WSJ on broken Greece
THENS—Greece shut down its banking system, ordering lenders to stay closed for six days starting Monday, and its central bank moved to impose controls to prevent money from flooding out of the country.
The steps, a fateful climax to five years of debt crisis, put Greece closer than it ever has been to an exit from the euro and pushes the common currency itself into uncharted waters. The decision came after the European Central Bank—meeting in an emergency session Sunday—opted not to expand a lifeline of emergency funds that has been sustaining Greek banks while nervous depositors pulled their money out.
In response, European stocks slumped Monday and the euro fell. Greece’s stock market will be closed for as long as banks are not open to the public, the country’s Capital Markets Commission said.
On Athens’s rainy streets late Sunday, many ATMs had already been emptied. Prime Minister Alexis Tsipras’s announcement that he would call a referendum on the economic terms that Greece’s creditors want for fresh aid sent many Greeks scurrying to bank machines over the weekend to grab what remaining cash they could.
“How can something like this happen without prior warning?” asked Angeliki Psarianou, a 67-year-old retired public servant, who stood in the drizzle after arriving too late at one empty ATM in the Greek capital. “I want Tsipras to tell me how I am going to make it through the week with €10 in my bag with rent coming up. It has never been as bad as this.”
Withdrawals at bank machines will be limited to €60 ($66) a day for each account, the government said.
Google should buy Greece.
David Burge ?@iowahawkblog 1h1 hour ago
David Burge retweeted New York Times World
Hangovers persist, despite chugging ouzo
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New York Times World @nytimesworld
Trillions Spent, but Crises Like Greece’s Persist http://nyti.ms/1g4iDPy
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David Burge ?@iowahawkblog 2h2 hours ago
David Burge retweeted New York Times World
Satire is Dead, NYTimes Headline Edition
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New York Times World @nytimesworld
Trillions Spent, but Crises Like Greece’s Persist http://nyti.ms/1g4iDPy
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David Burge ?@iowahawkblog 2h2 hours ago
Selection A-17 on #HellsJukebox
https://youtu.be/rTy_L5dRyUk
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David Burge ?@iowahawkblog 3h3 hours ago
ee
We should all look into stocking up on cash, maybe 2 weeks worth, in case we get a run.
I know you can’t get lots and lots from an ATM at once: just stash away $20-40 at a time until you’ve got enough to tide you over.
Then call Goldline or something. I hate it when Glenn Beck is right about stuff.
I still think gold is a suckers bet, at least as far as prepping goes. When shit goee down, the dollar collapses or whatever, you’ll end up trading a hunk of gold you spent a thousand bucks on for a four dollar bottle of asprin or something.
In normal times if you got lots of time where you can sell it at a profit it might be a good investment. If the lights go out I wouldn’t trade a box of .22’s for a pound of the stuff.
A box of .22s to trade? I didn’t think there was such a thing.
I should buy more .22. That stuff will trade easily.
Not that I would let it go easily, you understand.
I just checked availability. There is nothing like the threat of banning online ammo sales to increase online ammo sales.
Good thing something like that would NEVER happen here.
“How can something like this happen without prior warning?”
You had prior warning, cupcake. You ignored it and elected a stupid (is there any other kind?) socialist.
(See also: socialism and other people’s money.)
Booze is a good trade item as well.
Vodka can triple as antiseptic and pain killer.
I do have cash stashed in case dollar OK but ATMs are out of service. I got some Sacagawea dollars so I did not have to worry about decay or water/fire damage.