lets get this party started!!

[cortez]

http://theextinctionprotocol.wordpress.com/2012/06/17/greeks-empty-bank-accounts-ahead-of-historic-election/

[cortez]

June 17, 2012 – GREECE - Many Greeks are emptying their bank accounts out of fear that the country may return to the drachma. But most of the money is not going abroad. Instead, individuals are storing cash in safe deposit boxes or at home — leading to an increase in burglaries. Joanna Stavropoulos is not proud of what she has done. “I had a guilty conscience when I withdrew my money from Greece,” says the 43-year-old. Of course she knew what would happen if everybody does the same: Greece’s banks would be threatened with collapse. But she says she had to think of her two-month-old daughter, Josephina, who is currently asleep on Joanna’s shoulder. Increasing numbers of Greeks are following Joanna Stavropoulos’ example and emptying their accounts. They are afraid that Greece may leave the euro zone and return to the drachma. Stavropoulos is one of the few people who know very well what this scenario would look like in concrete terms. As a journalist and NGO worker, she has traveled all over the world, most recently in Haiti and Iraq. “I have been to countries where banks closed,” she says. She was in Argentina, for example, when the government declared a national default. She has also lived in Zimbabwe, where three-digit inflation destroyed the currency. Joanna is sure that Greece could face the same thing if it returns to the drachma. “My country is going downhill,” she says. There is still little sign of panic in Greece, and there has not been a stampede to the banks. Nevertheless, people are withdrawing hundreds of millions of euros from the banks every day. In May alone, outflows totaled €5 billion. According to official figures, €80 billion has been withdrawn since the start of the crisis. Rich Greeks have long been moving billions to countries such as Italy or Switzerland, or buying luxury properties in London. But overall, according to estimates by the Greek central bank, only about one-fifth of the total money withdrawn has gone abroad. Many customers have left their money in the bank itself, Christiana says — but in a safe deposit box rather than in their accounts. “It’s currently impossible to find a free safe deposit box in a Greek bank,” she says. Those customers clearly don’t want to be surprised by a currency reform. There has long been speculation over how that could work. The banks could close over a weekend, take stock of the euro holdings in their accounts and prevent further transfers to foreign accounts. Euro bills which are already in circulation would be marked with stamps. The export of unmarked bills would be prevented at the borders. Within a short time, the drachma could be reintroduced. –Der Spiegel

[General of Darkness]

Greece made it to the final 8 of Euro 2012 today. This will calms things, seriously.

[Twisted Titan]

“It’s currently impossible to find a free safe deposit box in a Greek bank,” she says. Those customers clearly don’t want to be surprised by a currency reform.


Some people NEVER learn.

[osoab]

As Greek Banks Run Out Of Safe Deposit Boxes, An Eerie Calm Takes Over The Country 24 Hours Before D-Day (http://www.zerohedge.com/news/greek-banks-run-out-safe-deposit-boxes-eerie-calm-takes-over-country-24-hours-d-day)

http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://www.zerohedge.com/users/tyler-durden)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 06/16/2012 19:01 -0400


A day before the Greek D-Day, which was unexpectedly punctuated with a surprising last-minute Greek victory in Euro2012 over Russia (http://www.youtube.com/watch?v=f7NZ0Ed23mg&feature=related), sending the country into the elimination rounds (a Greece vs Germany game would be quite interesting) which may have rekindled patriotic spirits just enough to boost Syriza's chance that little bit more, the Greek bank trot, which was a jog some days ago, has surprisingly not metastazied into a full blown sprint. And with an all too real possibility that Greece may leave the Eurozone in as little as 24 hours, this is somewhat unexpected: after all taking physical possession of electronic money is merely a free put on the return to the Drachma, and currency (and debt) devaluation. On Monday it may simply be too late. Surely, most locals have figured this out.

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/06/greek%20banks_1.jpg (http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/06/greek%20banks.jpg)

Spiegel reports (http://www.spiegel.de/international/europe/bild-839160-364273.html): "Joanna Stavropoulos is not proud of what she has done. "I had a guilty conscience when I withdrew my money from Greece," says the 43-year-old. Of course she knew what would happen if everybody does the same: Greece's banks would be threatened with collapse. But she says she had to think of her two-month-old daughter, Josephina, who is currently asleep on Joanna's shoulder. Increasing numbers of Greeks are following Joanna Stavropoulos' example and emptying their accounts.

They are afraid that Greece may leave the euro zone and return to the drachma.... Stavropoulos is one of the few people who know very well what this scenario would look like in concrete terms.. She has also lived in Zimbabwe, where three-digit inflation destroyed the currency. Joanna is sure that Greece could face the same thing if it returns to the drachma. "My country is going downhill," she says." And yet instead of taking the cash and converting it into something of real value, what has happened is that the €50 billion now hidden in various homes has led to a surge in home burglaries. As a result, Greeks are forced to worry not only about their currency returning, but about being robbed.

End result: take the cash, but park it back at your bank: "Many customers have left their money in the bank itself, Christiana says -- but in a safe deposit box rather than in their accounts. "It's currently impossible to find a free safe deposit box in a Greek bank," she says." We wonder what happens when these same people try to access their "safe deposit boxes" should the entire banking system collapse. Then again, nobody said a currency union disintegrating was a logical, rational and orderly process...

Oddly enough, despite the all too real dangers of a complete lock out by and of the local banks, Greeks refuse to believe that the worst case scenario could realistically happen:



Yet the most ironic moment in the Greek denouement will come when fractional reserve lending collapses onto itself:

Stavropoulos and her friends have a new strategy to deal with their daily expenses. "We charge everything to our credit cards," she says. If the Greek banks fail, they won't be able to collect the outstanding debts, she argues. "If they want to mess me around, I will do the same to them."


In other words, Greece is now America, where the vast majority of people also live on credit alone, and have taken up the following motto when dealing with banks: "you pretend to be solvent, we pretend to have money."



rest at link

[Gaillo]

End result: take the cash, but park it back at your bank: "Many customers have left their money in the bank itself, Christiana says -- but in a safe deposit box rather than in their accounts. "It's currently impossible to find a free safe deposit box in a Greek bank," she says." We wonder what happens when these same people try to access their "safe deposit boxes" should the entire banking system collapse. Then again, nobody said a currency union disintegrating was a logical, rational and orderly process...

Stupid fuckers. Some people NEVER learn! ::)

[Canadian-guerilla]

Greece chooses austerity over Euro withdrawal, as latest election results show voters back pro-bailout parties

http://www.dailymail.co.uk/news/article-2160530/Greek-Elections-2012-Greece-chooses-austerity-Euro-withdrawal-latest-election-results-voters-pro-bailout-parties.html

[cortez]

when does the burning begin??

[Gaillo]

when does the burning begin??

After the bankers finish their looting...

[Canadian-guerilla]

when does the burning begin??

if the New Democracy party does " win ", i think riots will come soon after

the Greeks are tired of this austerity, especially when Spain got 125 B with little or no austerity clauses

we may soon know the " official " winner when the European markets and DOW open

[gunDriller]

if the New Democracy party does " win ", i think riots will come soon after

the Greeks are tired of this austerity, especially when Spain got 125 B with little or no austerity clauses

we may soon know the " official " winner when the European markets and DOW open

http://www.bloomberg.com/markets/stocks/futures/

the futures are firmly in positive territory, i guess they are heaving a sigh of relief. sort of.


i think the "winners" (not morally, but in terms of making $$) will be banksters with inside information, who can play the volatility to achieve 2% to 5% returns on their money - each week.

in a period of high volatility, a person with accurate inside information can make a BOATLOAD of money.

Nancy Pelosi is probably talking to her stock-broker right now. or maybe Feinstein's husband, Jew Banker Blum, manages Pelosi's investments.

our semi-elected representatives serve their bankster backers well, so the Pelosi' & Feinstein's of the world probably want to be rewarded in kind with juicy insider information. that's part of the mechanism of Judeo-Fascism.