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

[Coffeed]

Greece is like a dog. You can kick a dog so long and it will do two things.
                   

It's either gonna roll over and die... or it's gonna bite you and attack you.
             

And Greece is the kind of country who's the type of a dog who would bite back. They're not gonna roll over and quit.

[Mr Anabolic]

America should take note: when the end comes, it really does happen that fast. Credit seizes and the entire economy stops on a dime. No credit cards, no ATMs, no commerce.

Keep some cash handy for those first couple of weeks until people realize that it really is just paper. After that, currency will be silver, gold, food and ammo.

Keep at least 3 weeks of food on hand. It'll get you over the rough spots. If you can, go all LDS and have a year's worth. Then you could seriously bug-in.

Good luck Greece, we're watching and taking notes.

Agreed.  Ammo will most likely be more valuable that gold after the collapse.  I buy another case every month. .40, .45, 9mm,.22, 223, 7.62 and 00buck.

[_aj_]

This stupid Left wing Goverment divide our society in front of a falsh delema. A brother fights (in words) a brother... a father against a son... they 've done it again at 1944 in our last civil war...

I'm just stay focused on my diet, cardio and training. This is my way to dealing with things...

AJ I respect you a lot my friend, you are for me a highly apriciated member here (NO HOMO), but I will vote YES.

Why? Because everyone in the rest of the world understands, and some people here in Greece, that a YES is a YESS TO EUROPE, but a no is no to Europe...

I prefer to lose 10% percent of my money and be in Euro, rather than have 100.000 drachmas per month meanwhile a can of tuna will cost 1.000 drachmas...

PS. Sorry for my bad English

I appreciate your dilemma, but a YES vote only delays the inevitable and makes it more painful. Do you think any government is going to implement the austerity measures that the IMF and the Troika demands? Do you think that the people that are not now paying their taxes will magically change their thinking once they are back in the bosom of "Europe?"

Vote yes, but be prepared to be right back here in 6-18 months. I am sorry.

[Carlton G. Long]

Greece is like a dog. You can kick a dog so long and it will do two things.
                   

It's either gonna roll over and die... or it's gonna bite you and attack you.
             

And Greece is the kind of country who's the type of a dog who would bite back. They're not gonna roll over and quit.

If Greece were a pit bull sort of country they might have a chance, but they are more of a three-legged Chihuahua.  Hope this helps.

[Skorp1o]

Here's the next ones on the list:

Portugal
Spain
Ireland
Italy

[_aj_]

Here's the next ones on the list:

Portugal
Spain
Ireland
Italy

"Europe" (oh brother) will pull all of the member states into the grave rather than admit that the experiment failed.

[Carlton G. Long]

"Europe" (oh brother) will pull all of the member states into the grave rather than admit that the experiment failed.

It's not about what "works" or what is "best" ... it's all about power. 

[Yamcha]

[Mr Anabolic]

Here's the next ones on the list:

Portugal
Spain
Ireland
Italy

After those comes France, then UK, then the US.

[falco]

    My support to all Greek getbiggers. Hope that this mess will end well for all.
    As an european i am also feed up with this two speed "community".
How is it possible that in a community where everyone is equal, debt interest rates be so different?
How is it possible that the countries in distress can barely pay the interests while the debt stays the same?
    If it's all about loan sharking, lets keep Europe like in the old days, a bunch of soberan nations.
We have a saying that i am going to try translate: "Some are sons, others are step-sons", and it resumes the whole european community reality.
    The worst think about this is that the different nations that were friends before are going to start hating on eachother. Even within citizens.

[Carlton G. Long]

   My support to all Greek getbiggers. Hope that this mess will end well for all.
    As an european i am also feed up with this two speed "community".
How is it possible that in a community where everyone is equal, debt interest rates be so different?
How is it possible that the countries in distress can barely pay the interests while the debt stays the same?
    If it's all about loan sharking, lets keep Europe like in the old days, a bunch of soberan nations.
We have a saying that i am going to try translate: "Some are sons, others are step-sons", and it resumes the whole european community reality.
    The worst think about this is that the different nations that were friends before are going to start hating on eachother. Even within citizens.

it's what becomes of governments who allow towel headed invaders to take over without a hint of resistence

[Twaddle]

Precious metals, pfffft.  The only metals I invest in are Brass and Lead!  

[_aj_]

   My support to all Greek getbiggers. Hope that this mess will end well for all.
    As an european i am also feed up with this two speed "community".
How is it possible that in a community where everyone is equal, debt interest rates be so different?
How is it possible that the countries in distress can barely pay the interests while the debt stays the same?
    If it's all about loan sharking, lets keep Europe like in the old days, a bunch of soberan nations.
We have a saying that i am going to try translate: "Some are sons, others are step-sons", and it resumes the whole european community reality.
    The worst think about this is that the different nations that were friends before are going to start hating on eachother. Even within citizens.

The great fallacy of the common currency is that it can exist with disparate sovereign economic policies. It was doomed from the start. The Greeks thought that the euros would keep coming despite their massive annual deficits.

[jr]

"The GDP value of Greece represents 0.39 percent of the world economy."

Small fish, I'll worry when the larger economies are in the same boat i.e defaulting on obligations. (which they will eventually, just a matter of time)

Very easy for me to transfer all my cash into broker account and buy up gold and silver miners, telecom, utility, food/agri and other defensive stocks. Can be done within the week.

[_aj_]

"The GDP value of Greece represents 0.39 percent of the world economy."

Small fish, I'll worry when the larger economies are in the same boat i.e defaulting on obligations. (which they will eventually, just a matter of time)

Very easy for me to transfer all my cash into broker account and buy up gold and silver miners, telecom, utility, food/agri and other defensive stocks. Can be done within the week.

You may not get a week, plus it's still all paper, or in this case, electrons on a screen.

There are hedges and then there are HEDGES.

Mining and food stocks are hedges. Food, ammo, physical gold/silver are HEDGES. When I say I am long in physical precious metals, I am LOOOONNNNGGG. I don't even count it as part of my net worth. It has the same overall value as a nuclear bunker.

[jr]

You may not get a week, plus it's still all paper, or in this case, electrons on a screen.

There are hedges and then there are HEDGES.

Mining and food stocks are hedges. Food, ammo, physical gold/silver are HEDGES. When I say I am long in physical precious metals, I am LOOOONNNNGGG. I don't even count it as part of my net worth. It has the same overall value as a nuclear bunker.

I understand, I wasn't criticizing you.

I have had physical gold and silver since mid 2008 (when I noticed something fishy going on in the global economy) until November of last year when I quit my job to temporarily retire in another country. I sold all my gold and silver as they weren't paying a dividend or interest, which I desperately need as I have no employment income.

I think buying precious metal miners are a good compromise as they are the motherfuckers that dig that shit out of the ground and sell it. They basically own in ground gold at the moment. There is the risk that governments will nationalize gold miners due to a currency crisis though, which means you will be forces to settle in cash.

Don't forget that the gov can "confiscate" you gold and make it illegal to possess. It's been done before, particularly in the US.

[Mr Anabolic]

You may not get a week, plus it's still all paper, or in this case, electrons on a screen.

There are hedges and then there are HEDGES.

Mining and food stocks are hedges. Food, ammo, physical gold/silver are HEDGES. When I say I am long in physical precious metals, I am LOOOONNNNGGG. I don't even count it as part of my net worth. It has the same overall value as a nuclear bunker.

I like your style AJ.

[_aj_]

I understand, I wasn't criticizing you.

I have had physical gold and silver since mid 2008 (when I noticed something fishy going on in the global economy) until November of last year when I quit my job to temporarily retire in another country. I sold all my gold and silver as they weren't paying a dividend or interest, which I desperately need as I have no employment income.

I think buying precious metal miners are a good compromise as they are the motherfuckers that dig that shit out of the ground and sell it. They basically own in ground gold at the moment. There is the risk that governments will nationalize gold miners due to a currency crisis though,

The other downside risk is that your paper holdings will have been used as collateral to secure other derivative holdings. And those are used as collateral against other holdings. Should an unwind happen, your printed stock certificate isn't worth much. There is speculation that the paper gold "holdings" are leveraged 10x or more. If there is ever a run on gold redemptions, the whole thing collapses.

Why do you think that JPM holds $4 trillion (not a misprint) of gold derivative holding, effectively cornering the market? They are artificially depressing the price with rigged puts to keep the canary from dying.

[jr]

The other downside risk is that your paper holdings will have been used as collateral to secure other derivative holdings. And those are used as collateral against other holdings. Should an unwind happen, your printed stock certificate isn't worth much. There is speculation that the paper gold "holdings" are leveraged 10x or more. If there is ever a run on gold redemptions, the whole thing collapses.

Why do you think that JPM holds $4 trillion (not a misprint) of gold derivative holding, effectively cornering the market? They are artificially depressing the price with rigged puts to keep the canary from dying.

Yeah, I don't really trust gold ETFs (as distinct from gold mining companies).

I added to my previous message, maybe you'd like to comment.

"I think buying precious metal miners are a good compromise as they are the motherfuckers that dig that shit out of the ground and sell it. They basically own in ground gold at the moment. There is the risk that governments will nationalize gold miners due to a currency crisis though, which means you will be forces to settle in cash.

Don't forget that the gov can "confiscate" your gold and make it illegal to possess. It's been done before, particularly in the US."

[_aj_]

Don't forget that the gov can "confiscate" your gold and make it illegal to possess. It's been done before, particularly in the US."

They can try, but they will have to find it. If they want to go door to door, good luck. They might find a lot more lead than gold. We are a lot less trusting of government's motives today than 1933.

All of my precious metals purchases have been done with cash, in $5000 increments. As a matter of fact, my metals broker refers to me ONLY as "Mister Cash". He knows the score as well as anybody.

Like I said, this is a HEDGE. If my metals stocks are being used, it means that there is no longer a functioning federal government.

[Mazda323]

Daaamn!!! We are the center of the World!!!

HAHAHAHA

Thanks Falco!!!

AJ MY point is that within Europe, we MAYBE find the right path to reform our State, and not to reform it by the Communist way. Many of my friends are voting NO when at the same time, they don't support Greek locaal stores, but they spend their money on the internet... or they are spending their money every night at the clubs... we are talking here for a sick society, that the commusnist way of our Goverment is not going to be ynderstaned after the referance... they are not ready for the Socialist Reform... they don't know what it means...

So, my last words are that Middle Ages Greeks such as Georgios Plithon Gemistos, and other philosophers of the Frist Byzantine Humanism part, gave to Europe the main principles above the Rainesanse and the construction of a union.

I deeply believe in this Union, I feel a European citizen and I don't believe in any way that Varoufakis (with many many money outside of Greece) and his friends, will give us what they promised.

LOVE YOU ALL (NO HOMO)

[_aj_]

Daaamn!!! We are the center of the World!!!

HAHAHAHA

Thanks Falco!!!

AJ MY point is that within Europe, we MAYBE find the right path to reform our State, and not to reform it by the Communist way. Many of my friends are voting NO when at the same time, they don't support Greek locaal stores, but they spend their money on the internet... or they are spending their money every night at the clubs... we are talking here for a sick society, that the commusnist way of our Goverment is not going to be ynderstaned after the referance... they are not ready for the Socialist Reform... they don't know what it means...

So, my last words are that Middle Ages Greeks such as Georgios Plithon Gemistos, and other philosophers of the Frist Byzantine Humanism part, gave to Europe the main principles above the Rainesanse and the construction of a union.

I deeply believe in this Union, I feel a European citizen and I don't believe in any way that Varoufakis (with many many money outside of Greece) and his friends, will give us what they promised.

LOVE YOU ALL (NO HOMO)

Fair enough and you CERTAINLY know better than I, considering your exact location.

I just hope that "being European" carries with it some value, as I cannot discern any from over here.

Good luck and keep your head down when the Molotovs start to fly.

[irishdave]

Daaamn!!! We are the center of the World!!!

HAHAHAHA

Thanks Falco!!!

AJ MY point is that within Europe, we MAYBE find the right path to reform our State, and not to reform it by the Communist way. Many of my friends are voting NO when at the same time, they don't support Greek locaal stores, but they spend their money on the internet... or they are spending their money every night at the clubs... we are talking here for a sick society, that the commusnist way of our Goverment is not going to be ynderstaned after the referance... they are not ready for the Socialist Reform... they don't know what it means...

So, my last words are that Middle Ages Greeks such as Georgios Plithon Gemistos, and other philosophers of the Frist Byzantine Humanism part, gave to Europe the main principles above the Rainesanse and the construction of a union.

I deeply believe in this Union, I feel a European citizen and I don't believe in any way that Varoufakis (with many many money outside of Greece) and his friends, will give us what they promised.

LOVE YOU ALL (NO HOMO)

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.

[Wiggs]

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. 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.

And here's Prime Minister Dave of Ireland bringing his plethora of knowledge and understanding.  This is so much more than about Greece being lazy. It's seems you don't get this. Lol at lashing out at a Getbigger for your country's problems.

[irishdave]

Fair enough and you CERTAINLY know better than I, considering your exact location.

I just hope that "being European" carries with it some value, as I cannot discern any from over here.

Good luck and keep your head down when the Molotovs start to fly.

I certainly don't feel like I'm "European". I'm Irish. European to me sounds like faggy Italian, Spanish, French, etc. All queers. No backbone or guile. Gimme an Irish, English, Welsh or Scotsman (or American/Aus/Canadian) man to have a pint with any day.