With bonds pushing over 1000%! i think its safe to say Greece is packing its bags and ready to move out. So no wonder the people are pulling out their money. Also interesting to note Italian, Spanish etc bonds dramatically falling. Looks like the central banks are going to let Greece go and now focusing more on the others so they don't leave too. http://www.bloomberg.com/quote/GGGB1YR:IND/chart
Smart money got out a long time ago. Only fools and the brainwashed still have their money in Greek banks. There'll either be a run or the banks will go on a long holiday at some point or both. Either way you wouldn't want your money in them.
would be interesting to know the migration figures from greece over the last 12 months to 2 years? Bet you theres a large proportion of young to middle age getting out of dodge
bring back the drachma..good times. if anyones planning a summer trip to greece this year it will be dirt cheap, hotels on the islands going for about 30 euro a night inclusive of food and drink in some resorts.
We will be heading out there later in the year to visit relatives.` We thought it would be dirt cheap last year but it wasn't. A village in spain has been spending Pesetas and one area in France has been using francs. The merchants collect up all the pesetas and francs and take them along to the central banks to convert to euros. The window of opportunity for France and Greece has closed so the central bank no longer exchanges the old currency. Germany will accept old Deutsch Marks for ever and the Bank of England will accept old coins as well. I was explaining to my family that if they had any old Drachma Bank notes in Greece they had now lost all their money, if they find a stash under one of the mattresses it is now worthless. However if they had gold and silver stashed anywhere it would still be worth the same, if not more. Seeing as how they had most of their money in shares in the greek banks they are begining to warm to the idea of gold and silver.
I read somewhere that the reason they are so desparate to avoid and official 'default' is that the Credit Default Swaps will kick in for the bond holders and the banks will then be on the hook for a lot more than the euros they've thrown at Greece so far. And complicated by the fact that no-one knows how many CDS contracts are out there, who owns them, who owes them, and what percentage of the balance sheets they affect. (and the people who ripped all the bonuses out of these shonky transactions, are not letting on what they wrote, lest they have to account the bonuses). I'd keep my powder dry and larder stocked until next week at the very earliest In other news, the Royal Bank of Scotland, bailed out by the UK Taxpayer in 2008 announced that it is sacking 300 of its local workforce (mostly in Edinburgh) and shipping the jobs to India. They also argue that banker bonuses of almost half the 2 billion pound loss posted by RBS last year, are necessary to ensure commercial competitiveness. Currently RBS owes the UK taxpayer around 20 billion pounds or thereabouts. (if you don't account the cost of 300 people signing up to social services for a few years, or generations with no potential to offset those costs). http://www.guardian.co.uk/business/2012/mar/05/rbs-uk-jobs-india?INTCMP=SRCH They have also started on Spain. http://www.guardian.co.uk/business/2012/mar/05/spain-collision-brussels-budget-deficit-targets I wonder how long before they put their own 'prime minister' in there. I'm starting to appreciate bankers jobs and the risks they take. After all they are now working very close the guillotine and hangman's noose.
The 23rd of March is the new Ides of March for Greece when the other European members will put the knives in..et tu brut The fire works will include probably in excess of 100 banks failing across Europe and the U.S.A. with the ensuing fall out from the failure of the Euro as Portugal, Spain and Italy follow like dominos Kind Regards non recourse
Why on earth would anybody be buying Greek bonds (or any of the other countries in similar positions for that matter) when they can't hedge their exposure with credit default swaps? Now wonder the bond rate isn't dropping!
The Greek people should force the government to default on their national debt. Let the Greek people deal their justice to these Goldman Sachs scum by convicting them and incarcerating them in Greek jails amongst the people they've screwed seven ways from Sunday.
I saw gangs of Greeks roaming the streets of London recently - with carrier bags full of Euro notes (I do not jest) buying-up Sovereigns & Krugerrands mostly - any gold they could get their hands on...
I'm not aware about migration figures, but heard about suicide statistics that might tell the true story
