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Greece Debt Crisis: Despair as $1.1 Billion Withdrawn From Banks in a Day

 
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User ID: 69545988
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06/19/2015 07:54 PM
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Greece Debt Crisis: Despair as $1.1 Billion Withdrawn From Banks in a Day
ATHENS, Greece - Desperate Greeks expressed fears for their future Friday as more than $1.1 billion was withdrawn from banks in a single day, pushing the country closer towards a default.

Uncertainty grew after a meeting between the country's government and European creditors ended Thursday in acrimony.

Failure to clinch a deal by June 30 would see Greece default on a $1.8 billion loan payment to the International Monetary Fund, bankrupting the country and potentially driving it out of the Euro currency zone.

Talks resume Monday, but crisis-weary citizens already fear the worst - and that has prompted concerns of a potentially disastrous run on already-crippled banks.

"The situation is completely hopeless and it's getting worse day by day," said Evi Huraklia, 63. "We are all worried about our children. We've lived our lives but for the young people this is a catastrophe."

She told NBC News: "The Greek people are happy people, by nature positive. But right now they are a psychological wreck. It's not just the economic catastrophe we are dealing with it's the psychology of the people that have been driven to despair. We've become sick."


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[link to www.nbcnews.com]
"Necessity is the plea for every infringement of human freedom. It is the argument of tyrants; it is the creed of slaves." --William Pitt
FireInCairo

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06/20/2015 12:52 PM
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Re: Greece Debt Crisis: Despair as $1.1 Billion Withdrawn From Banks in a Day
That's kinda strange. Do the banks and ATM's across Greece actually have a billion dollars in cash on hand, even? It's fractional reserve banking, after all.

Wouldn't the ATM's run dry in a few hours?
Anonymous Coward
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06/20/2015 10:20 PM
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Re: Greece Debt Crisis: Despair as $1.1 Billion Withdrawn From Banks in a Day
That's kinda strange. Do the banks and ATM's across Greece actually have a billion dollars in cash on hand, even? It's fractional reserve banking, after all.

Wouldn't the ATM's run dry in a few hours?
 Quoting: FireInCairo


No. This is Greece we're talking about here.

They have a company of circus midgets scurrying around behind the ATMs stuffing cash out the front slots at random intervals making it look like everthing is normal...





GLP