"My Precious!"
Posted on 07/09/2015 1:12:40 PM PDT by Kartographer
Greeks spend in droves, afraid of losing savings to a bailout
Business has been so brisk in the giant Kotsovolos appliance and electronics store in this upper-middle-class suburb of Athens that you might think a sale was on.
But, no. It is panic buying, those who work here say. Increasingly concerned that greater economic trouble lies ahead of them, and limited in how much cash they can take out of banks, Greeks have been using their debit cards to buy ovens, refrigerators, dishwashers — anything tangible that can hold its value in troubled times.
“We have sold so much,” said Despina Drisi, who has worked in the store for 12 years. “We even sold display models. People have been pulling at my sleeves. We’re spacing things out now to cover the holes on the shelves.To the casual observer, the bustle of everyday life looks unchanged here. Greeks, many of whom long ago traded in their cars for cheaper motor scooters, clog the streets at rush hour on their way to and from work. Tourists pack the Acropolis. Friends meet, greet and sit in cafes, looking for shady spots against the heat.
(Excerpt) Read more at zerohedge.com ...
Preppers’ PING!!
If the electrical grid goes off what good is a fridge?
This is an excellent example of what to prep and what not to prep.
Invest in liquor. It will last forever, and if things go to crap, lots of people will trade with you.
Ammo, T.P., Salt and Sugar.
I don’t get this. This is the 3rd? article about what they’re buying just so they aren’t holding worthless cash. So they choose designer handbags, shoes, appliances? The country is going to crap and no one thinks to buy food and personal grooming supplies? I’m sure it’s not ‘no one’, but still...
I never met a Greek Gal that used a razor in her life. LOL
Along with parts for a still
>>This is an excellent example of what to prep and what not to prep.
They aren’t prepping for things that Americans worry needlessly about. They are close enough to former Soviet Bloc nations that they know that the durable goods become impossible to get. TP, bread, and other small things become more scarce but you can get them. Once the nation’s credit gets cut off, getting a stove that is probably made in another country will be impossible.
Greece didn’t get this way by being the home of financial geniuses...
Carrying the refrigerator home on a scooter must be a sight to see.
Their = There. ugh.
>>There credit is already frozen. Unless they produce their own TP and other hygiene products, there is not going to be a restocking without significant inflation.
A nation that is economically isolated can tool up to make TP a lot faster than it can to make a fridge.
Good analysis.
I read that an apprentice teenager named Jack Daniel took charge of the distillery when his mentor was inducted into the army during the Civil War and made serious dough selling booze to both sides.
They are defending against inflation...if the Euro is dropped and they go back to the Drachma...
But if you can’t pay the electric bill what good are electric appliances?
Agree with what you stated on an earlier thread about Greece- "Class is in session."
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