Greece Gov. to limit withdrawals to 50.00 euros a day, run on Greek banks.

Does gold start to move up?
I heard this over Day Trader Radio breaking news.

Does Greece have any gold?

Didn't they just withdrawal $800 Million on Monday?

Now their going to limit the withdrawals to $50 Euros..

Bankers will get disappointed.

Originally posted by Biigs
Does Greece have any gold?

Quite a bit I think. But they have had to put most of it up as collateral on the bonds they cannot repay. Now that the assets are encumbered, I expect they will let Greece fall.

Doesn't matter if Greece has gold - gold and silver will rise because the Euro failing in Greece will have global implications.

People buy gold and silver as a security against a failing FIAT currency, if investors think that the Euro is tanking, that means so is the Dollar.

Yes, gold is gonna pop up a bit. Who knows how much. Silver too.



This is how civil wars start, by the way. When the government starts telling you that you are not allowed to get your money out of the bank, well people start to get pissed. It's not like they Greeks were happily sedated in the first place.

If you still have money in the banks, get it out now. This could easily be the first domino.

Is there a news piece attached to this?
Can't seem to find anything on it.

reply to post by Vardoger

Just heard it over the live Day trader radio news

Limiting the banks is probably the worst thing they can do. People will only try to protect their funds by pulling thm.

gee, 50.00€ ≠ 50.000€...never trust your eyes

reply to post by mikeprodigy


This is obviously a hoax isn't it. You can't even fill a tank of fuel in your car in Greece for less than 80 euros.

reply to post by AnonymousCitizen


Yes, I think you are right, this piece at least backs it up:

globalpublicsquare.blogs.cnn.com...

Interesting it says that if the gold reserve is held by the central bank, it is a private concern, so may not be put up as collateral on any debt.

The minute the alleged €50 withdrawal limit gets out, (officially), any "run" seen so far may well be trumped.

I seem to recall regulations being put into place a year or two in the US to allow the same thing here for limiting withdrawals.

.....and so it begins. It's taken long enough and ..well, it's over due to be realistic about it but here we go.

reply to post by Hessdalen


He said fity euros not fifty thousand didn't he?

Cant find any real news story for this, but twitter people seem to think ...

Steve Collins ‏ @TradeDesk_Steve
Hearing rumor that Greece could be limiting withdrawls from depositors at some banks to €50 - CNBC's Simon Hobbs



But even if there was no new limit imposed...

Most ATMs across Europe allow withdrawals of up to 300 euros per day.
A paper by London’s Capital Economics Limited calculated that if every working-age Greek withdrew the maximum amount, the Greek financial system would lose 2.3 billion euros per day. At that rate, every single deposit of Greek households would be gone within 61 days.
(In reality, the Greek banks would run out of euro notes long before that.)

cnbc

reply to post by michael1983l


OMG O_O well thats something - but cannot be true, liek one said, you cant get a full tank of gas for 50€...that number is just ridiculous

Originally posted by Manhater
Didn't they just withdrawal $800 Million on Monday?

Now their going to limit the withdrawals to $50 Euros..

Bankers will get disappointed.

It was apparently 890 million.

And on a related note, 4 banks in Greece are now bust...

One person familiar with the matter said four Greek banks' capital was so depleted they were operating with negative equity capital.

reuters

CRASH world economics and implement a cashless society.

It's coming. 100%

Stupid idea if true.
I need more than 50 € a day cash ONLY to do my job. Buy gas, buy material, pay logistics, pay supplier services, pay dispatch etc...
A 50 € withdrawal limit would kill small/medium everyday business in a week.

Originally posted by TinkerHaus
This is how civil wars start, by the way. When the government starts telling you that you are not allowed to get your money out of the bank, well people start to get pissed.

Plus this is very true I think. Stopping the money flow is like asking for riots.