Grexit has begun

Citing a secret government document, he said Greeks were already pulling £80?million a day out of the country’s banks. Almost €1 billion (£795 million) has been withdrawn since the last elections on May 6.

That\’s yer slow bank run for you.

And the only place the Greek banks can get more money is the ECB, who demand collateral at a steep haircut and the Greek banks don\’t have much of that left.

It could well be that the Greek banks fall over as people anticipate the possibility of Grexit: in which case, why not just go ahead with Grexit anyway?

6 thoughts on “Grexit has begun”

  1. Methinks this is a good time to discover how much my caja has in the till.
    Might as well kickstart the process here as well. Do my bit an’ all that.

  2. Don’t worry about Greek withdrawals. They’re chicken feed in comparison to the volumes people will be moving to avoid the forced conversion of their Euros to New Lira or New Peseta’s

  3. So Much For Subtlety

    I have been a fan of the advice of my favourite stock broker for some time:

    http://www.youtube.com/watch?v=qsMc-IswG3w

    But I think that it has gone too far for that. If I were Greek, and I had already stocked up on the shotguns and canned food, I would not be wasting my time moving my money offshore. I would be buying ouzo. Not the expensive stuff either, but as much of the rock-bottom cheap rot-gut as I could find.

    Or perhaps even that is too optimistic. Grappa? Calvados? Schnapps and gin are probably the way to go. At least someone will be able to afford them in the near future.

    Be worth more than those euros this time next year at any rate.

  4. Does this possibly mean that the Demos values euros more than new Drachmas?

    How can they all be wrong?

  5. So Much For Subtlety

    JamesV – “Does this possibly mean that the Demos values euros more than new Drachmas?”

    I think I have been thinking about it and have come to the conclusion the Greek voters don’t want the Drachma. They want the make the Euro exactly the same as the Drachma. What they are demanding is the abolition of the Deutschmark.

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