Bank runs begin in Greece

[EdwardA]

Originally Posted by HappyTexan

I think the last proposal to investors was a 60% loss on their investment; that was the latest talk of how to deal with the debt.

That was just too much..the bank runs have started in Greece now.

Mish's Global Economic Trend Analysis: Lines to Withdraw Deposits Queue Up as Run on the Banks starts in Greece
"With talk of 50% or 60% haircuts on Greek bonds, already mistrustful Greek citizens have queued up to pull deposits."

A German paper is reporting this..here's the google translate article:
Google Translate

200 billion Euros has already left Greece and is in Swiss bank accounts now
(the wealthy have been moving money for a while).
Greek Bank Run:

Smart folks since their country banks are the biggest holders of Greek Debt makes sense to get money out now. I had watched an interview last week on Al Jazeera where one Greek President said his clients were putting money in safes at home or in mattresses.

[EdwardA]

Originally Posted by Earlyretired

S$P futures are up 11 and the DOW 92 if that makes any sense to ya...

When will folks learn the daily gyrations of the stock market (ie casino) mean nothing.

[EdwardA]

Originally Posted by monkeywrenching

How much longer before this scene is repeated in the USA?

It'll be a long time off but our day of reckoning will come.