Greece vs Europe: Emergency Greek Bank Closure Likely Threatens Europe, U.S.
The mainstream media won’t say this, but the debt relationship between Europe and Greece through lending schemes such as the IMF and others means that the Greek bank closures will ripple through Europe (but when the ripple happens, they won’t admit this is the source, most likely). And since the U.S. and Europe are deeply intertwined, the ripple can cross the ocean as well. Make sure your bank is solvent and test them to see if you can withdraw a few thousand dollars with no problems. As quiet as it has been kept, ever since the 2008 financial collapse, most big banks secretly implemented a scheme to deny Americans the ability to withdraw large sums of cash like they used to be able to do. Some bank customers have reported having much difficulty just getting $2,000-3,000 out of the bank!
Banks in Greece will not open on Monday as officials scrambled to prevent the country\’s financial system from collapsing in panic. Account holders will also face new limits on what they can withdraw. The measures were announced Sunday as Greece slid rapidly toward default and exit from the eurozone. European leaders are now facing one of the worst moments in the history of the euro. President Obama called German Chancellor Angela Merkel on Sunday, and the two agreed to take all steps to try to resolve the crisis.
Update 2: Greece’s Skai reports that if/when banks reopen (supposedly on Tuesday), a 60€ withdrawal limit will be imposed.
Update: In a televised address to the nation, Greek PM Alexis Tsipras assured Greeks that their deposits are safe despite an upcoming bank holiday and despite the fact that Greek stocks will not open for trading on Monday. Tsipras also said Athens has re-applied for a bailout extension and urged Greeks to “remain calm” in the face of what is sure to be a turbulent week.
- GREEK PRIME MINISTER SAYS GREEK PEOPLE SHOULD REMAIN CALM
- GREEK PM: BANK OF GREECE PROPOSED BANK TRANSACTION RESTRICTIONS
- GREEK PRIME SAID GREECE RE-APPLIED FOR BAILOUT EXTENSION
- GREEK PRIME MINISTER SAYS DEPOSITS ARE COMPLETELY SAFE
Despite the reassurances from any and all elected (and unelected) officials, given the run on bank ATMs in Greece has turned into a stampede, it is not surprising that:
- GREEK BANKS TO REMAIN CLOSED FROM MONDAY FOR A WEEK: PIRAEUS BANK CEO
- PIRAEUS BANK CEO THOMOPOULOS SPEAKS TO REPORTERS IN ATHENS
The announcement was made when Piraeus Bank CEO Anthimos Thomopoulos told reporters after a meeting of the government’s financial-stability panel on Sunday. The launch of capital controls just as the Greek summer tourism season starts, is sure to be the final crushing blow to Greece, whose entire economy will now grind to a halt.