Greek banks down to €500m in cash reserves as economy crashes

[Wiggs]

Here, listen monkey boy. It has a A HUGE amount to do with the Greeks being lazy. I know it's much deeper than that but the Greek government have admitted that they were doing "false deals" and had no intention of really implementing austerity. Don't talk down to me, black. The recession here was mostly brought on by our housing bubble (which you will know nothing about). We are out of it. How's Colleen?

Dave if you're going to sit at the big boy table and talk like an adult,  throwing around racial epitaphs isn't part of it. And no, it's not a huge part of it. You need to be directing your anger towards central banks, but I don't expect someone of your ilk to understand that. As long as you fly off the handle and show ever growing stupidity, I'm going to continue to talk down to you.  I'm your intellectual superior ogre. Shut up, listen, and learn boy. My girlfriend is fine. Your passive aggressive threats mean nothing.  I have what I need on you and at any moment I deem fit,  I'll pull the trigger...Now, back on topic. Are we going to have an adult conversation or would you like to continue your tantrum?

[irishdave]

Dave if you're going to sit at the big boy table and talk like an adult,  throwing around racial epitaphs isn't part of it. And no, it's not a huge part of it. You need to be directing your anger towards central banks, but I don't expect someone of your ilk to understand that. As long as you fly off the handle and show ever growing stupidity, I'm going to continue to talk down to you.  I'm your intellectual superior ogre. Shut up, listen, and learn boy. My girlfriend is fine. Your passive aggressive threats mean nothing.  I have what I need on you and at any moment I deem fit,  I'll pull the trigger...Now, back on topic. Are we going to have an adult conversation or would you like to continue your tantrum?

I have everything I need on you too and I'd wager it's a hella lot more than you have on me I had certain people do certain things to find out certain things for me. You wanna play games I'll play real life games

[_aj_]

Dave if you're going to sit at the big boy table and talk like an adult,  throwing around racial epitaphs isn't part of it. And no, it's not a huge part of it. You need to be directing your anger towards central banks, but I don't expect someone of your ilk to understand that. As long as you fly off the handle and show ever growing stupidity, I'm going to continue to talk down to you.  I'm your intellectual superior ogre. Shut up, listen, and learn boy. My girlfriend is fine. Your passive aggressive threats mean nothing.  I have what I need on you and at any moment I deem fit,  I'll pull the trigger...Now, back on topic. Are we going to have an adult conversation or would you like to continue your tantrum?

Umm..."epithets", not "epitaphs"

Sorry, man. Autocorrect?

[Wiggs]

I have everything I need on you too and I'd wager it's a hella lot more than you have on me

Good luck.  
Hope you come to Vegas.

[irishdave]

Good luck. 
Hope you come to Vegas.  I'd love a reason to put a bullet in you.

Lol, what a meltdown. Death threats again!

[Wiggs]

Lol, what a meltdown. Death threats again!

You want real life? Let's see how big your balls are ogre...

[Wiggs]

Umm..."epithets", not "epitaphs"

Sorry, man. Autocorrect?

Lol. Yep.

[Mazda323]

Sorry but Dave is right... corruption and failure of logical behaviour at the 90% pf our citizens...

Another example: many people at the gym that I work, they are screaming "FUCK EUROPE, SAY NOOO!!!: and at the same time, they want from me not to give them a tax check for they payment in order to have a 5 euro discount...

We have to be educated as citizens and that's not going to happened outside of European Union!!! We gonna be back when the Turks were here... they "teach" as this thing of corruption.

[polychronopolous]

GREEK EURO CRISIS SENDS RIPPLE EFFECTS ACROSS THE REGION



Side-effects of the euro crisis are spreading beyond Greek borders into Bulgaria, Romania and Macedonia. Once seen as their poverty-stricken northern neighbours, Greeks are now looking to Bulgaria for some relief.

Euobserver reports that with Greek banks closed and the state in limbo pending the referendum, debt renegotiation and even a possible euro exit, hotels and restaurants in northern Greece have begun taking payments in Bulgarian levs (BGN). The foreign currency is then used as an entrepreneurial work around to avoid the Greek ATM restrictions recently introduced.

“Automatic teller machines in Thessaloniki had run out of cash and nobody could withdraw even five euros,” said Bulgarian Rumen Galabinov, who runs a financial consultancy and used to sit on Bulgaria’s financial and insurance supervision panels in 2003. He continued:

“After a lunch at a local restaurant, I joked, asking whether they would accept a payment in levs, and the owner agreed…

“…The restaurant owner, who also had two hotels, said his Bulgarian guests would be welcome to pay in levs. Then, the owner would travel to Sandanski [in southern Bulgaria] and exchange the levs for euros to have cash for his daily supplies.”

Galabinov also predicted both Greek businesses and private depositors may travel to Bulgaria to withdraw money from Greek bank branches there. Although the banks are established under Bulgarian law, therefore not subject to the Greek capital controls, they cannot transfer money to their Greek counterparts without permission from the Bulgarian National Bank.

Since mid-1997 BGN has been pegged to the euro at an exchange rate of BGN1.95 for €1. In order to sort out the aftermath of a financial crash and hyperinflation caused by government mismanagement, Bulgaria was then forced to introduce a currency board to promote financial stability.

In marked contrast to its neighbour it stuck with fiscal prudence and the former Communist country now has one of the lowest debt-to-GDP ratios in the EU – 27.6 per cent in 2014.

[polychronopolous]

You want real life? Let's see how big your balls are ogre...

C'mon guys this is serious shit we are dealing with here.

Enough of mud slinging. Stay focused.

[MAXX]

they're like the mexicans of Europe 

[MAXX]

It makes me really angry that the Irish have gone through painful Austerity measures to get our asses out of this recession and the Greeks continued to piss about and do deals in cash and under the table. A guy was on the radio today telling about while on holidays in Greece for 3 weeks he only could use his credit card ONCE and that was to book a hotel online. The rest of everything he did was cash. Several restaurants actually gave him hand-written bills (to avoid a paper trail). The taxi drivers turned off their meters and every time an argument ensued because he got ripped off. Plumbers, carpenters, tradies of all kinds do jobs for cash all the time. Corrupt beyond belief. How do you morons expect to have services if you don't pay tax?
Your people are useless, lazy wasters. Centre of Europe my fucking arse. Let's not talk about 2000 fucking years ago let's talk about now. Get your fucking act together you imbeciles.
Look at your elected PM. He arrives on a fucking motorbike. Doesn't even wear a tie when he's at crucial talks with the likes of Merkel, etc. Doesn't really leave a good impression?
I hate the fucking EU but we're stuck in it and you shower of shits are not worth a fucking fuck.

seems to me that the more corruption a country/region has, the lower the quality of the peoples that inhabits.

[Hulk-smash!]

Greece needs a Huey Long.

While thousands of banks were failing nationally, only seven small banks failed in
Louisiana because Huey Long took a proactive and practical approach to regulating the
banks early. He also prevented runs by shoring up fragile institutions with large deposits
of state funds. (He reassured customers that if they kept their deposits at the bank, he
would keep the state’s deposit there as well, and no one would lose their money by a
massive run.) New Orleans was the nation’s second largest banking center at the time.
While the bankers resented Huey Long’s regulation of their practices, his interference
proved prescient and correct.

[_aj_]

Greece needs a Huey Long.

While thousands of banks were failing nationally, only seven small banks failed in
Louisiana because Huey Long took a proactive and practical approach to regulating the
banks early. He also prevented runs by shoring up fragile institutions with large deposits
of state funds. (He reassured customers that if they kept their deposits at the bank, he
would keep the state’s deposit there as well, and no one would lose their money by a
massive run.) New Orleans was the nation’s second largest banking center at the time.
While the bankers resented Huey Long’s regulation of their practices, his interference
proved prescient and correct.

The problem is that there are no "state funds" to shore up Greek banks. That's the problem, the Greeks are begging for a.) debt forgiveness and b.) more debt. The "state" in this metaphor is the IMF and Huey Long is Lagarde.

[Teutonic Knight]

Only 467 Greekos emigrated to Australia in 2014/15 .............official numbers

[2Thick]

This is where the US is headed if we don't change things very soon. Socialism, ever-increasing taxes, spending, and entitlements, printing and pumping money, zero interest rates for years on end, the redistribution of wealth, and disincentivizing the half who produce everything and support the half who aren't productive is putting us on a dangerous course.

I think that if Obama doesn't get us there, Hillary certainly could. But if it happens here, the whole world will feel it, and it just may be the end of everything. Not a nuclear bomb, global warming, or a meteor - the economic collapse of the United States will probably be the end of it all.

As for paper investments, gold, cash, etc, I don't think any of it will make a difference. Could anyone imagine how such a scenario Greece is going through would pan out here? Look at the way some act in urban areas when a criminal case having nothing to do with them personally doesn't go their way. How do you think they'll act when they can only get so much $ out of their ATMs each day? Or if their entitlement checks stop coming in? Or if their EBT cards no longer work? If they can't somehow get their hands on groceries?

I doubt very many of the entitled have stockpiles of physical gold, and that very many of them would wait patiently in line at the ATM machine or various government agency offices for solutions to their new problems.

And every other country would pretty much all be fucked as well if we failed and our dollars were literally worthless. I think this would be the end of everything.

I don't want to see such a thing happen here. If it does, I hope the can can at least be kicked down the road a while longer until I'm gone. If I wake up one morning and find that pretty much everything I've worked and saved for is all gone - and I have nothing but a home that probably has no electricity and just some water, ammo, and canned goods - I'll probably snap anyway. That's not the kind of life I'd want to live for several more decades.

[Necrosis]

This is where the US is headed if we don't change things very soon. Socialism, ever-increasing taxes, spending, and entitlements, printing and pumping money, zero interest rates for years on end, the redistribution of wealth, and disincentivizing the half who produce everything and support the half who aren't productive is putting us on a dangerous course.

You can't be serious... Greece is the opposite, no tax paying, borrowing for entitlements, cannot print their own money, the US can, thus exerting some control.

It's a completely different ball game, could it happen? obviously, it's not a similar situation and the US are in a much much better position.

[polychronopolous]

FOOD SHORTAGE FEARS

Greek bank closures may deplete supermarket shelves



 A halt to international payments from Greek bank accounts is hurting Greek businesses and their foreign partners and threatening supplies of vital goods like food and clothing into the debt-crippled country.

With banks closed, people limited to withdrawing 60 euros ($66.62) per day and Greece's future in the euro possibly hinging on a referendum on Sunday, Greek shoppers have been stocking up on essentials like sugar, flour, pasta, rice, beans, canned and paper goods.

Shelves remain full for now as retailers have inventories in storage. But capital controls put in place after Greece defaulted on a loan to international creditors have essentially frozen companies' cash flows and credit.

This has severely hampered production and shipping, meaning that goods are in finite supply. With this week's rush to supermarkets, shortages could be around the corner although budget limits are providing some cushion.

"At this stage there is no problem of shortages. There is sufficient stock in our warehouses and we renew it frequently," said Melina Varoutsikou, spokeswoman for Sklavenitis, one of Greece's largest supermarket chains.

"However, nobody knows how much these can last. It all depends on which product we are talking about."

With no international bank transfers, imports and exports have been clobbered, according to SEV-Hellenic Federation of Enterprises, meaning there are fewer raw materials, even for local production, and less petrol available for deliveries.

The Greek finance ministry said on Friday that companies wishing to process bank transfers abroad to pay suppliers must submit a request to the Committee of Approval of Bank Transfers through their commercial bank.

The ministry said companies can get further information by going to their home branch or calling their bank's central number. But for quicker processing, the ministry recommended faxing the requests. It made no mention of e-mail, the medium often used for international business.

Meanwhile, sellers of perishable items like fresh fruit and vegetables stand to realize losses as shipments are stalled.

[2Thick]

You can't be serious... Greece is the opposite, no tax paying, borrowing for entitlements, cannot print their own money, the US can, thus exerting some control.

It's a completely different ball game, could it happen? obviously, it's not a similar situation and the US are in a much much better position.

We have 19 trillion in debt and $100 trillion in unfunded liabilities. Large cities and even some states are or have been in trouble.

Nearly half of our population is on some form of assistance. Industrial production is down. Labor participation rates the lowest since '77, debt to GDP has skyrocketed. GDP growth is anemic for the last 7 years. Regulations like the ACA and Dodd-Frank are costing businesses more and more money and stifling productivity.

You don't want employment to be "increased" on paper by having 2 part time workers replace one full time worker, or by grossly increasing government and even corporate regulators... and hiring other assorted government hacks and paying them bloated salaries, pensions, and other benefits for life as government expands more and more.

Printing money infinitely won't solve your problems. It only makes the currency worth less. In the end, printing will only make things worse eventually. Just as holding down rates for many years and pumping too much money in via endless large asset purchases will.

We need to make changes very soon. Stop spending so much, trim the fat, stop grossly overpaying cronies for every little thing, etc. People and governments spend too much - we need to look at how successful corporations run things and follow suit.

But it's easier said than done. We have a growing cultural problem that is only made worse by grievance hustlers and social justice seekers.

[Hulkotron]

I thought these shitheads got a bailout a bit ago from some of the European countries that actually matter.

What did they do with that $

[Hulk-smash!]

http://www.john-f-kennedy.net/thefederalreserve.htm

[Mr Anabolic]

We have 19 trillion in debt and $100 trillion in unfunded liabilities. Large cities and even some states are or have been in trouble.

Nearly half of our population is on some form of assistance. Industrial production is down. Labor participation rates the lowest since '77, debt to GDP has skyrocketed. GDP growth is anemic for the last 7 years. Regulations like the ACA and Dodd-Frank are costing businesses more and more money and stifling productivity.

You don't want employment to be "increased" on paper by having 2 part time workers replace one full time worker, or by grossly increasing government and even corporate regulators... and hiring other assorted government hacks and paying them bloated salaries, pensions, and other benefits for life as government expands more and more.

Printing money infinitely won't solve your problems. It only makes the currency worth less. In the end, printing will only make things worse eventually. Just as holding down rates for many years and pumping too much money in via endless large asset purchases will.

We need to make changes very soon. Stop spending so much, trim the fat, stop grossly overpaying cronies for every little thing, etc. People and governments spend too much - we need to look at how successful corporations run things and follow suit.

But it's easier said than done. We have a growing cultural problem that is only made worse by grievance hustlers and social justice seekers.

Who is going to make the changes?  Politicians are fucking useless, 95% of them are bought and paid for by bankers.  They simply do/say what they are told.  Our freedom is being eroded on a consistent basis.  The US dollar buys less and less all the time.  

American revolution 2 is necessary.  Buy ammo.

[Mr Anabolic]

http://www.john-f-kennedy.net/thefederalreserve.htm

That's why he received a large hole in his head.

[Ganuvanx]

Greeks are rushing to Bitcoin

http://money.cnn.com/2015/06/29/technology/greece-bitcoin/
http://www.reuters.com/article/2015/07/03/us-eurozone-greece-bitcoin-idUSKCN0PD1B420150703

Buy some if you haven't already. Gold and silver are great hedges but you will need a digital currency that functions in our modern world. The Greeks are learning this now. Bitcoin is the greatest currency ever conceived and it just happens to be the only decentralized method of transaction in existence. It has no central point of failure.

[_aj_]

Greeks are rushing to Bitcoin

http://money.cnn.com/2015/06/29/technology/greece-bitcoin/
http://www.reuters.com/article/2015/07/03/us-eurozone-greece-bitcoin-idUSKCN0PD1B420150703

Buy some if you haven't already. Gold and silver are great hedges but you will need a digital currency that functions in our modern world. The Greeks are learning this now. Bitcoin is the greatest currency ever conceived and it just happens to be the only decentralized method of transaction in existence. It has no central point of failure.

That's very interesting. If the BTC popularity surges, expect Greece and the EU to have absolute kittens at the thought of anybody dodging their capital controls and looming depositor haircuts.

Making popcorn...