Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable

So, a "Bank Holiday" is happening in Greece. They can pull out 60 Euros a day if they can find a working ATM.

I recommend everyone watch this story closely and prepare.

news.sky.com...

www.wsj.com...

theeconomiccollapseblog.com...

ATMs are still open, but it is being reported that daily withdrawals will be limited to 60 euros. Of course nobody knows for sure if or when the banks will reopen after this “bank holiday” is over, so needless to say average Greek citizens are pretty freaked out right about now. In addition, the stock market in Greece is not going to open on Monday either. This is what a national financial meltdown looks like, and the nightmare that has been unleashed in Greece will soon start spreading to much of the rest of Europe.


This reminds me so much of what happened in Cyprus. Up until the very last minute, politicians were promising everyone that their money was perfectly safe, and then the hammer was brought down.

The exact same pattern is playing out in Greece. For example, just check out what one very prominent Greek politician said on television on Saturday…

“Citizens should not be scared, there is no blackmail,” Panos Kammenos, head of the government’s coalition ally, told local television. “The banks won’t shut, the ATMs will (have cash). All this is exaggeration,” he said.

One day later, the banks did get shut down and ATMs all over the country started running out of cash. The following comes from CNBC…

Despite a tweet from Greek Finance Minister Yanis Varoufakis that his government “opposed the very concept” of any controls, Greek Prime Minister Alexis Tsipras said later Sunday that he had forced the country’s central bank to recommend a bank holiday and capital controls.

The Athens stock exchange will also be closed as the government tries to manage the financial fallout of the disagreement with the European Union and the International Monetary Fund. Greece’s banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday.

So what is the moral of this story?

Never trust politicians – especially when a major financial crisis is looming.

I don't get out often so, here it goes:

a reply to: infolurker

This will weaken the Euro.

Watch the American dollar become stronger..... at least for a few days.......

a reply to: infolurker

Greece should tell the lot of them to piss off and then print their own money. Soon their problems would be over.

Mean while the rest of us are stuck with long term austerity, paying the Rothschilds for THEIR supposed mistakes which were not mistakes at all, but the great banking rip off.

It all stinks. Disgusting corrupted mess. # it. Hope the whole thing goes down the toilet.

originally posted by: Revolution9
a
Greece should tell the lot of them to piss off and then print their own money. Soon their problems would be over.

Greece imports over $50 billion in materials and products each year, how do they pay for that with a worthless, self-backed currency?

Of ourse the politicians will tell people everything is OK. That's to give their rich buddies a chance to move assets around. Just before our economy upended Bush and McCain were on TV telling everyone 'The economy is fundamentally sound'. And then just a few short months later we were screwed.

originally posted by: AugustusMasonicus

originally posted by: Revolution9
a
Greece should tell the lot of them to piss off and then print their own money. Soon their problems would be over.

Greece imports over $50 billion in materials and products each year, how do they pay for that with a worthless, self-backed currency?

They do without. If it's not food it doesn't matter.

People can do without a few luxuries when the end result is freedom from debt-slavery.

Imports that are not humanitarian is a sorry reason for playing by the bankers rules.

originally posted by: Isurrender73
They do without. If it's not food it doesn't matter.

People can do without a few luxuries when the end result is freedom from debt-slavery.

Imports that are not humanitarian is a sorry reason for playing by the bankers rules.

They import almost twice what they export with the leading items being:

crude petroleum oils, etc 37.47%
electrical, electronic equipment 6.48%
pharmaceutical products 5.92%
machinery, etc 4.2%
ships, boats, etc 4.13%
plastics and articles thereof 2.72%
cars, car parts, motorcycles, etc 2.72%

They just going to 'do without' those imports?

originally posted by: AugustusMasonicus

originally posted by: Isurrender73
They do without. If it's not food it doesn't matter.

People can do without a few luxuries when the end result is freedom from debt-slavery.

Imports that are not humanitarian is a sorry reason for playing by the bankers rules.

They import almost twice what they export with the leading items being:

crude petroleum oils, etc 37.47%
electrical, electronic equipment 6.48%
pharmaceutical products 5.92%
machinery, etc 4.2%
ships, boats, etc 4.13%
plastics and articles thereof 2.72%
cars, car parts, motorcycles, etc 2.72%

They just going to 'do without' those imports?

Sounds like they should be able to do without. 100 years ago most of this stuff was non existent. If we could manage less than 100 years ago we should be able to do it again.

Apparently you would prefer to be a debt-slave with stuff then a freeman working to produce the stuff that you no longer import.

I prefer my freedom.

originally posted by: Isurrender73
Sounds like they should be able to do without. 100 years ago most of this stuff was non existent. If we could manage less than 100 years ago we should be able to do it again.

Really? What are they going to put in their cars, tzatziki sauce?

originally posted by: AugustusMasonicus

originally posted by: Isurrender73
Sounds like they should be able to do without. 100 years ago most of this stuff was non existent. If we could manage less than 100 years ago we should be able to do it again.

Really? What are they going to put in their cars, tzatziki sauce?

Who cares? Ever heard of a bicycle? Maybe they can use Elon Musks open source technologies to transform to solar power and electric cars.

They do not need to bend over and take it up the a$$ because of the corrupt banking industry.

originally posted by: AugustusMasonicus

originally posted by: Isurrender73
Sounds like they should be able to do without. 100 years ago most of this stuff was non existent. If we could manage less than 100 years ago we should be able to do it again.

Really? What are they going to put in their cars, tzatziki sauce?

Olive Oil of course.....

originally posted by: Isurrender73
Who cares? Ever heard of a bicycle?

Yeah, cause you can transport bulk commodities via a bicycle.

originally posted by: AugustusMasonicus

originally posted by: Isurrender73
Who cares? Ever heard of a bicycle?

Yeah, cause you can transport bulk commodities via a bicycle.

Awe...come on....it is SUPER EFFICIENT!

a reply to: AugustusMasonicus

Are you by chance a banker?

Your love affair with material goods is precisely why the world is over 200 trillion dollars in debt to banks that don't have 200 trillion dollars.

originally posted by: Isurrender73
Are you by chance a banker?

Yeah, my first name is Goldman and my last name is Sachs.

Your love affair with material goods is precisely why the world is over 200 trillion dollars in debt to banks that don't have 200 trillion dollars.

Appreciating modern transportation methods is not exactly a 'love affair with material goods'. But hey, if you want to instantly time warp back to the Dark Ages then you should unplug your house from the electrical infrastructure and stop banging away on your key board, which, last time I checked, ran off of that same infrastructure.

Initial reaction is Cyprus all over again. With Cyprus being small is made for a good test case in case things did get too far out of hand. Cyprus is still on the map so all good. I would like to think that those who did pay will be remembered and reimbursed as things improve.

I will expect some changes to the plan, but the basic 'shave of the savers' will take some of the cost. The loan provider will also have to match this burden as we are in a lose lose situation for everyone. A clear and realistic end to this growing debt burden is the primary objective. Greece is just the fist domino as there are many other nations following in its problems.

If it was up to me, I would get the loan restructured at a 0% interest rate. This way it can be assured that the loan can be finalized and not grow out of proportion into austerity, slavery and all the bad and messy results from restricted trade.

a reply to: AugustusMasonicus

Greece imports over $50 billion in materials and products each year, how do they pay for that with a worthless, self-backed currency?

...
...
... uh, the same way we do ?

originally posted by: AugustusMasonicus

originally posted by: Isurrender73
Who cares? Ever heard of a bicycle?

Yeah, cause you can transport bulk commodities via a bicycle.

Either way it goes, transporting these bulk commodities from other countries makes them dependent rather than independent and self reliant. That is what this Globalist Utopia is all about. Make everyone dependent on the Distant Wealthy Elite running the show that do not live among the people.

The Bankers and Politicians are the middle men that reap the lions share of the profits from this arrangement while making everyone else slaves to them.

Local Economies provide accountability, independence and self reliance when you have to actually meet and see the people you serve or work with.

Some CEO of a multinational corporation running things from his perch in his tower could care less about the peons below him. Richard Fuld comes to mind. He built a personal elevator to his office at the top of his building so that he would not even have to come in contact with the peons working for him.

a reply to: Isurrender73

Uuurggh.... I hate the use of the term "freeman", it's nearly always associated with charlatans and dopy internet warriors who think they've stumbled on something...

Anyhoo - it's not like Greece (who is about to go bankrupt) can just say "oh, lets open up a refinery and a pharmaceuticals lab, oh and we could really do with a car factory, lets build a few of those too"...

Where are they going to get the money, the resources and the skilled employees required in order to do so?

Answer : They can't. If they're not doing it now, there is a reason for it, so there is no reason to suggest they can suddenly become "self reliant freemen"..

What will really happen is there will be massive inflation, the introduction of the drachma will be painful, many goods will simply be unaffordable and their tourism industry will collapse overnight.