WSJ:Greek Depositors Withdrew $898 Million From Banks Monday

WSJ-Europe ^ | 5-15-12 | NEKTARIA STAMOULI

[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.

[mo]

Here comes the Drachma.....

[Rona Badger]

Can you please clarify if the total amount withdrawn was today's total or an accumulative total since May 6 (still astounding)?

The Bloomberg report today says, "Anxious Greeks have withdrawn as much as 700 million euros ($893 million) from the nation’s banks since the inconclusive May 6 election..."

[cherry]

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...

[Rona Badger]

And courtesy of Russian_market, here is a picture of the first Greek ATM lines:

[Kozak]

More like Nick the bartender.....

[Oatka]

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.

[Uncle Ike]

” would be more valuable than paper “

Hmmmmm....

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

;)

[familyop]

"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.

[ex-Texan]

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 !

[Oatka]

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.

[ex-Texan]

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

[In Maryland]

"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.

[Toddsterpatriot]

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.