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WSJ:Greek Depositors Withdrew $898 Million From Banks Monday
WSJ-Europe ^ | 5-15-12 | NEKTARIA STAMOULI

Posted on 05/15/2012 1:26:23 PM PDT by tcrlaf

ATHENS—Greek 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 ...


TOPICS: Foreign Affairs; Government; News/Current Events; Politics/Elections
KEYWORDS: andsoitbegins; banks; euro; fed; fraud; greece; greek; obama; run
(Full story requires WSJ subscription)

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.

1 posted on 05/15/2012 1:26:27 PM PDT by tcrlaf
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To: tcrlaf

Full story here:
http://online.wsj.com/article/SB10001424052702303505504577406310678151998.html?mod=googlenews_wsj


2 posted on 05/15/2012 1:34:47 PM PDT by rawhide
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To: tcrlaf; Kartographer; blam

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...)


3 posted on 05/15/2012 1:37:10 PM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: tcrlaf

Quick, send Jimmy Stewart over there.


4 posted on 05/15/2012 1:39:02 PM PDT by Verginius Rufus
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To: tcrlaf
€700 million ($898 million)

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.

5 posted on 05/15/2012 1:42:30 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Uncle Ike

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.


6 posted on 05/15/2012 1:43:53 PM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: tcrlaf

and so it begins...

last chance to get ready folks.


7 posted on 05/15/2012 1:47:22 PM PDT by TexasFreeper2009 (Obama lied .. and the economy died.)
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To: Verginius Rufus
Quick, send Jimmy Stewart over there.

***

Unfortunately, all of the Greek banks are staffed by an army of Uncle Billys.

8 posted on 05/15/2012 1:49:43 PM PDT by Sideshow Bob
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To: TexasFreeper2009
and so it begins...

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.

9 posted on 05/15/2012 1:52:08 PM PDT by NeoCaveman ("If I had a son he'd look like B.O.'s lunch" - Rin Tin Tin)
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To: tcrlaf
Holding the "old" currency will do them little good - the government will establish a new currency (as you said) and make it illegal to trade with the old one, except to turn it in to get "new" currency. The escape is to buy physical assets that can hold their real value. And that may be non-perishable food, cooking oil, medical supplies, etc.

When it hits the fan, folks can stop buying gold jewelry, but they can't stop eating. At least not for long.

10 posted on 05/15/2012 1:56:05 PM PDT by In Maryland (Liberal logic - the ultimate oxymoron!)
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To: Wyatt's Torch

” They will do the same with the sovereigns. “

Not quite the same - when the sovereigns fall, there will be nobody to bail them out...


11 posted on 05/15/2012 1:57:17 PM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: tcrlaf

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.


12 posted on 05/15/2012 2:02:40 PM PDT by allendale
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To: tcrlaf

BANK RUUUUUNNNNN!!!!!!!!


13 posted on 05/15/2012 2:03:34 PM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: In Maryland
Well, not really. In this case the "old currency" is Euros, which will continue to have some real value for a while. Far more than the New Drachma, which will devalue quickly and then very quickly.

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.

14 posted on 05/15/2012 2:08:44 PM PDT by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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To: tcrlaf
(Full story requires WSJ subscription)

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.

15 posted on 05/15/2012 2:11:16 PM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment.)
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To: TexasFreeper2009
and so it begins...

Subvarient from XKCD...


16 posted on 05/15/2012 2:12:02 PM PDT by HangnJudge
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To: tcrlaf

I’ve been going into bond funds for quite a few days now - maybe the primer has been lit ...


17 posted on 05/15/2012 2:18:44 PM PDT by 11th_VA (Keep your laws OFF my light bulbs !)
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To: tcrlaf

“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.


18 posted on 05/15/2012 2:22:18 PM PDT by kearnyirish2
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To: 11th_VA

I should have moved into Bonds on May 1st.

but im safe now /s


19 posted on 05/15/2012 2:41:52 PM PDT by Gasshog (going to get what all those libs asked for, but its not what they expected.)
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To: Uncle Ike

go to YouTube and you can see video of mobs in Argentina destroying ATM machines when this happened in 2002.


20 posted on 05/15/2012 2:47:33 PM PDT by Buckeye McFrog
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To: tcrlaf

Here comes the Drachma.....


21 posted on 05/15/2012 2:53:07 PM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: tcrlaf
Can you please clarify if the total amount withdrawn was today's total or an accumulative total since May 6 (still astounding)?

The Bloomberg report today says, "Anxious Greeks have withdrawn as much as 700 million euros ($893 million) from the nation’s banks since the inconclusive May 6 election..."

22 posted on 05/15/2012 3:01:12 PM PDT by Rona_Badger (Heeds the Calling Wind)
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To: TexasFreeper2009
get ready...get ready....a lot of folks have stored food, but most of us are never "ready" for whatever comes....

we know how to pray though...

23 posted on 05/15/2012 3:01:28 PM PDT by cherry
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To: tcrlaf
And courtesy of Russian_market, here is a picture of the first Greek ATM lines:


24 posted on 05/15/2012 3:04:15 PM PDT by Rona_Badger (Heeds the Calling Wind)
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To: Sideshow Bob

More like Nick the bartender.....


25 posted on 05/15/2012 3:45:45 PM PDT by Kozak (The means of defence against foreign danger, have been always the instruments of tyranny at home JM)
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To: In Maryland
Holding the "old" currency will do them little good - the government will establish a new currency (as you said) and make it illegal to trade with the old one, except to turn it in to get "new" currency.

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.

26 posted on 05/15/2012 4:02:07 PM PDT by Oatka (This is America. Assimilate or evaporate.)
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To: Oatka

” would be more valuable than paper “

Hmmmmm....

Ever tried to wipe your butt with a fistful of quarters???

;)


27 posted on 05/15/2012 4:26:44 PM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: allendale
"Much of that capital will be transferred into dollar denominated investments. That will boost the dollar, US stock market and the American economy."

Yep. Gotta love the debt regime...not. I'm sure government will spend it all wisely and frugally. Our great wealth for all good folks dependent on incomes from the world's debt pile will only grow on and on. That, along with foreclosures abolished for the political regulator class, is what makes our nation the greatest.

You, who are wise, take the extra time to save necessities for rainy decades ahead.


28 posted on 05/15/2012 4:27:37 PM PDT by familyop ("Wanna cigarette? You're never too young to start." --Deacon, "Waterworld")
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Comment #29 Removed by Moderator

To: tcrlaf; blam; Quix; Alamo-Girl; M. Espinola; whitedog57; stephenjohnbanker; Chunga85; All
Bank Runs Looming, Greece Sets Date for New Vote

Euro Hits 4-Month Low vs Dollar, 3-Month Low vs Yen

Obama Has Over $ 500,000 With JP Morgan Chase

Obama's Bank Reforms Are Obviously Flawed as He Brags About Jamie Dimon

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.

LOL !

30 posted on 05/16/2012 7:03:25 AM PDT by ex-Texan (Ecclesiastes 5:10 - 20)
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To: jiggyboy

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.


31 posted on 05/16/2012 7:04:19 AM PDT by Oatka (This is America. Assimilate or evaporate.)
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To: ex-Texan; tcrlaf; blam; Quix; Alamo-Girl; M. Espinola; whitedog57; stephenjohnbanker; Chunga85; ...
This ought to have been posted above. Sorry . . .

Why J.P. Morgan's Jamie Dimon Should Resign

Excerpt:

. . . 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

32 posted on 05/16/2012 7:27:52 AM PDT by ex-Texan (Ecclesiastes 5:10 - 20)
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To: Former Proud Canadian
"Well, not really. In this case the "old currency" is Euros, which will continue to have some real value for a while.

Yes, of course. I don't suppose there is a way to isolate greek-issued euros from others. My bad.

33 posted on 05/16/2012 8:13:01 AM PDT by In Maryland (Liberal logic - the ultimate oxymoron!)
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To: ex-Texan
Banks then invest the money in Treasury notes and earn the difference.

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.

34 posted on 05/26/2012 9:41:53 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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