Gregory Manirino on Greg Hunter (the 2 Greg's ); reckon's we're collapsing now... and how it should play out [youtube]http://www.youtube.com/watch?v=oX_K5GSvjgA[/youtube]
Here's what I took from that video... "We have a money velocity at a near 4-decade low" TLDR: Buy gold & silver for your future.
wow big sell of in china in the last week and still continuing More talk of russia helping greece, sounds like they could do with some american democracy or for the ecb to pull the rug under them taking the emergency liquidity
Meanwhile, Greek savers have withdrawn about 4 billion Euros from Greek banks in the last week, which which represents about 3% of household and corporate deposits held by Greek banks at the end of April according to Reuters. BBC News: http://www.bbc.com/news/business-33195732
[youtube]http://www.youtube.com/watch?v=A0n28ju5218[/youtube] Greece: Millions withdrawn from ATMs - BBC News Cash-strapped Greece now has less than two weeks left to reach a debt deal, having already rolled a 300m payment into those due on 30 June.
The ECB keeps topping up the ELA so they will probably keep doing it... The June 30 deadline (for the Greek IMF payments) is a tuesday, so they might still have another week ?
Hard to feel sorry for any Greek citizen who loses money from an imminent bail in with the amount of time they've had to diversify. It will be the businesses and uneducated that will be hit the worst.
When you find you've dug yourself into a hole, stop digging. But I've you've blown yourself into a bubble, you've gotta keep blowing.
I'm guessing they if they get anything but a tiny breathing room deal then they get a deal done in the room but the Greek parliment won't support it. A half deal is much worse because there will be MUCH less patience next time for a real deal. The markets particularly are sick of hearing about it, 6 more months of this and I think most of the EU citizens will be protesting to kick the Greeks out just so they don't have to think about it any more.