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On the eve of the second European Summit that will discuss significant haircuts on Greek debt, the citizens of the debt later country are lining up to grab their money.
Greek banks hold a significant amount of Greek debt and they have already experienced a slow bank run. The evidence seen now is not only in the numbers, but also in queues.
Originally posted by surrealist
reply to post by FFS4000
Only in the last week it was revealed that 200 billion stash rich Greeks in Switzerland.
This from one of the links I cite above.
U.S. Treasury Secretary Timothy Geithner told an IMF policy committee that “The threat of cascading default, bank runs and catastrophic risk must be taken off the table,” “Decisions as to how to conclusively address the region's problems cannot wait until the crisis gets even more severe.”
posted back in August
Less than an hour ago, Larry Kudlow tweeted the following: "Sources tell me Italy has to restructure bonds. Deposit run on Italian banks.. EU will have to mount Tarp rescue...