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Greeks withdraw $894 million in a day


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2012 May 15, 11:32pm   3,397 views  3 comments

by Dan8267   ➕follow (4)   💰tip   ignore  

Political leaders in Athens were due to discuss an emergency government Wednesday to deal with a possible run on banks as it emerged Greeks withdrew almost $900 million in a single day, fearing their country could crash out of the euro currency by the end of the week.

http://worldnews.msnbc.msn.com/_news/2012/05/16/11729795-greeks-withdraw-894-million-in-a-day-is-this-beginning-of-a-run-on-banks?lite

Yep, the smart Greek money is taking everything out of the banks before they can get screwed over by the government converting their savings from Euros to Drachma and then destroying the purchasing power.

This brings up an interesting question. If all of Greek's bank account holders withdrew their Euros, would Greek be able to "recover" through default like it plans? Or does the Greek government need to steal the purchasing power of its citizens' savings in order to recover?

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1   epinpb   2012 May 16, 2:32am  

Nope, this is the brilliance of currencies. It is ideal for people to cash out and diversify, then buy back in when everything is devalued. Essentially, instead of bailing out the banks, it is the opposite - relative weath is being reallocated to the people.

2   slin   2012 May 18, 12:22am  

The only ones that will get screwed now are the ones with money because the bankers all ready screwed over those that had little to begin with and then took the rest.If a man has an income of 20,000 and it gets slashed to half and a man who has 100,000 and it gets cut in half the man with the most money looses more but the man with less to begin with will be the one in trouble because of what he has left will not be enough for a roof over his head or food in his stomach so those that are pulling out there money this last week are probablly wealthy enough not to go hungry and have a place to sleep.

3   dannamara   2012 May 18, 4:17pm  

Please slin, the people getting 20,000 in Greece worked on average 30 hours a week, took over 20 holidays and retired in their 50s. Greece is reaping what is sowed.

The people with the money, usually work harder and demmand less. They should be rewarded not the lazy dolts of this world.

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