Skip to comments.WSJ:Greek Depositors Withdrew $898 Million From Banks Monday
Posted on 05/15/2012 1:26:23 PM PDT by tcrlaf
ATHENSGreek depositors withdrew 700 million ($898 million) from local banks Monday, the country's president said, as he warned that the situation facing Greece's lenders was very difficult.
(Excerpt) Read more at online.wsj.com ...
I would have pulled cash out of a Greek bank long ago...
When the crap-hits-the-rotating-device, bank accounts will be frozen overnight with no accessability until the "new" currency is established.
Then it is too late, you are stuck with a huge loss in assets. Not to mention you'll be able to buy things in a currency that is actually worth something.
The thing about bank runs is that they tend to be contagious...
This probably has depositors in Spain going “Hmmmmm - we’re the next-weakest, so it must be time to get out”
Which could cause depositors in the next-weakest (Portugal?? Italy?? Ireland??) saying “Hmmmm.... “
Lather, rinse, repeat, until there’s not a functioning bank in the Eurozone... (Or, to mix a metaphor - the dominos may continue to topple around the world...)
Quick, send Jimmy Stewart over there.
Wouldn't that have been about $1.4 billion, just a few years ago? They're beating us in the race to the bottom, it seems.
We saw it with the investment banks in 2008. Bear, then Lehman, then MS, then ML. The traders turned their sights on the weak one and went after them. They will do the same with the sovereigns.
and so it begins...
last chance to get ready folks.
Unfortunately, all of the Greek banks are staffed by an army of Uncle Billys.
Finally an "and so it begins..." placed at exactly the right time, I think. You deserve a prize. Like one billion zimbabwe dollars or something.
When it hits the fan, folks can stop buying gold jewelry, but they can't stop eating. At least not for long.
” They will do the same with the sovereigns. “
Not quite the same - when the sovereigns fall, there will be nobody to bail them out...
Much of that capital will be transferred into dollar denominated investments. That will boost the dollar, US stock market and the American economy. Ironically the European debt crisis which is the result of the same deficit spending and borrowing that Obama is doing here, will improve Obama’s reelection prospects as the US benfits from these capital transfers.
A Greek who leaves money on deposit in a Euro account in a Greek bank past COB today is crazy. The run will turn into a rout tomorrow. I wouldn't be surprised to see the banks closed tomorrow.
No, it doesn't.
All WSJ articles are available in full if you copy the title into the Google search bar. Result will give you a pass to read the whole thing. It's a deal they cut several years back.
Subvarient from XKCD...
I’ve been going into bond funds for quite a few days now - maybe the primer has been lit ...
“When the crap-hits-the-rotating-device, bank accounts will be frozen overnight with no accessability until the “new” currency is established.”
When Argentina did this some enterprising folks realized they could access their accounts from casinos...in Uruguay.
I should have moved into Bonds on May 1st.
but im safe now /s
go to YouTube and you can see video of mobs in Argentina destroying ATM machines when this happened in 2002.
Here comes the Drachma.....
The Bloomberg report today says, "Anxious Greeks have withdrawn as much as 700 million euros ($893 million) from the nations banks since the inconclusive May 6 election..."
we know how to pray though...
More like Nick the bartender.....
While they can play games with the paper money, I've always wondered how the coinage would be handled. Would the govt even bother trying to devalue them as well? Since they would have far more intrinsic value after the devaluation, turning it in at the same ratio wouldn't get anywhere. I'm thinking this "poor man's silver and gold - copper and nickle - retain more value. Maybe things would be so bad that even the clad stuff, now intrinsically worth about 20% face value, would be more valuable than paper.
” would be more valuable than paper “
Ever tried to wipe your butt with a fistful of quarters???
All the rats will soon begin jumping ship. In high seas, too. Poor Obama. Jamie Dimon, Chief CEO of Morgan Chase, has very some tough choices to make and possibly to protect his family from roaming "terrorists" bent on payback.
Thanks. Interesting article.
Been doing that on a lesser scale for a year or so.
Just for grins I got one of those Whitman Blue Books and began sorting through the loose stuff and collecting by date and mint marks. Surprisingly, finding some with dates going back to 1939. Even got a couple of silver War Nickles.
. . . Jamie Dimon has been working around the clock to explain that this loss is not life threatening. He makes the point that the loss represents only part of J.P. Morgan's earnings and that capital is not impaired. What he does not explain is that J.P. Morgan's "earnings" are actually not earnings but are a form of theft from savers, retirees, and others pursuant to the Federal Reserve's zero interest rate policy.
The Fed has engineered a massive wealth transfer from everyday Americans to large banks. They do this by holding interest rates near zero. Savers get nothing for their hard earned savings. However, banks get free money because they pay almost no interest. Banks then invest the money in Treasury notes and earn the difference. The Fed permits this to rebuild the capital of the banks. The Fed doesn't mind hurting everyday Americans if they can prop up bank capital . . .
The truth ought to be obvious to everybody. But most folks are terminally stupid and hopelessly dumbed down. Obama is a clown, our govt is more corrupt than the Nazis and our totally fake political parties are engaged in a massive fraud on the American people
Yes, of course. I don't suppose there is a way to isolate greek-issued euros from others. My bad.
OMG! Banks earn a spread between deposits and loans! It must be a conspiracy. LOL!
But most folks are terminally stupid and hopelessly dumbed down.
Irony is ironic.