Bank runs in Greece, bank holidays coming next???
06/21/2015
Deposit flight from Greece‘s ailing banking sector has been running north of €500 million per day this week as the threat of capital controls casts a pall over the Greek government’s efforts to reassure the public and head off a terminal bank run.
Sparking a panic has been the most powerful tool at the troika’s disposal to bring PM Alexis Tsipras to the negotiating table and force Syriza to either concede to pension cuts and a VAT hike or risk social and political upheaval in the face of dark ATMs and public protests – we said this first in February and finally even the Greek government realized just what game Europe is playing.
Until now, Greeks had taken the barrage of headlines in stride with a stoic fortitude that would impress Marcus Aurelius but now, it appears as though the ‘institutions’ might have finally broken their spirits.
Earlier today, the ECB agreed to lift the ELA cap by just €1.8 billion, far less than Greek banking officials had requested and probably just barely enough to cover Friday’s withdrawals. And so, as Europe’s “Lehman Weekend” may finally be kicking off, the ATM lines are officially forming as Greeks prepare to be ‘Cyprus’d’ and as the country stares into “template” oblivion.
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Replies
Yes indeed, friend Malcolm, it is happening and Greece will have a massive impact if it does finally leave the Eurozone...which I sincerely hope....
RT has been covering this matter with several exposes, recently....Readers will enjoy this vid on the matter....
Kind regards and keep up the good work of covering the fiscal crisis in Greece....Important history in the making... ;-)
They say, whatever they're focusing on, LOOK AT WHAT THEY'RE NOT FOCUSING ON. (That's when they pull their "tricks" to DISTRACT you. An example: Focusing on Charleston while trying to pass the TPP. They have these things go off at the correct TIME).
1darkstar: YOU ARE SO CORRECT. Next, the media will be focusing on why we should feel guilty about not having a female U.S. president, or a transgender U.S. president (AS IF THAT REALLY AFFECTS YOU DIRECTKY AND HENCE MATTERS WHO YOU VOTE FOR).