Greece bank run

This just in, written around an hour ago, it is part of the source listed below it:

"While the new French president, François Hollande, was in Germany to express his concerns about excessive austerity with Chancellor Angela Merkel, the dissolution of the Greek state accelerated. Mr. Papoulias told party leaders on Tuesday that nearly $900 million had been pulled from Greek banks on Monday alone, and that the Greek central bank had warned of “a great fear that could develop into a panic.” "

“The next two days things will get worse,” Mr. Papoulias said.

Extracted from source: www.nytimes.com...

I think the writing is on the wall, the end of the piece says:

“The feeling is that Greece has been a terrible drag on the whole system, and if Greece leaves and we can set up a firewall that will guard against contagion, in the end this may be better for the euro zone,” he said.

Recent share price of De La Rue:

www.lse.co.uk...

Who are De La Rue? :

en.wikipedia.org...

Why the sudden surge in their share price?
Have they had orders placed?
Or am I just barking up the wrong tree?

The bubble is bursting.

Originally posted by Mufcutcakeyumyum
Recent share price of De La Rue:

www.lse.co.uk...

Who are De La Rue? :

en.wikipedia.org...

Why the sudden surge in their share price?
Have they had orders placed?
Or am I just barking up the wrong tree?

edit on 16-5-2012 by Mufcutcakeyumyum because: (no reason given)

Good spot on De La Rue, but I thought the Greeks kept their Drachma in case of a return anyway?

Looks like the Euro may be in its final days. Bank of England Governer made this speech!

Sky news source

reply to post by samkent


OMFG, the ignorance in this reply. I really think you need to go back to Econ 101. Study up on how money is "created". Hint: it's got very little to do with printing presses.

ETA: Class 1: Creating Artificial Wealth:
Depositor: Hi, banker, I want to deposit $100. Thanks!
Banker: Great, now I'll loan out $1,000 based on your $100 deposit, and so long as everyone pays their loans with interest and Mr Depositor doesn't come back for his cash too soon, I've just created $900! Yay!

End class 1.

reply to post by 00nunya00

Agreed! Biggest ponzi scheme ever created!
2nd

With all the problems going on with Greece and all the other euro countries
Teetering on the edge, literally we are on the verge of a worldwide collapse!! I am not a fearmongerer.
I personally would have liked to see mother nature take us out
But, as big a deal this is it seems it is pushed aside by all Ron Paul threads.
People should be sitting at the edge of there seats right now! Not talking about gay marriage

I also wanted to say is this might not be business as usual! The dow will not just lose 800 points in a minutes. I believe this could be a slow steady decline in profits. Everyone from joe the plumber to hank the handyman would see a stock market collapse. These same people wouldn't notice a 30 points drop here and there but 27 days of negatives equals a little over 800 points! Almost like a secret collapse.

Just saying that smoking gun may be hiding

reply to post by Flyzoid


I think that's been the aim of the governments - slow, steady -'as controlled as possible' decline. I think a lot of things have been manipulated to faciliate that. It's like trying to control a bucking bull though- he's probably not going to calm down completely before bucking his rider off hard.

Originally posted by Mufcutcakeyumyum

NO!, anywhere but the bank, literally under your mattress would be deemed safer, and I think this is why this is happening and will continue to happen, at least until you could see things improve.

The Greek bank run has been going on, quietly, since last year. The issue with Greece is, if they return to the drachma, their savings will be devalued in the process. Some say by as much as 50%.
The only thing to do, in those circumstances is to get your money out and convert as much as possible to physical assets while you still have the buying power.

And now there is reports of Greece central bank not doing business with some banks
Because they ran out of liquidity. This could be huge folks😳

reply to post by samkent

Since when is it the banks responsibility to protect someone elses investment?

That's the ONE THING they are SUPPOSED to do!!
People put their money in the bank to make sure it is SAFE. When those banks use YOUR money to make money for themselves, and then lose it all, is it okay with you? You gave them your money to safeguard. They spent it and gambled with it and lost it. Now they have none to give you.

"Awwww, shucks, joe, I'm sorry....I know you asked me to just hold it until you needed it, but I didn't. I went to Wall Street with it, and saw this grrrreeeaattt deal!! But, then, well, that idea failed, because the guy I was buying from, erm, wanted his money like RIGHT NOW...and, well, YOURS was the only money I had on hand. Then he split town. Sorry. Here, let me give you a firm handshake and a slap on the back. We cool?"

How is that okay???

As for buying on bank-card credit...that's another thing that should be stopped. If you want a house or car, save up your money. Or find an individual, a for-sale-by-owner, and then make a deal with THEM directly....If I ever buy another house it will be an owner-finance deal. Between me and the seller. Period.

reply to post by 00nunya00

OMFG, the ignorance in this reply. I really think you need to go back to Econ 101. Study up on how money is "created". Hint: it's got very little to do with printing presses.

And just who sets the rules? The government.

reply to post by wildtimes

That's the ONE THING they are SUPPOSED to do!!

You don't or shouldn't invest with your bank.
You do deposit your surplus funds with them and it is insured.

If you are refering to the latest JPM news it's the stock holders who takes the hit.

reply to post by samkent

If you are refering to the latest JPM news it's the stock holders who takes the hit.

JPM and I have a history....I have never ever played the stock market!!

And yet, guess what? My excellent credit was systematically and deliberately RUINED by Dimon and co using ILLEGAL tactics resulting from a divorce and a deadbeat ex's default on HIS DEBT.

They also "bought" my perfectly good, never-defaulted or late mortgage, without my consent....and now, if they go under (God, please!) I won't have to pay them anymore. As it is, I wait until the very last minute to send my payment, just in HOPES that they will be busted. Ironically, this month I sent it in early....but now they have it. And it will probably be lost, but I still live in my house.

You play the stock market, you gamble. It's stupid, and fake.

reply to post by samkent

You do deposit your surplus funds with them and it is insured.

Insured? By what? Ohhhhhhh, the government, the ones you say are to blame rather than the banks! That's right!

News flash, my naive friend....if there's NO MONEY in the vault, you don't have any money. Period.
You just don't get it, do you?

They are required only to have 10% (if that much) of their depositors' money ON HAND. So, when there's a bank run, and all of the depositors show up at 9am and want to close out their accounts completely...there is NOT ENOUGH MONEY. Why not? Because they are GAMBLING with it on Wall Street.

Insured my narrow ass....

So the Dow is back in the negative! The nothing to see here scenario couldn't be
Any more true at this moment. You won't here much from msm about this, not because of blackout but simply due to fear. They don't want to instill fear in the masses. This is real folks, it's not swift like an asteroid or exotic like
A super volcano. This is truly real and the reality is you won't hear many speak about it. I believe we will have until the end of the week to get our affairs in order because we ma be looking at another great depression!!

Originally posted by wildtimes
So, when there's a bank run, and all of the depositors show up at 9am and want to close out their accounts completely...there is NOT ENOUGH MONEY. Why not? Because they are GAMBLING with it on Wall Street.

Insured my narrow ass....

I'm in the UK and just about everyone around me parrots the government's savings protection. They have such blind faith in this, it's unreal. I say yes but what happens in a time of unprecedented global meltdown?
There will be queues at the banks.
The banks don't have the money. After a time they will impose a withdrawal limit or perhaps stop withdrawals alltogether.
And does the government have the money?
For everyone?
I don't think so!
And say you do get paid out, how long will you have to wait and what will your money be worth when you get it?

Originally posted by Ameilia
Folks, please read up on the United States Depression Era bank runs. Be prepared.

No worries, the dollar is no longer pegged to gold, so if bank supplies of cash run low we can just print more and more and more. We've never been more secure.

/sarcasm