It's Probably Nothing

Socialism has caused this economic disaster and it has taken 40 years to get to this point with their governments spending their seed corn capital so nothing is left and no one to borrow more from to continue the charade.

When "austerity" means stopping government spending and you vote for those who would just make it worse, like the extreme left, stick a fork in it, you're done.

I wonder how huge traffic was today for the European branch of ING?

Greeks will be eating beans (if they can get food) for years paying off the excesses of socialist klepto-nomics. Will metrosexuals on this side of the Atlantic get it? Not likely, trusting socialists to run your life after a century of continuous economic/social disasters, becomes either an act of faith or masochism.

The history of socialism, national and international socialism, should have taught them that they must find new sources of other people's wealth to finance their authoritarian paradise. Military build-up and conquest, the looting and enslaving of a growing empire, must be a socialist fundamental, what happened? How did they forget something so vital and important? Are they stupid?

Oh my god, there's trouble with the banks, lets all run down there and stand in line, who knew. who the hell knew?

Liberal Socialists always wished they had a crystal ball after the lines get long, shelves become bare. banks take a holiday, and the trains start to run on time.

You mean there are idiots that don't have their money out of Greece? Are these the same idiots who plan to buy the new French bonds that the new commie government will issue to lower retirement age and hire teachers?

It wouldn't surprise me that this weekend will be the end of Greece using the Euro. Stuff the ATMs with Drachma on Sunday.

This is the slowest train wreck in history. Just default and get it over with.

When you have nothing else left, you can still dance.

Zorba was way ahead of his time. (in more ways than one)

"Some banks never erased the drachma from their systems after Grece adopted the euro more than a decade ago and would be ready at the flick of a switch if its debt problems forced it to bring back national banknotes and coins."

http://www.newsmax.com/StreetTalk/Banks-greece-currency-Drachma/2012/05/11/id/438751

the Greek run on German banks is already over alright, Greece is already over..

No, the run isn't over yet. Only about 25% has been withdrawn. What's worse, the panic in Greece hasn't really started yet, but it's about to with the ECB stating that there would be no further cash injections into supporting Greek banks. That will trigger the panic. It comes when the government guarantee on deposits collapses. And when it comes it will make the previous riots look like a tea party.

It is not just the Greeks cleaning out their savings accounts. Spanish and Italian banks are seeing massive ammounts of capital being transfered into German banks as well. This has been going on for several months.