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RufflesTheGuineaPig

Why There Is No Bank Run Crashing Banks In Greece?

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Few facts:

1) If Greece drops out of the Euro, deposits in greek banks will get converted into New Drachmas

2) Anyone in greece with actual euro currency or Euros in a forgeign account will keep the Euros

3) As soon as the New Drachma floats, it will devalue against the Euro significantky, probably 50%

4) If you have money if a Greek bank, you would want to withdraw it well before the change over and keep it as Euros cash or put it into a foregin bank.

5) There are not currently any bank major withdrawal restrictions in Greece.

6) After the previous bank panic, the Euro rules were changed so governments could electronically "print" euros to stabilise their banks.

Given these above facts, you would expect people in Greece to be withdrawing their funds by the billions, leaving the banks bankrupt... but there are no bank collapses, and no restrictions are being put in place.

There is no way the Greeks aren't withdrawing their money... they aren't stupid.

I can only see one way what's happened counld happen... Greece is secretly "printing" Euros to "stabilise" it's banks.

Alternatives? :ph34r:

Edited by RufflesTheGuineaPig

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Greeks with money have never used Greek banks and have always held real assets because their paper currency hasd always been worthless

Few facts:

1) If Greece drops out of the Euro, deposits in greek banks will get converted into New Drachmas

2) Anyone in greece with actual euro currency or Euros in a forgeign account will keep the Euros

3) As soon as the New Drachma floats, it will devalue against the Euro significantky, probably 50%

4) If you have money if a Greek bank, you would want to withdraw it well before the change over and keep it as Euros cash or put it into a foregin bank.

5) There are not currently any bank major withdrawal restrictions in Greece.

6) After the previous bank panic, the Euro rules were changed so governments could electronically "print" euros to stabilise their banks.

Given these above facts, you would expect people in Greece to be withdrawing their funds by the billions, leaving the banks bankrupt... but there are no bank collapses, and no restrictions are being put in place.

There is no way the Greeks aren't withdrawing their money... they aren't stupid.

I can only see one way what's happened counld happen... Greece is secretly "printing" Euros to "stabilise" it's banks.

Alternatives? :ph34r:

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Few facts:

1) If Greece drops out of the Euro, deposits in greek banks will get converted into New Drachmas

2) Anyone in greece with actual euro currency or Euros in a forgeign account will keep the Euros

3) As soon as the New Drachma floats, it will devalue against the Euro significantky, probably 50%

4) If you have money if a Greek bank, you would want to withdraw it well before the change over and keep it as Euros cash or put it into a foregin bank.

5) There are not currently any bank major withdrawal restrictions in Greece.

6) After the previous bank panic, the Euro rules were changed so governments could electronically "print" euros to stabilise their banks.

Given these above facts, you would expect people in Greece to be withdrawing their funds by the billions, leaving the banks bankrupt... but there are no bank collapses, and no restrictions are being put in place.

There is no way the Greeks aren't withdrawing their money... they aren't stupid.

I can only see one way what's happened counld happen... Greece is secretly "printing" Euros to "stabilise" it's banks.

Alternatives? :ph34r:

I have seen evidence, since last year, of very large capital flows away from Greece. And it makes sense, who on earth would put money in a Greek bank.

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Few facts:

1) If Greece drops out of the Euro, deposits in greek banks will get converted into New Drachmas

2) Anyone in greece with actual euro currency or Euros in a forgeign account will keep the Euros

3) As soon as the New Drachma floats, it will devalue against the Euro significantky, probably 50%

4) If you have money if a Greek bank, you would want to withdraw it well before the change over and keep it as Euros cash or put it into a foregin bank.

5) There are not currently any bank major withdrawal restrictions in Greece.

6) After the previous bank panic, the Euro rules were changed so governments could electronically "print" euros to stabilise their banks.

Given these above facts, you would expect people in Greece to be withdrawing their funds by the billions, leaving the banks bankrupt... but there are no bank collapses, and no restrictions are being put in place.

There is no way the Greeks aren't withdrawing their money... they aren't stupid.

I can only see one way what's happened counld happen... Greece is secretly "printing" Euros to "stabilise" it's banks.

Alternatives? :ph34r:

Well that's what they were reported to be doing in Ireland.

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I imagine if you withdrew euros from a greek bank you would now get euros with a greek serial number.

You may remember prior to the first greek bail-out there were people and firms in Germany allegedly refusing to accept euros with the greek serial numbers.

If you get euros with any other eurozone serial numbers you probably would be OK, save for Greece, Eire, Portugal, etc.

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I imagine if you withdrew euros from a greek bank you would now get euros with a greek serial number.

You may remember prior to the first greek bail-out there were people and firms in Germany allegedly refusing to accept euros with the greek serial numbers.

If you get euros with any other eurozone serial numbers you probably would be OK, save for Greece, Eire, Portugal, etc.

The thing about serial numbers was a know internet hoax. I would expect TMT to know better! It's also pointless as most money is electronic and money gets swapped around so much.

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Well that's what they were reported to be doing in Ireland.

Yes. Now what if Greece was printing whatever was needed.

A new €1,000bn euros say, to save their banks.

Now imagine what happens after they dump the euro.

Now imagine how the germans and french public react.

Now make you way to the cellar with tins of beans.

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I read somewhere that there's a low risk of a major run on Italian banks simply because nobody trusts them enough to place their money there in the first place. I doubt if the Greek banks are much different.

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The thing about serial numbers was a know internet hoax. I would expect TMT to know better! It's also pointless as most money is electronic and money gets swapped around so much.

Then again, I am right and you are wrong. The information is freely available online. Trust in the TMT.

You also have changed your tune, in that you were asking about people withdrawing euros from the bank - there is not much point withdrawing electronically from one bank and putting it where - in another bank? Were you not talking about people withdrawing physical euros? If not, your initial question is just absurd.

http://en.wikipedia.org/wiki/Euro_banknotes#Serial_number

Unlike euro coins, euro notes do not have a national side indicating which country issued them (which is not necessarily where they were printed). This information is instead encoded within the first character of each note's serial number.

The first character of the serial number is a letter which uniquely identifies the country that issues the note. The remaining 11 characters are numbers which, when calculated their digital root, give a checksum also particular to that country. Because of the arithmetic of the check-sum, consecutively-issued banknotes are not numbered sequentially, but rather, "consecutive" banknotes are 9 digits apart.

The W, K and J codes have been reserved for the EU member states currently not participating in the euro, while the R prefix is reserved for a state within the Eurozone that, at present, do not issue euro banknotes.

Country codes are alphabetised according to the countries' names in the official language of each country, but reversed:

National identification codes

Code Country Checksum(1)

in English in official language(s)

Z Belgium België/Belgique/Belgien 9

Y Greece Ελλάδα [Ellada] 1

X Germany Deutschland 2

(W)(2) (Denmark) Danmark (3)

V Spain España 4

U France France 5

T Ireland Éire/Ireland 6

S Italy Italia 7

® (Luxembourg) Luxembourg/Luxemburg/Lëtzebuerg (8)

(Q) Not used

P Netherlands Nederland 1

(O) Not used

N Austria Österreich 3

M Portugal Portugal 4

L Finland Suomi/Finland 5

(K)(2) (Sweden) Sverige (6)

(J)(2) (United Kingdom) United Kingdom (7)

(I) Not used

H Slovenia Slovenija 9

G Cyprus Κύπρος [Kypros]/Kıbrıs 1

F Malta Malta 2

E Slovakia Slovensko 3

D Estonia Eesti 4

C

B

A

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Yes. Now what if Greece was printing whatever was needed.

A new €1,000bn euros say, to save their banks.

Now imagine what happens after they dump the euro.

Now imagine how the germans and french public react.

Now make you way to the cellar with tins of beans.

Exactly. Although proper war inside the eu is currently extremely unlikely but economic war isn't

That was the mode against the Soviet Union in the 80s and that led to its collapse and It seems currently to be the mode inside the eu now against its weaker members. That seems to be what we're going through at the moment and amazingly its an economic war being waged by some against the eu's own members.

Ireland and Greece seem to have come to heel already seemingly through their own politicians.

Edited by billybong

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The Greeks with proper money all took it out of their banks ages ago to buy houses in London.

+1 its been in the Metro, all London house prices being inflated by foreign buyers

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Few facts:

1) If Greece drops out of the Euro, deposits in greek banks will get converted into New Drachmas

2) Anyone in greece with actual euro currency or Euros in a forgeign account will keep the Euros

3) As soon as the New Drachma floats, it will devalue against the Euro significantky, probably 50%

4) If you have money if a Greek bank, you would want to withdraw it well before the change over and keep it as Euros cash or put it into a foregin bank.

5) There are not currently any bank major withdrawal restrictions in Greece.

6) After the previous bank panic, the Euro rules were changed so governments could electronically "print" euros to stabilise their banks.

Given these above facts, you would expect people in Greece to be withdrawing their funds by the billions, leaving the banks bankrupt... but there are no bank collapses, and no restrictions are being put in place.

There is no way the Greeks aren't withdrawing their money... they aren't stupid.

I can only see one way what's happened counld happen... Greece is secretly "printing" Euros to "stabilise" it's banks.

Alternatives? :ph34r:

Ruffles I think that's very astute of you and I'm sure you're right. By the way the Ireland thing wasn't just a rumour, they were printing money.

It surprises me that no more attention is being paid to the fact that Greek negotiations on a cross-party-supported programme of cuts have broken down. The IMF are now saying they may well withhold the next tranche of money. Surely this is now game over for the PIGS and the Euro.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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