to CCC

Wed, 06/13/2012 - 15:29 | 2522998 turtle777
turtle777's picture

Soon, Germany will send in the Panzer, uhm, I mean Trojan Horse division ;-)

Wed, 06/13/2012 - 15:30 | 2523003 mayhem_korner
mayhem_korner's picture



Can anyone provide some context as to what a "normal", pre-crisis level of daily withdrawals was?

Wed, 06/13/2012 - 15:41 | 2523082 aphlaque_duck
aphlaque_duck's picture

I presumed the pre-crisis level was about zero (net of deposits). Otherwise you wouldn't refer to the $1B as "outflow", it would simply be transactions.

Wed, 06/13/2012 - 15:33 | 2523032 ptoemmes
ptoemmes's picture

The power of exponents demonstrated yet again.  Where's the elbow in the withdrawal curve where it goes parabolic?!

Wed, 06/13/2012 - 15:37 | 2523060 LULZBank
LULZBank's picture

Just under the chin of the banksters.

Wed, 06/13/2012 - 15:38 | 2523062 mayhem_korner
mayhem_korner's picture



Parabolas don't have elbows.  It's like a chick with an Adam's apple.

Wed, 06/13/2012 - 15:34 | 2523037 Bob
Bob's picture

I shrugged when I saw $100M yesterday.  Now $1B, that's more like it. 

Interesting times we live in. 

Wed, 06/13/2012 - 15:36 | 2523055 LULZBank
LULZBank's picture

Cant the banks replace the deposits with some other sort of IOU notes?

Im willing to donate my $ 15 Trillion wooden Goat for free, or perhaps a small rent, cheaper than ECB.

Wed, 06/13/2012 - 15:44 | 2523102 Conman
Conman's picture

They already have IOUS for capital. They got a crapload of soverign bonds that is worth as much as an IOU.

Wed, 06/13/2012 - 15:52 | 2523134 LULZBank
LULZBank's picture

Whats the problem then?

IOU... UOMe... WeOThem... TheyOUs... and in the end we are all a one big happy family, united by Ponzi.

Wed, 06/13/2012 - 15:45 | 2523103 Conman
Conman's picture


Wed, 06/13/2012 - 15:43 | 2523094 TraderTimm
TraderTimm's picture

Oh hi bitcoin! Guess the Euro mess is making you very popular.

Thank you central bankers, for showing everyone how fiat really works.

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