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Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures

 
Anonymous Coward
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02/23/2010 02:49 PM
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Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
Run on Banks in Greece!

Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures


Submitted by Tyler Durden on 02/23/2010 13:46 -0500

[link to www.zerohedge.com]


We previously wrote about the possibility of a bank run in Greece following unsubstantiated reports that Greek citizens don't trust the Greek financial system all that much anymore, courtesy of the whole bailout and GDP reporting fraud thing. The rumor was not only just confirmed and also quantified: Dow Jones reports that in the past three months Greeks have moved about €8 billion out of local banks "fearing a possible new tax on bank accounts, increased government scrutiny on assets and a run on the banks if Athens is forced to turn to the International Monetary Fund." This represents over a quarter of the money held by private banks in the country. This also represents about €400 billion in total money leaving the system courtesy of fractional reserve banking and the money multiplier. Yet the worst news for Greeks: money controls are coming.

"There is a lot of uncertainty out there," said a senior private banker at a Greek bank. "We've had a number of customers asking to move funds out of Greece, mostly to Cyprus, Luxembourg and Switzerland."



Clients of private banks also fear that Greece may be unable able to raise the EUR54 billion it needs this year to pay back maturing bonds and will therefore have to turn to the IMF for help.



"Some of our clients are concerned about a run on the banks if the IMF gets involved," said another private banker, this one from a foreign bank. "They believe the situation in Greece will get worse before it gets better. There is also very little clarity from the government about its intentions on new tax measures."



"We estimate that €8 billion has moved out of Greece to accounts abroad since December. It's money from bank accounts, stock sales, property sales and other sources. This is pretty substantial considering that there is only €30 billion under management in private banks here," he added.

All is fine and well if this was all: just your plain vanilla run on the bank. But it's not - the Greek response to this capital outflow: upcoming money controls.

Wealthy individuals may have good reasons to be concerned, however. Finance Minister George Papaconstantinou earlier this month urged Greeks with accounts abroad to repatriate their money and said the capital will be taxed at a 5% rate. He said those who choose to keep their money abroad should declare their deposits and pay a tax of 8% for the first six months.



Thereafter he threatened that Greece will use all laws at its disposal, such as double-taxation agreements, to ask foreign banks for information on Greek account holders.



"For us this is the first step towards taxing all accounts in Greece," said the chief financial officer of a major Greek shipping company. "The line is minimum deposits here and moving all assets abroad,"

And now back to your regularly scheduled program of curling and no mention of the imminent collapse of Greece in the mainstream media whatsoever.
Anonymous Coward
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02/23/2010 02:51 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
bsflag
Anonymous Coward
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02/23/2010 02:52 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
And so.....it begins!
Anonymous Coward
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02/23/2010 02:53 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
bsflag
 Quoting: Anonymous Coward 259919

go back to reading on the sun filaments which will come to nothing u fat lazy horribe cunt of a yank
Anonymous Coward
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02/23/2010 03:03 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
the system is cracking

cracks are appearing in the dam....next up will be the PIIGS, then Europe, then America, then finally China


got lead ?
Hillcrest

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02/23/2010 03:04 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
written by Tyler Durden, eh?
Water always wins. :sun:
Anonymous Coward
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02/23/2010 03:04 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
the system is cracking

cracks are appearing in the dam....next up will be the PIIGS, then Europe, then America, then finally China


got lead ?
 Quoting: Anonymous Coward 838921


cracks can be covered as long as they wish,
Anonymous Coward
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02/23/2010 03:16 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
lmao

Coming soon to your country.
Anonymous Coward (OP)
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02/23/2010 06:55 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
bump
Anonymous Coward
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02/23/2010 07:05 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
An intermediate option would be the use of IMF funds. From a European perspective, this would seem preferable, as the IMF Special Drawing Rights (SDR) are inflationary for every currency of the IMF member states – that is, everyone. By inflating all currencies, value would be taken from every kind of money on the earth, making also the Arabs, Australians and Russians pay for the Greek mess.
[link to europenews.dk]

The fact that Greece used fraud to pretend to qualify for the euro does make the situation somewhat different. Rather than guaranteeing a bailout ('if needed'), the other euro countries should not put up with such an insolent and spendthrift nation. Rather than promising 'unconditional support', an ultimatum would be in order:

Either Greece gets the financial situation in order, or gets the boot from the euro.
Anonymous Coward
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02/23/2010 07:09 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
bump
Anonymous Coward
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02/23/2010 07:20 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
It is just about to happen very soon; and I am speaking prophetically. If I've ever heard anything from God
in my life I heard it! About the notions! Poland owes $30 billion and they haven't even paid the interest in two
years! Saudi Arabia is behind on their payments on $8 billion - the richest country in the world as far as Arab
states and it is not paying its bills! Very soon a European or North African or Eastern nation is going to default
on its international loan and when that happens within two weeks Mexico is going to default. Mexico owes $100 billion
- 80% of it to American banks - and here is what is going to happen: About two weeks after the first country goes
bankrupt we are going to survive that because most of that money is owed to European banks; German, Swiss and French
banks. THe 2nd country is going to go down probably Argentina or Brazil and we will kind of live that out and people
will settle down and say "Well maybe its not going to hurt." But two weeks after the first country goes down, Mexico
is going to default on $100 billion. And When the banks open the next day at 9:00 am in the morning $15 billion an
hour is going to be withdrawn from our American banks. They are going to be running our banks; the Arabs, all the
Latin American countries. They are going to be running our banks - and before the day is over the United States is
going to have to declare a bank holiday. And we are going into six months of the worst hell America has ever seen!
THere is going to be chaos! Not even the National Guard is going to be able to quiet it down. We are going to have
to call out the whole United States Army.

"Now I've had visions recently for I've been in New York City and I was in Macy's in vision and I say people walking
around stunned because they couldn't get their money out the bank. Now I'm going to give you a word of advice. The
first country that goes bankrupt, and I've documented this and I've got it sealed in an envelope and I'm going to
call all my friends and I'm telling you - this is the first time I've said it in a public meeting like this - but
the first country that bellies up you get every dime you have - church get your money out of the bank because
you've got two weeks because there's going to be a bank holiday and you won't be able to get a dime for six months.
Now of course, there is going to be order restored, but the nation will never be like it is again. There is going to
be fear like we've never known. Judgment is at the door!

"When I was at Macy's department store in a vision and I watched people walking around stunned. They didn't even know
what to do. They didn't know what was happening. Then a bunch of young people walked into Macy's and suddenly went
wild and began to steal. Within an hour everybody, I saw their sprit, everybody in that store = and they were robbing
and stealing. They raped Macy's and destroyed all five floors of Macy's. It was raped and ruined in period of an hour
or two. That is just the beginning.
David Wilkerson
Anonymous Coward
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02/23/2010 07:30 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
"Submitted by Tyler Durden"
Lol
Anonymous Coward
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02/23/2010 07:32 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
i trust tyler
utfan62
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02/23/2010 07:39 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
Tyler Durden runs Zerohedge.com
Anonymous Coward
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02/23/2010 07:43 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
bump........ for the Greek diners in New York....good food nice people...
Anonymous Coward
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02/23/2010 07:45 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
And so.....it begins!
 Quoting: Anonymous Coward 811072

Damn...I wanted to say it first!
Dr Doom

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02/23/2010 07:46 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
~


BANK RUN !!


ahhh



~
__________

____
Anonymous Coward
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02/23/2010 07:48 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
Wealthy individuals may have good reasons to be concerned, however. Finance Minister George Papaconstantinou earlier this month urged Greeks with accounts abroad to repatriate their money and said the capital will be taxed at a 5% rate. He said those who choose to keep their money abroad should declare their deposits and pay a tax of 8% for the first six months.


Thereafter he threatened that Greece will use all laws at its disposal, such as double-taxation agreements, to ask foreign banks for information on Greek account holders.


"For us this is the first step towards taxing all accounts in Greece," said the chief financial officer of a major Greek shipping company. "The line is minimum deposits here and moving all assets abroad,"


 Quoting: Anonymous Coward 862727



Bring your money back, we will only tax it a little.
Anonymous Coward
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02/23/2010 07:48 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
bsflag

go back to reading on the sun filaments which will come to nothing u fat lazy horribe cunt of a yank
 Quoting: Anonymous Coward 898779



Thanks for the BS beat down. BTW do you have lead where you are??
Anonymous Coward
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02/23/2010 07:54 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
"Submitted by Tyler Durden"
Lol
 Quoting: Anonymous Coward 738515


Tyler Durden is one of the best analysts out there and he has been proven right time and time again you fuckin' shill.
Ostria

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Greece
02/23/2010 08:07 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
The capital has no country. This is 101 economy lesson.
paranoid eyes
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02/23/2010 08:10 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
the begginnings of a U.S. backed coup.
Al
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02/23/2010 08:21 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
Vangelis will save his greeks
Anonymous Coward
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02/23/2010 08:46 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
Vangelis will save his greeks
 Quoting: Al 826017





[link to video.godlikeproductions.com]

Anonymous Coward
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02/23/2010 08:53 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
And so.....it begins!
 Quoting: Anonymous Coward 811072



if I had a dollar for every time thats been posted here, and nothing came of it-id be a rich man!
Ostria

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Greece
02/23/2010 08:53 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
Vangelis will save his greeks





[link to video.godlikeproductions.com]


 Quoting: Anonymous Coward 898993


thanks for this!
It was a great performance!

hf
Anonymous Coward
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02/23/2010 08:57 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
(bullshit pruned)
"When I was at Macy's department store in a vision and I watched people walking around stunned. They didn't even know
what to do. They didn't know what was happening. Then a bunch of young people walked into Macy's and suddenly went
wild and began to steal. Within an hour everybody, I saw their sprit, everybody in that store = and they were robbing
and stealing. They raped Macy's and destroyed all five floors of Macy's. It was raped and ruined in period of an hour
or two. That is just the beginning.
David Wilkerson
 Quoting: Anonymous Coward 887512




Theres a lesson here: DONT mess with the shopping habit-its like an addiction

esp for useless things like 'plastic men from Mars-$.99 cents each' made in china
Anonymous Coward
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02/23/2010 09:04 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
So removing 8 billion Euros has caused 400Billion Euros to leave the system. So their fiat/fractional reserve system is leveraged at 50:1... OMG.


KA-BOOM!

explosion
Anonymous Coward
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02/23/2010 09:07 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
thanks for this!
It was a great performance!

hf
 Quoting: Ostria


I love Greece.

___________________________red_heart
Anonymous Coward
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02/23/2010 09:15 PM
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Re: Run on Banks in Greece! Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures
ohhh shit


it's on!
 Quoting: ^TrInItY^


did you hear that citi bank won't let you take your your money for 7 days when you ask for it. CAn't remember all the details. But it sounded like a legit thing to happen.

So the usa isn't far behind.