Posted on 07/05/2015 5:44:45 AM PDT by RKBA Democrat
(Title edited due to lemgth)
Fears the central bank of Greece will collapse following today's referendum are rising as voters flocked to the polls to decide on their country's future.
[snip]
Officials are set to ask the European Central Bank (ECB) for emergency cash in a bid to stave off financial ruin following tonight's result, it has been reported.
[snip] It comes as some sources also suggested ATMs will not open this evening in a bid to save money after EU leaders threatened to withdraw the euro in the event of a 'No' vote.
(Excerpt) Read more at dailymail.co.uk ...
A socialist utopia running out of other peoples’ money.
“A socialist utopia running out of other peoples’ money.”
Yeah, go figure.
“Drachmas or Dollars....what’s the difference??? “
The difference is that you can still trade Euros for stuff worth something, like food, medicine, and gasoline, whereas New Drachmas will have to be carted around in wheel barrows to buy a roll of toilet paper.
“but longer term the Greeks have the opportunity to move forward”
Indeed. Starting with New Drachmas. My current offer is one U.S. dollar for one billion New Drachamas, with a maximum trade of $10.00 U.S.
“But the Greeks can print them.”
Only under the auspices of the European Central Bank.
“How funny if they just keeps refilling the ATMs with what amounts to government printed counterfeit money.....”
I’m sure that would be considered an act of war with the EU, which wouldn’t actually have to send soldiers in or anything like that, but could simply stop trading with the Greeks who don’t make much on their own, import ALL of their fuel, ALL of their pharmaceuticals, and half of their food, and pretty much everything else for that matter.
“will inadvertently do the right thing and repudiate the debt.”
Yeah, I tried that. Refused to pay my mortgage, car loan or credit cards. Funny thing though, I got evicted from my (former house), my car was repossessed, and I could no longer use any credit cards.
Already happening.
http://thenextweb.com/apple/2015/07/04/all-greek-to-me/
Greeks can’t use iTunes and the App Store thanks to crisis
That’s the difference in scale. Owe a few hundred thousand, the banks own you. Owe a few hundred billion, you own the banks.
Printing euros is an option, and the Greeks have the ability to do so. And absent starting a war, there isn’t a whole lot the EU can do about it. I hope they won’t because that would hurt people who had nothing to do with Greece. Desperate people do desperate things.
Everything I’ve read says that EU is still providing liquidity to the banks until July 20’th. So, I don’t expect anything dramatic to happen before then... and I do expect the EU to wind up lending them even more money... kicking the can down the line another year or two.
This is Bear Stearns all over again. Everyone will cry “moral
hazard” right up until the bailout is agreed to.
Yep.
The euro is coded with certain letters revealing it's country of origin, I believe Greece has a 'Y" that distinguishes it. The EU will just declare any euros printed in Greece to be worthless if they attempted unauthorized printing.
Wonder how they’ll feel tomorrow when their welfare checks don’t show up.
Greece is the heroin addict that needs to go cold turkey. It will either make them a better, leaner country, or destroy them.
I applaud the citizens of Greece for their vote.
From all the reports I've gleaned that their largely black-market based society will survive better than the mostly French and German government and “investors” in the EU shell games will.
It reminds me of the large amount of unsold and empty $175K “houses” built on the 100 acres behind my rural rental house in 2000 in Pasco County, Fl.
Built by foreign illegal laborers.Financed by unknown financial speculators.Bought by nobody.
Hey stupid ass wipe
“But in the event of a full-fledged run on Greece’s banking system, where Greek banks literally have no cash on hand to give to depositors, it would seem reasonable and (crucially) perhaps legal for the Greek central bank to start printing euro notes even if the ECB disavows this action.
http://www.polycapitalist.com/2012/05/greece-can-physically-print-its-own.html?m=1
Maybe read a little before you start slinging insults
They do have the ability to print 10 euro notes, the only denomination they’ve ever printed, but not the legal authority to do so, which rests with the ECB in Frankfurt.
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