Posted on 06/21/2015 7:56:25 PM PDT by canuck_conservative
Either Greece’s banks will open on Monday and Christos Dranos’s butcher’s shop will still be in business. Or they won’t and his shop and the country’s ties to the Euro will be in serious peril....
Greece’s banks suffered a €4.2 billion ($5.8 billion) run last week ahead of an emergency European Union summit called for Monday in Brussels on the country’s deepening debt crisis and the continuing standoff between Athens and its foreign creditors....
A continuing rush for cash at ATM machines over the weekend suggests that panic has already set in. But beaches and coffee shops in Athens were as packed as ever — as was the Parthenon, underlining that at least the country’s last viable major industry, tourism, is still prospering....
Still, many Greeks remain convinced that the EU, the IMF and the European Central Bank are bluffing and that they will once again come through with funds at the last minute, as happened in 2012, and that Greece will not have to drop the euro, a possibility that has become known as the “Grexit.”
“They cannot let Greece collapse. Too much money is involved,” predicted a senior executive with one of Greece’s most well-known hotels, who offered only a first name because he was not authorized to speak publicly about such a sensitive subject. “I believe that Greece will get a further credit extension.”....
Although Prime Minister Alexis Tsipras was in Brussels for backroom talks over the weekend, there is not much reason for optimism. His hard-left government, which was elected in January on a promise to end austerity, has not yet shown any signs that it is willing to undertake the cuts and tax rises that the EU and the IMF have demanded....
The paradox is that, while 74 per cent of Greeks want to ....
(Excerpt) Read more at news.nationalpost.com ...
i think they’re afraid this sets the stage for SPAIN who is right behind Greece ...only more dangerous.
Greece will default.
This will be marked as a technical rather than a commercial default, to stop a derivatives explosion.
Greece will then create an IOU money system to give it enough liquidity to keep it going ... for a few months.
But it won’t thrive. Greece has a socialist government with huge pension commitments and no idea of how the real world works.
Greece will become Venezuala on the Aegean - unless Russia sees enough strategic value in the place to bail it out.
The banks should have opened by now, but as of this writing there is now news in the interwebs. Strange.
AMEN
the columnist has to write and this was his wasted effort.
There was a run on banks and ATM’s. Greeks are flush with cash
Drano can continue and open his shop. Customers have cash to buy his meats
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