Greek Bank hoilday IS ON!

[Mega]

Latest news
Banks shut Monday for atlest 1 week
Stock market shut on Monday
Shops emputy-ing FAST......

Mike

[Master Shake]

Re: Greek Bank hoilday IS ON!

Latest news
Banks shut Monday for atlest 1 week
Stock market shut on Monday
Shops emputy-ing FAST......

Mike

Can you post a source for the "at least one week" part?

[dcarrigg]

Re: Greek Bank hoilday IS ON!

Can you post a source for the "at least one week" part?

Guardian says they're closed for a week until after the snap referendum...

[Thailandnotes]

Re: Greek Bank hoilday IS ON!

Worth a read...


http://www.nytimes.com/2015/06/29/bu...=top-news&_r=0

[shiny!]

Re: Greek Bank hoilday IS ON!

Worth a read...


http://www.nytimes.com/2015/06/29/bu...=top-news&_r=0

Panicky depositors spent the weekend pulling an estimated one billion euros from the banking system, stashing the cash in their houses or exchanging them for bulging bags of gold coins.

There's that barbarous relic again. Will people never learn?

Edit: PS: I hope Greece pulls an Iceland on the damned banksters.

[makimanos]

Re: Greek Bank hoilday IS ON!

Syriza is a light communist party, only 30% are genuine the others are ex-pasok. There are probably secret agendas. In any case the euro is a slow death for Greeks and the southern Europeans. Better an Iceland though you can't trust the populist syriza.

[Adeptus]

Re: Greek Bank hoilday IS ON!

Seems like Greece does matter a bit...

* France/Germany stocks down 4%
* Puerto Rico says it can't pay its debts (unrelated??)
* Japan down almost 4%
* England down 2%
* Shanghai down 3.3%

I think the closing the banks announcement in Greece seals the deal. If they re-open the banks, there will be a massive bank run, even bigger than before - all trust is gone now. If they leave them closed, well Greek citizens are up a creek and financial collapse in the cards.
Is this the Lehman event we've been waiting for? Can the Troika "contain" the contagion.... fill y'er popcorn machines, it's getting interesting.

[gnk]

Re: Greek Bank hoilday IS ON!

http://www.bloombergview.com/article...cracy-ibg6vcmz

[Techdread]

Re: Greek Bank hoilday IS ON!

Seems like Greece does matter a bit...

* France/Germany stocks down 4%
* Puerto Rico says it can't pay its debts (unrelated??)
* Japan down almost 4%
* England down 2%
* Shanghai down 3.3%

I think the closing the banks announcement in Greece seals the deal. If they re-open the banks, there will be a massive bank run, even bigger than before - all trust is gone now. If they leave them closed, well Greek citizens are up a creek and financial collapse in the cards.
Is this the Lehman event we've been waiting for? Can the Troika "contain" the contagion.... fill y'er popcorn machines, it's getting interesting.

Would be bad form Banks have had four+ years to prepare for this.
And I would guess Lehman's would be solvent now if they had been given a bit of breathing space, Their british part was.

[GRG55]

Re: Greek Bank hoilday IS ON!

http://www.bloombergview.com/article...cracy-ibg6vcmz

From the moment it was announced this referendum seemed an abdication of responsibility by the ruling politicians promoting it...

[Milton Kuo]

Re: Greek Bank hoilday IS ON!

Would be bad form Banks have had four+ years to prepare for this.
And I would guess Lehman's would be solvent now if they had been given a bit of breathing space, Their british part was.

Considering the Federal Reserve was buying used toilet paper for trillions of dollars, you're probably correct. Even the geniuses on Wall Street don't have the kind of talent to go bust in a such a hypothetical scenario.

[gnk]

Re: Greek Bank hoilday IS ON!

From the moment it was announced this referendum seemed an abdication of responsibility by the ruling politicians promoting it...

I agree. And there's a reason it's written the way it is, avoiding the term "drachma." But in reality, it has become, here in Greece, and in Europe, for most people, interpreted as a pro drachma or pro Euro referendum. Thus, the ruling party has an excuse. They are not pegged down to one clear interpretation.

Yet many people still believe that this referendum is about backing up the government to help it get a better deal. So in the "No" camp, some want out of the EU, some just want a better deal in the EU.

[touchring]

Re: Greek Bank hoilday IS ON!

Yet many people still believe that this referendum is about backing up the government to help it get a better deal. So in the "No" camp, some want out of the EU, some just want a better deal in the EU.

I think the referendum is a very good idea, of course there will be people with vested interest in Greece remaining in the EU that opposes it, e.g. pensioners, wealthy people and businesses that sell to domestic market.

[gnk]

Re: Greek Bank hoilday IS ON!

Have you seen the referendum? The bottom line is "do you agree with this Memorandum?"

That to me, is dishonest. Who in their right mind likes any type of Memorandum? Nothing about drachma, or leaving the Euro....

The idea of a referendum I support, to a degree. The way it is being handled, though, is disingenious.

[makimanos]

Re: Greek Bank hoilday IS ON!

Tsipras said that after the Sunday's vote, either no or yes,the banks will open in a matter of 48 hours. So either he is saying a big lie or the Chinese are coming. Geopolitical risks are far more important than financials.