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Greeks Yank Billions Out Of Country's Banks As Crisis Worsens

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posted on May, 30 2011 @ 06:52 PM
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Well it doesn't look like the financial situation in Greece is getting any better. Hopefully this is not the start of a European game of dominoes....where there will be no winners in the end...

From the article:


May 30, 2011, 10:16 AM
Courtesy of Google translate

Please consider They lifted 1.5 billion Thursday and Friday from bank

Only a few steps separating from Friday to yesterday's mass panic! From early morning to counter the banks there is serious pressure for withdrawals of deposits, especially small amounts. The pressure on banks began last Wednesday, culminating in yesterday's day.


and more here:


The majority of depositors rushed to withdraw for pensioners and small savers and amounts ranging from 2-3000 lifted until 10 -15 000 euros. Motivation in most cases it was the fear that led the country into bankruptcy, deposits frozen even temporarily left without cash, or even lose their savings.


It is significant that Thursday and Friday, banking sources estimate that rose around 1.5 billion euros in total! According to the same month in May estimated the outflow estimated at least 4 billion from 2 billion in April.



translated source




original Greek article source


edit on 5/30/2011 by manta78 because: (no reason given)




posted on May, 30 2011 @ 07:10 PM
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There may not be any winners but 'can the public lose any more than they already have' it's about time the people started taking control of their own money and lives.

Don't know if this is the way to do it - doubtful but what the hell do people do?

Yes this will spread.



posted on May, 30 2011 @ 07:14 PM
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Reminds me of the start of the great depression. Consider the major causes of the depression: # Debt liquidation and distress selling

# A fall in the level of asset prices
# A still greater fall in the net worths of business, precipitating bankruptcies
# A fall in profits
# A reduction in output, in trade and in employment.
# Pessimism and loss of confidence
# Hoarding of money
# A fall in nominal interest rates and a rise in deflation adjusted interest rates

Many of these are present throughout the world today. So, is another depression on the way?



posted on May, 30 2011 @ 07:21 PM
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reply to post by Seekeye2
 


I know. It's a Catch 22 situation.



posted on May, 30 2011 @ 07:23 PM
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Originally posted by sonofliberty1776
So, is another depression on the way?


I think is the end of the one that started in the 20s.

As people wake to the false financial institution they will take back control.

Think about.

Where is the power in a world where the dollar is worthless?

The wealthy suddenly become powerless.

All of their mercenaries and whores make no money and leave.

Their tech is worthless when there is no consumer.

It will be freedom in the truest sense.

Just be prepared to survive the zombie nation that arises when the infrastructure collapses.



posted on May, 30 2011 @ 10:24 PM
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Originally posted by sonofliberty1776
Reminds me of the start of the great depression. Consider the major causes of the depression: # Debt liquidation and distress selling

# A fall in the level of asset prices
# A still greater fall in the net worths of business, precipitating bankruptcies
# A fall in profits
# A reduction in output, in trade and in employment.
# Pessimism and loss of confidence
# Hoarding of money
# A fall in nominal interest rates and a rise in deflation adjusted interest rates

Many of these are present throughout the world today. So, is another depression on the way?


Interesting that you ask that question which was discussed in an article last year:


Apr. 28, 2010, 4:37 PM
Why Should You Be Freaked Out About Greece? Remember, The Great Depression Had Two Parts


The most terrifying words I've seen written so far about the growing crisis in Greece were penned by Yves Smith yesterday: "So the whole idea that the financial crisis was over is being called into doubt. Recall that the Great Depression nadir was the sovereign debt default phase. And the EU's erratic responses (obvious hesitancy followed by finesses rather than decisive responses) is going to prove even more detrimental as the Club Med crisis grinds on."

The Great Depression was composed of two separate panics. As you can see from contemporary accounts--and I highly recommend that anyone who is interested in the Great Depression read the archives of that blog along with Benjamin Roth's diary of the Great Depression--in 1930 people thought they'd seen the worst of things.

Unfortunately, the economic conditions created by the first panic were now eating away at the foundations of financial institutions and governments, notably the failure of Creditanstalt in Austria. The Austrian government, mired in its own problems, couldn't forestall bankruptcy; though the bank was ultimately bought by a Norwegian bank, the contagion had already spread. To Germany. Which was one of the reasons that the Nazis came to power. It's also, ultimately, one of the reasons that we had our second banking crisis, which pushed America to the bottom of the Great Depression, and brought FDR to power here.




Read more here: businessinsider.com...







edit on 5/30/2011 by manta78 because: (no reason given)



posted on May, 31 2011 @ 07:09 AM
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Have no fear the Germans will bail out Greece, for no other reason than to save there own banks. We cant have bankers losing money now can we?



posted on May, 31 2011 @ 10:02 AM
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A bank one? id this is the case Geece could be within 14 days a major crash.

Have they stopped selling gold and silver in Greece yet? Then you know its game over



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