Let the financial war commence in earnest -
Political leaders in Athens were due to discuss an emergency government Wednesday to deal with a possible run on banks as it emerged Greeks withdrew almost $900 million in a single day, fearing their country could crash out of the euro currency by the end of the week.and more...
An interim government would take the country through to new elections on June 17, triggered by the collapse on Tuesday of talks to form a coalition between winners of the inconclusive May 6 election.
Greeks are withdrawing euros from banks, apparently afraid of the prospect of rapid devaluation if the country leaves the European single currency and returns to the drachma.
Flash off the rumor mill, unconfirmed -- it appears the Greek banks were just cut off by the ECB.The Real Effect
If this is true then this is the latest "Gun up the nose" game by the Germans and ECB, and is almost-certain, in this political climate, to blow up their face (and quite possibly with shooting involved on the part of the Greeks too.)
This instantly hit the Euro and US stock market, which had been having a reasonably decent day.
If true and confirmed then Greece has been effectively orphaned. This appears to be a facial attempt to stick a tourniquet on Greece's neck, as with elections due next month cutting off Greek banks now will basically guarantee they all detonate.
Expect the incipient bank runs to resume en-masse within hours if not minutes.
Of course, the banksters are lying about exactly what's happening.
A senior executive at a large Greek bank told Reuters: "There is no bank run, no queues or panic. The situation is better than I expected. The amount of deposit withdrawals the president mentioned referred to three days, not one."I'm not exactly sure what qualifies the term 'bank run' but you're a fool if you think that the Greeks haven't been pulling money out of the banks like crazy. This is simply more 'calming' rhetoric designed to prevent premature detonation by pacifying the muppets.
Once again, all of this is nothing new for readers of the The Real Effect -
Nov. 2011 -
If Greece votes down the bailout, look for all sorts of screaming by the Euro banksters as they are burned alive on the fires they started. Specifically Italy, Portugal and Spain will blow out as the speculators decimate the banks. (As well they should) More importantly, watch the Eurocrats try some end-run around the will of the people. (You see, Democracy only matters when you're voting FOR the Globalist Hydra, not against. In such cases, the will of the people is far too, unenlightened.)Jan 2011 -
Look for Europe to burn for a while (3-6 mos?) as the US gets a short lived reprieve. Except this time I believe we're going to start to see casualties.
Western Europe contracts massively, putting extraordinary pressure on the Euro. But the call out of Belgium isn't about revoking the Euro, rather about the preservation of the European Union and the need to 'pull together'. I would expect that we could begin to see propaganda calling for a United Europe in the face of "x" (economic crisis, terror, war). Ultimately in the endgame, foreign creditors feel the massive pinch as they try to protect their investments, but the lack of a favorable response by the people will lead to war with the far east, but not yet.April 2010 -
Overall, the problem is, the Greeks don't want "help". But bankers don't exactly take no for an answer, especially when they can take control of your country doing it. Think Iceland....and more....For the entirety of the Greek saga, go here.
I believe that this is similar to what happened in Jun - Sept of 2008, there will be tons of rumblings, some casualties, but the real plunge will happen later. The elite seem to want to patch things together to hold it up for just a bit longer.
Update: Yeah, no bank runs here....