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Worried about access to their cash in the event of a national bankruptcy, Greek citizens are...

Worried about access to their cash in the event of a national bankruptcy, Greek citizens are withdrawing it from the banks in ever-increasing amounts. A total of €1.5B was taken out last Thursday and Friday. As comparison, €2B was withdrawn for the entire month of April.
Comments (8)
  • Peregrinus
    , contributor
    Comments (124) | Send Message
     
    Must read article. Here is a sample: " The pressure on banks began last Wednesday, culminating in yesterday's day. "
    30 May 2011, 08:40 AM Reply Like
  • EMS
    , contributor
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    That eerie. I guess the end-game is in sight.
    30 May 2011, 08:53 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3533) | Send Message
     
    Thank goodness we have a Treasury Secretary who is committed to a strong dollar so we won't have to face bank runs:-(
    30 May 2011, 10:02 AM Reply Like
  • LKofEnglish
    , contributor
    Comments (4386) | Send Message
     
    fascinating! "are euros different in Greece than they are in Germany?" apparently the answer is "yes"! so "whose the dummy now?" Greece? Or Germany? "He who get's out of the currency first wins?"
    30 May 2011, 10:16 AM Reply Like
  • Herr Hansa
    , contributor
    Comments (3083) | Send Message
     
    If Greece were to revert back to the Drachma, and then devalue that currency relative to the Euro, then Greek citizens holding Euros could stand to gain on conversion. The other possible scenario would be that Greeks do not adopt the Drachma, even if the country reverts back to that, and instead use Euros for their day-to-day internal transactions. I still don't think Greece will leave the Euro, but it seems that it's citizens may think otherwise.
    30 May 2011, 04:26 PM Reply Like
  • kmi
    , contributor
    Comments (4211) | Send Message
     
    This is underlined by distrust in banks and the banking system in general, and not just a fear of losing it in the event of a default.
    30 May 2011, 10:54 AM Reply Like
  • Mad_Max_A_Million
    , contributor
    Comments (1175) | Send Message
     
    We won"t have the same problem when we get to where Greece is today. The banks will be backed up 100 percent by the biggest and fasted printing press the world has ever seen. Too bad Greece can't print money.

     

    I plan on asking Timmy to remove "In God we Trust" from my currency and replace it with "Better spend this real quick before your government prints up another trillion".
    30 May 2011, 11:28 AM Reply Like
  • WMARKW
    , contributor
    Comments (10636) | Send Message
     
    I think the point is that regardless of the sovereign situation with Greece's debt, there is a link directly to the health of the banking system. When people are worried, the natural tendency is to run for the hills with all the cash you can get your hands. No wants the trouble and inconvenience of having to deal with bank closures or unavailability of funds.
    30 May 2011, 06:00 PM Reply Like
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