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(USA Today)   Greek government denies there is a run on the bank as everybody looks to cash out euros now instead of taking drachmas later   (usatoday.com) divider line 65
    More: Unlikely, Greeks, Greek government, national banks, EUR.1, National Bank of Greece, natural response, debt relief, unity government  
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2983 clicks; posted to Main » on 17 May 2012 at 11:53 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-17 11:55:24 AM  
02varvara.files.wordpress.com

He would gladly pay you a drachma Tuesday for Euros today.
 
2012-05-17 11:56:47 AM  
static5.businessinsider.com

Quick, someone Photoshop a greasier, hairier George Bailey.
 
2012-05-17 11:57:10 AM  
The smart money left the Greek banks last year.

Only really really naive people are keeping money in Greece now.
 
2012-05-17 11:58:43 AM  

braedan: [static5.businessinsider.com image 400x300]

Quick, someone Photoshop a greasier, hairier George Bailey.


I thought of this movie too when I read the headline
 
2012-05-17 11:59:02 AM  
www.filmmakersjournal.co.uk

Do not approve.
 
2012-05-17 12:01:30 PM  
There is also a run on banks in Spain. I had a link but I eated it.
 
2012-05-17 12:03:18 PM  
Too late guys. Once the bank run begins, no amount of media blackouts, propaganda, misinformation, lies, denials or press releases are going to stop things. Panic will ensue, the bank runs will continue and they will increase until there is nothing left.

I hate to say it, but I think at this point Greece will likely have that disorderly default that everyone has been so fearful of the last few years (and the one that the Euro folks swore up and down could/would never happen).
 
2012-05-17 12:05:56 PM  
img689.imageshack.us
 
2012-05-17 12:07:10 PM  
I'm just glad we don't have a land border with Europe.

/wonders what Putin's plan to deal with the upcoming flood of refugees is.
 
2012-05-17 12:12:15 PM  
There's a good reason the drachma was one of the joke currencies of Europe, like the lira of Italy.
 
2012-05-17 12:18:26 PM  
I WILL GIVE YOU TWO-HUNDRED DRACHMA FOR THE DANCING WOMAN!
 
vpb [TotalFark]
2012-05-17 12:18:30 PM  
It's good though. Greece never really met the requirements to join the Euro-zone, and they will be better off outside of it.
 
2012-05-17 12:23:51 PM  
I'm excited to see the billion drachma notes and hoping they start making up numbers like gazillion
 
2012-05-17 12:24:30 PM  

Brakefornobody: /wonders what Putin's plan to deal with the upcoming flood of refugees is.


winter
 
2012-05-17 12:24:59 PM  
So does all this turmoil mean that Greece will become a really cheap place to vacation in?
 
2012-05-17 12:27:21 PM  

CujoQuarrel: So does all this turmoil mean that Greece will become a really cheap place to vacation in?


cheaper
 
2012-05-17 12:28:31 PM  

HempHead: The smart money left the Greek banks last year.

Only really really naive people are keeping money in Greece now.


O, you mean the poor people.
 
2012-05-17 12:30:58 PM  
Q: What's a Grecian urn?
A: A whole lot less after they are kicked out of the Euro.
 
2012-05-17 12:32:05 PM  
1.2 billion run on Spanish banks over the past week too, apparently.
 
ows
2012-05-17 12:37:17 PM  
can't find a bottle of Windex to save your life in Greece right now.
 
2012-05-17 12:43:31 PM  

vpb: It's good though. Greece never really met the requirements to join the Euro-zone, and they will be better off outside of it.


If by poor and hungry with little gasoline to run thier economy, yes, they will be much better off.
 
2012-05-17 12:54:51 PM  
The poors have little to no capital left to take. The richies, given no other option start taking capital from other richies. What is happening is richies who were lucky enough to not loan capital to Greek public and private entities are taking capital from richies who did.
 
2012-05-17 01:00:10 PM  
What a bunch of drachma queens.
 
2012-05-17 01:08:34 PM  
came for the 'making a drachma out of a crisis' comment

/i am dissapoint
 
2012-05-17 01:08:53 PM  

RembrandtQEinstein: I'm excited to see the billion drachma notes and hoping they start making up numbers like gazillion


I have a genuine one of these bills sitting on my desk (which I bought on eBay for about 2 bucks)--I wonder how many drachmas I'll be able to buy with it?

scrapetv.com
 
2012-05-17 01:09:15 PM  

vpb: It's good though. Greece never really met the requirements to join the Euro-zone, and they will be better off outside of it.


After reading about this fiasco for the last five years basically this. If the Germans and Frenchies want a common currency with the rest of Europe they'd better be prepared for subsidize the rest of Europe for the privilege. If you look at all large countries, the US, China, Japan, India, or old empires like the British, it only works because of huge federal transfer payments from the rich parts to poor parts. In the US that works out to 200 billion a year. And all those countries have a strong central bank that is the bag holder for the rest of the banks. If a bank in Nevada fails, the fed has to bail them out, not the Nevada.
 
2012-05-17 01:16:36 PM  

Sun Worshiping Dog Launcher: and the one that the Euro folks swore up and down could/would never happen

if greece agree to bail out requirements.

fixed that sentence for honest people
 
2012-05-17 01:22:46 PM  

Brakefornobody: I'm just glad we don't have a land border with Europe.

/wonders what Putin's plan to deal with the upcoming flood of refugees is.


Well, you have to some hours to burn since you only wondered how your socks worked for 8 hours today.
 
2012-05-17 01:23:37 PM  

gibbon1: vpb: It's good though. Greece never really met the requirements to join the Euro-zone, and they will be better off outside of it.

After reading about this fiasco for the last five years basically this. If the Germans and Frenchies want a common currency with the rest of Europe they'd better be prepared for subsidize the rest of Europe for the privilege. If you look at all large countries, the US, China, Japan, India, or old empires like the British, it only works because of huge federal transfer payments from the rich parts to poor parts. In the US that works out to 200 billion a year. And all those countries have a strong central bank that is the bag holder for the rest of the banks. If a bank in Nevada fails, the fed has to bail them out, not the Nevada.


this was/has been one of the suggestions to fix part of the problem with the euro. but those strong federal bank countries have power over those nevada banks. the feds show up late on friday and TAKE the bank from the crappy previous owners.

The problem with the euro is that there is no federal power and the local "sovereign power" are a bunch of whores. Rather than take over failed banks, the greeks propped them up. LOL

and now it is probably much too late.

unless greece is going to allow france/germany to take over its failed banks, greece (spain, etc) should not be surprised when the richies let the losers fail
 
2012-05-17 01:24:29 PM  
It's starting to look like strong central banks only work with strong central governments.

How about the other nations force Greece into bankruptcy. Seize any government assets and run them on a for-profit basis until the debt to GDP ratio is something sensible then start returning those assets to government or other private entity control. And start inventing new ways to gouge tourists.
 
2012-05-17 01:27:05 PM  

namatad: Sun Worshiping Dog Launcher: and the one that the Euro folks swore up and down could/would never happen if greece agree to bail out requirements.

fixed that sentence for honest people


That was the reason I believed all this would happen eventually. Greece hasn't been honest in probably at least 150 years or so. They've been in default way too many times since the late 1800s.
 
2012-05-17 01:28:14 PM  
snocone

HempHead: The smart money left the Greek banks last year.

Only really really naive people are keeping money in Greece now.

O, you mean the poor people.


Poor people are normally poor in more ways than one.
 
2012-05-17 01:50:53 PM  
Ouch. Panicking always makes it worse.

wildcardjack: How about the other nations force Greece into bankruptcy. Seize any government assets and run them on a for-profit basis until the debt to GDP ratio is something sensible then start returning those assets to government or other private entity control. And start inventing new ways to gouge tourists.


Make a nation pay them interest and simply leech off of it until the only business it has left is tourism and it offers its citizens absolutely no decent services. Great thinking. Hey, I got rid of your debt but your nation is even more of a shiathole now... good luck with that! but why get rid of the debt when you can have a guaranteed interest payment to your institution every year for all time. Better yet let's turn their nation into an extremely low wage country and move our businesses there so we can profit off of suffering!

I am kidding please do not take me seriously... ever
 
vpb [TotalFark]
2012-05-17 01:56:54 PM  

HempHead: vpb: It's good though. Greece never really met the requirements to join the Euro-zone, and they will be better off outside of it.

If by poor and hungry with little gasoline to run thier economy, yes, they will be much better off.


No, they will be able to print money to pay wages and pay down debt, this will reduce the value of their currency and make it easier to export products and discourage imports. It will stimulate tourisim.

Link
 
2012-05-17 01:58:44 PM  

Brakefornobody: I'm just glad we don't have a land border with Europe.

/wonders what Putin's plan to deal with the upcoming flood of refugees is.


He's planned for that ahead of time by becoming leader of a shiathole country to which nobody would possibly want to emigrate.
 
2012-05-17 02:01:32 PM  

vpb: No, they will be able to print money to pay wages and pay down debt, this will reduce the value of their currency and make it easier to export products and discourage imports. It will stimulate tourisim.

Link


And perhaps more importantly, Greece will start printing money again.

and greece will deal with rampant inflation later how?
the greeks continuously have shown that they will never tighten their belt.
going back to the drama with just continue the cycle
 
2012-05-17 02:14:24 PM  

Rebuffering: Make a nation pay them interest and simply leech off of it until the only business it has left is tourism and it offers its citizens absolutely no decent services. Great thinking. Hey, I got rid of your debt but your nation is even more of a shiathole now... good luck with that! but why get rid of the debt when you can have a guaranteed interest payment to your institution every year for all time. Better yet let's turn their nation into an extremely low wage country and move our businesses there so we can profit off of suffering!


So..... Mexico?
 
2012-05-17 02:23:15 PM  

Lt. Col. Angus: Rebuffering: Make a nation pay them interest and simply leech off of it until the only business it has left is tourism and it offers its citizens absolutely no decent services. Great thinking. Hey, I got rid of your debt but your nation is even more of a shiathole now... good luck with that! but why get rid of the debt when you can have a guaranteed interest payment to your institution every year for all time. Better yet let's turn their nation into an extremely low wage country and move our businesses there so we can profit off of suffering!

So..... Mexico?


isnt greece already a transshipment point for drugs and whores?
 
2012-05-17 02:25:41 PM  
namatad

and greece will deal with rampant inflation later how?
the greeks continuously have shown that they will never tighten their belt.
going back to the drama with just continue the cycle


They'll just default again, then re-issue currency, again, and like you said 'continue the cycle'

/at least real estate will be cheap in Greece.
 
2012-05-17 02:31:18 PM  

vpb: HempHead: vpb: It's good though. Greece never really met the requirements to join the Euro-zone, and they will be better off outside of it.

If by poor and hungry with little gasoline to run thier economy, yes, they will be much better off.

No, they will be able to print money to pay wages and pay down debt, this will reduce the value of their currency and make it easier to export products and discourage imports. It will stimulate tourisim.

Link


OPEC only deals in $US.
 
2012-05-17 02:33:51 PM  
Zerohedge has some good graphs that show exactly this: the run on the banks over the past few years in Greece.
 
2012-05-17 02:34:29 PM  
Looks like there is also a run on Spanish banks.
 
2012-05-17 03:02:58 PM  

HempHead: OPEC only deals in $US.


OPEC talked about switching to the EURO a few years back, along with creating a petrodollar. Guess they are glad they didnt switch.
LOL
 
2012-05-17 03:05:23 PM  
3 year run on the banks continue in greece

actually, why do greeks have their "own" banks?
are there "foreign banks" there too? chase? what not??

OH WAIT, SOVEREIGNTY - LOLOLOLOLOL
 
2012-05-17 03:18:12 PM  
Is there any runs at Mexican banks?
 
2012-05-17 03:18:51 PM  
Ever since Cyprus joined the Eurozone in 2008, Greeks have been moving money to Cypriot bank accounts. Can't say that I blame 'em.
 
2012-05-17 03:19:45 PM  

DavidVincent: Is there any runs at Mexican banks?


No, but there are at Mexican restaurants.
 
2012-05-17 03:48:16 PM  

DavidVincent: Is there any runs at Mexican banks?


Only if you drink out of the drinking fountains there.
 
2012-05-17 04:02:06 PM  
There's a rumour going around Greece that the Government may start to collect income taxes on your REAL income. But don't start worrying until Greeks start covering up their tennis courts and swimming pools with sod and beseige Google Earth to have their property blanked out.

The big money is in London, the smart money is in Switzerland, and the middle classes are screwed if they've actually put any of their money into a bank or any place that leaves a paper trail or a trail of electrons.
 
2012-05-17 04:08:48 PM  
Deposits in Greek banks are about 66% of what they were 4 years ago (maybe a but under €160 billion currently). Over the past 2 years, 2-3 billion Euros were withdrawn monthly; reaching €5 billion in January. Since at least mid-May, the Greek banks are losing a bit under €1 billion per day in deposits as people pull their money out.

But there is no run on the banks. Nope.

Next: Spain . . . .
 
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