169995 Posted June 7, 2011 Share Posted June 7, 2011 Communication from France's La Banque Postale to its clients, notifying that beginning August 1, 2011, the bank will lower the weekly ATM withdrawal limit by anywhere between 33% and 50%. In brief, according to the terms of the of the bank's statement, the top tier of credit card holders, the Visa Premier, will see their weekly withdrawal limit reduced from €3000 to €1,500, while the next two tiers, MasterCard and Bleue Visa, will see their weekly withdrawal allowance lowered from €1,500 to €1,000. Lastly, the lowest tier will see its cash withdrawal drop from €1,000 to €800. Naturally if confirmed, this would not be a good sign as pertains to the bank's current liquidity situation: traditionally cutting the withdrawal cap is an indication of a substantial cash on hand scarcity. So how vulnerable are European banks to what is happening in Greece . Perhaps they want to protect themselves as the good old CDS and Specialised financial instruments unwind. Quote Link to comment Share on other sites More sharing options...
General Congreve Posted June 7, 2011 Share Posted June 7, 2011 Me! I will buy houses with gold Well at least one maybe. Quote Link to comment Share on other sites More sharing options...
erranta Posted June 7, 2011 Share Posted June 7, 2011 Zu can see ze German 'master' plan und 'pincer' movement. Smash zem wif ze IMF big guns - zen move in to make a killing! Wall Street Journal Greece is for sale—cheap—and Germany is buying. German companies are hunting for bargains in Greece as the debt-stricken government moves to sell state-owned assets to stabilize the country's finances. Deutsche Telekom AG on Monday said it would purchase an additional 10% stake in Greece's Hellenic Telecommunications Organization SA for about €400 million, or roughly $590 million, increasing the German company's ownership to 40%. The purchase of OTE, as the Greek telecom is known, will be a steal compared with the nearly €4 billion the German company has paid since 2008 to amass its 30% stake. http://online.wsj.com/article/SB10001424052702304906004576369572348921238.html?mod=europe_technology Quote Link to comment Share on other sites More sharing options...
South Lorne Posted June 7, 2011 Share Posted June 7, 2011 Communication from France's La Banque Postale to its clients, notifying that beginning August 1, 2011, the bank will lower the weekly ATM withdrawal limit by anywhere between 33% and 50%. In brief, according to the terms of the of the bank's statement, the top tier of credit card holders, the Visa Premier, will see their weekly withdrawal limit reduced from €3000 to €1,500, while the next two tiers, MasterCard and Bleue Visa, will see their weekly withdrawal allowance lowered from €1,500 to €1,000. Lastly, the lowest tier will see its cash withdrawal drop from €1,000 to €800. Naturally if confirmed, this would not be a good sign as pertains to the bank's current liquidity situation: traditionally cutting the withdrawal cap is an indication of a substantial cash on hand scarcity. So how vulnerable are European banks to what is happening in Greece . Perhaps they want to protect themselves as the good old CDS and Specialised financial instruments unwind. ...the answer is ...the French should not wait.... withdraw now.... Quote Link to comment Share on other sites More sharing options...
Ulfar Posted June 7, 2011 Share Posted June 7, 2011 (edited) So what is the date for Greece defaulting and leaving the Euro ? Edited June 7, 2011 by Ulfar Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted June 7, 2011 Share Posted June 7, 2011 (edited) So what is the date for Greece defaulting and leaving the Euro? 6:14PM on the 23rd. Edited June 7, 2011 by RufflesTheGuineaPig Quote Link to comment Share on other sites More sharing options...
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