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Nationalist

Greek Banks Could Close Their Doors And Then It's Game Over

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Robert Peston spells it out here: http://www.bbc.co.uk/news/business-31090415

There's a run on Greek banks, people are taking their euros out. But the banks have plenty of cash because train loads are arriving from Germany everyday, in return the Greek banks are pledging Greek gilts which have junk status. There's a special exemption allowing the Greeks to exchange their junk for euros, but if the ECB calls "default" the exemption ends and the banks close their doors and it's game over.

The new government has zero wiggle room. They certainly don't have the time it would take to re-introduce the drachma.

"I care not who controls the government provided I control the money, etc," Rothschild.

Edited by Nationalist

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Robert Peston spells it out here: http://www.bbc.co.uk/news/business-31090415

There's a run on Greek banks, people are taking their euros out. But the banks have plenty of cash because train loads are arriving from Germany everyday, in return the Greek banks are pledging Greek gilts which have junk status. There's a special exemption allowing the Greeks to exchange their junk for euros, but if the ECB calls "default" the exemption ends and the banks close their doors and it's game over.

The new government has zero wiggle room. They certainly don't have the time it would take to re-introduce the drachma.

"I care not who controls the government provided I control the money, etc," Rothschild.

Any sane man would have removed their money a long time ago.

I'd imagine it was the sheeple who were drawn down their accounts now.

If the queues begin, we have a 2nd credit crunch.

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I guess the people with money left are those without much financial knowledge or ability...pensioners, small depositors. The chance of a Euro Drachma exchange look increasing likely and an overnight hit to your deposit of may be 50%.

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Any sane man would have removed their money a long time ago.

I'd imagine it was the sheeple who were drawn down their accounts now.

If the queues begin, we have a 2nd credit crunch.

It's not going to affect us. We're watching Rome burn from the safety of a nearby hilltop. :D

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It's not going to affect us. We're watching Rome burn from the safety of a nearby hilltop. :D

I think we're at the bottom of the hill and are starting to climb up to get a better view.....

That sort of BBc article is setting us all up for a "we must help greece" government statement.....

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Can't believe how sanguine the Markets are about this. Greece is on the brink, and may have to default and Spain and Italy will be wanting a free lunch too if this domino falls.

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If I had a positive balance in a Greek bank account, I'd be looking to open an overseas Euro account and transfer everything there. Why keep your Euro's in risky Greek banks?

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Can't believe how sanguine the Markets are about this. Greece is on the brink, and may have to default and Spain and Italy will be wanting a free lunch too if this domino falls.

They probably know something we dont.

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We'll have the same thing that happened in Cyprus: A default that was called something else.

Germany will give them their war repatriations to pay off the debts, but of course it won't be a debt write-off

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Who pays Peston? Oh yeah - British state. i.e. Citeh of London

Aye fear mongering..this is round two round one was newsnight which the BBC lost so they have decided to step into the ring on their own this time

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Can't believe how sanguine the Markets are about this. Greece is on the brink, and may have to default and Spain and Italy will be wanting a free lunch too if this domino falls.

If Greece is allowed to default it's hard to see how Portugal, Ireland, Italy and Spain wouldn't demand the same right as well. Without default it's hard to see how Greece can service it's debt.

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If Greece is allowed to default it's hard to see how Portugal, Ireland, Italy and Spain wouldn't demand the same right as well. Without default it's hard to see how Greece can service it's debt.

When do we default ?

:P:P:P

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If Greece is allowed to default it's hard to see how Portugal, Ireland, Italy and Spain wouldn't demand the same right as well. Without default it's hard to see how Greece can service it's debt.

Default/hyperinflation ahoy. Just like the UK.

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I've a joke for you, which is harder to tell every year.

What's Robert Peston and Lloyds got in common......they've both state owned. :P:P:P

When Pesto comes on I mute the TV. He has nothing useful to say any more. Having just re-read Black Swan again I'm convinced that 'economist' is the same as 'snake oil salesman'. We can't even predict the past accurately, let alone the future.

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When Pesto comes on I mute the TV. He has nothing useful to say any more. Having just re-read Black Swan again I'm convinced that 'economist' is the same as 'snake oil salesman'. We can't even predict the past accurately, let alone the future.

I dont mind him to be honest. The BBc is what it is. The message is best taken with a pinch of salt. They are one biased source of info amongst many.

Mr Peston is probably doing what the rest of us are, trying to get the best deal for him and his family.

The BBc presenters sitting in their ivory tower probably have no idea how much damager/pain the message they send out does. They probably, quite frankly, dont care. They're all right jack. They'll care if/when mass protests happen and they will care when people stop paying their license fee.

It's hard to be unbiased especially when your high paying job depends on it and someone else can easily do it just as well, for half the amount.

For any doubters that people can be pushed too far and the BBc is not untouchable:

http://news.stv.tv/scotland-decides/292047-thousands-attend-protest-against-alleged-bbc-referendum-bias/

"

Thousands attend protest against alleged BBC referendum bias"

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