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Third Greek Bailout Suddenly In Jeopardy: Creditors Warn Cash May Be Delayed If Elections Don’t Go As Desired
Third Greek Bailout Suddenly In Jeopardy: Creditors Warn Cash May Be Delayed If Elections Don’t Go As Desired Just when everyone was convinced that the main “risk off” event of the summer, namely the Greek bailout, was safely tucked away and that having abdicated its sovereignty to its creditors and Germany in particular, who now […]
Greek Stocks, Economy Collapse, Suffer Worst Declines In History
Greek Stocks, Economy Collapse, Suffer Worst Declines In History The Athens Stock Exchange reopened on Monday and unsurprisingly, some folks were selling. Trading was suspended five weeks ago after PM Alexis Tsipras’ dramatic midnight referendum call precipitated capital controls and a lengthy bank “holiday.” Shares opened lower by nearly 23% and the country’s banks traded limit-down, […]
Europe’s New Colonialism: ECB Rejects Greek Request To Reopen Stock Market
Europe’s New Colonialism: ECB Rejects Greek Request To Reopen Stock Market It has been one month since Greek capital controls were imposed, and as we explained earlier, Greece is nowhere closer to having its deposit limits lifted. In fact, with several more months of capital controls at least, the Greek banks are likely to suffer […]
Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors
Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3’s terms, are a “strong sell” at any price: […]
Greece crisis: Banks reopen as government eyes return to normalcy
Greece crisis: Banks reopen as government eyes return to normalcy Stock market remains closed Greek banks opened their doors Monday for the first time in over three weeks, a move that the government hopes will help the economy get back to normal following a period dominated by fears over the country’s future in the euro. […]
A Lesson From the Greek Crisis: Safe Deposit Boxes Are Not Safe
A Lesson From the Greek Crisis: Safe Deposit Boxes Are Not Safe Last week the Greek government imposed capital controls to prevent cash from escaping from the Greek banking system, which is on the brink of collapse. These repressive financial measures, which were invented by “Hitler’s banker” Hjalmar Schacht in the 1930s, include the closing of banks, limiting cash withdrawals from […]
Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday
Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday Update 2: Greece’s Skai reports that if/when banks reopen (supposedly on Tuesday), a 60€ withdrawal limit will be imposed. Update: In a televised address to the nation, Greek PM Alexis Tsipras assured Greeks that their deposits are safe despite an upcoming bank holiday and […]
Geopolitics Will Trump Economics in Greece
Geopolitics Will Trump Economics in Greece Based on the continued failure of the negotiating parties to make any substantive progress in the talks over Greek debt payments, the financial world is tied up in knots over a possible Greek exit from the European Union. The uncertainty has manifested in both high and low finance, with […]
The Economic Depression In Greece Deepens As Tsipras Prepares To Deliver ‘The Great No’
The Economic Depression In Greece Deepens As Tsipras Prepares To Deliver ‘The Great No’ As Greece plunges even deeper into economic chaos, Greek Prime Minister Alexis Tsipras says that his government is prepared to respond to the demands of the EU and the IMF with “the great no” and that his party will accept responsibility […]
The War On Cash: Officially Sanctioned Theft
The War On Cash: Officially Sanctioned Theft How banks & the government are diminishing your savings You’ve probably read that there is a “war on cash” being waged on various fronts around the world. What exactly does a “war on cash” mean? It means governments are limiting the use of cash and a variety of […]
Macedonia Central Bank Blocks Greek Bank Withdrawals “In Case Of Grexit”
Macedonia Central Bank Blocks Greek Bank Withdrawals “In Case Of Grexit” The bank runs (and capital controls) begin. Macedonia Central Bank Governor Bogov states: *GREEK BANKS IN MACEDONIA CAN’T WITHDRAW CASH: BOGOV *MACEDONIAN BANKS PROTECTED IN CASE OF GREXIT: BOGOV How long before the rest of Europe follows suit and a bank holiday is declared […]
The European “Template” For Dealing With Crises: Freezing Accounts, Bank Holidays, and Capital Controls…
The European “Template” For Dealing With Crises: Freezing Accounts, Bank Holidays, and Capital Controls… More and more analysts are beginning to take note of the “War on Cash.” However, they’re missing the fact that the actual template for what’s coming to the US first appeared in Europe back in 2012. Back in March of 2012, […]
Capital Controls Arrive: Greece Begins Confiscating Deposits Of “Small Debtors”
Capital Controls Arrive: Greece Begins Confiscating Deposits Of “Small Debtors” Last week, the Greek government issued a decree which called for local governments to transfer excess cash to the central bank so that Athens would be able to pay pensions, salaries, and the IMF. The move is expected to raise as much as €2 billion to help […]
Stunned Greeks React To Initial Capital Controls And The “Decree To Confiscate Reserves”, And They Are Not Happy
Stunned Greeks React To Initial Capital Controls And The “Decree To Confiscate Reserves”, And They Are Not Happy Earlier today, following weeks of speculation, Greece finally launched the first shot across the bow of capital controls, when it decreed that due to an “extremely urgent and unforeseen need” (ironically the need was quite foreseen since about 2010, […]
