Friday, June 19, 2015

Panic on the streets of Athens

Hit and Run: "Heading Into Weekend With No Deal, Greeks Rush to Withdraw Cash - This is what a bank run looks like."

9 comments:

Anonymous said...

Panic on the streets of Athens

Panic in the streets of Berlin, also, as the European Central Bank just issued its second billion-dollar loan in a week to Greece's banks.

Merkel and Co. have assumed all along that Greece's new government would have to blink. They're still waiting. A Greek default hurts the EU more than it will Greece.

That's because a Greek default would represent the first interruption in recouping the Greek banks' reckless exposure (and more importantly, their creditors'). A default would also push three to six EU member states closer to following Greece out the door.

Until now, the bad faith loans to Greek banks have been covered by further bad faith loans by the same financiers screaming about the earlier loans. (See: The European Central Bank, twice this week.)

The primary cause of Greece's insolvency is the same reason the EU is reluctant to pull the trigger on its threats.

Eric said...

Yes, and maybe I'm misunderstanding all the dynamics of this EU dance, but I think the Grexit is coming because I don't see how this can continue. How much longer can Germany "extend and pretend?"

I heard a Greek economist on NPR say that it would take a miracle to escape the current state of Greece's affairs.

Drachma Queens said...

Ironclad Rule #21: Whenever some predicted or expected future event is used to promote fearful images of dire consequences, then either the event will not happen, or the consequences will be a fizzle. (See: Y2k, bird flu, Ebola, this year's "long hot summer", the imminent market crash, etc.) The amazing thing is that as soon as people realize the thing they were panicked about was a dud, they move on and eagerly gobble up the next dire prediction. Nothing clicks.

It's always the unpredicted stuff you should worry about - but can't, of course.

Eric said...

Don't forget about global warming and pushing Grandma over a cliff.

Acropolis Now said...

If the European Central Bank knew or believed Greece was "grexiting" this Monday, why would it be handing out "one for the road" billions that are flowing right through Greek banks and out of the ATMs in real time? If Greece leaves the EU or is expelled, those Euros are never to be seen or recouped again.

Tune out the posturing, follow the money, and you won't go too far wrong.

Global Smarming said...

Don't forget about global warming...

Yes, that's the prototype perfect example. The endless failures of their models' predictions combined with their unclean habit of blaming every weather event on global warming has earned it the description: "Global Warming - The science that predicts nothing, but explains everything."

Roger Bournival said...

No worries - just print more Euros!

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