{"id":9249,"date":"2015-06-19T06:50:24","date_gmt":"2015-06-19T11:50:24","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9249"},"modified":"2015-06-19T06:50:24","modified_gmt":"2015-06-19T11:50:24","slug":"troika-exploits-greek-bank-run-as-varoufakis-slams-pernicious-banking-sector-leaks","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9249","title":{"rendered":"Troika Exploits Greek Bank Run As Varoufakis Slams “Pernicious” Banking Sector “Leaks”"},"content":{"rendered":"

Troika Exploits Greek Bank Run As Varoufakis Slams “Pernicious” Banking Sector “Leaks”<\/a><\/h3>\n

As expected, no progress was made between Greek FinMin Yanis Varoufakis and EU finance ministers at Thursday\u2019s Eurogroup meeting in Luxembourg. Varoufakiswarned his counterparts<\/a>\u00a0that Europe was very close to \u201caccepting\u201d a Greek \u201caccident\u201d, something the FinMin said EU officials have a \u201cmoral duty\u201d to avoid before \u201cuncontrollable events\u201d occur. Varoufakis also implicitly accused the troika of attempting to incite a bank run.<\/p>\n

While it wasn\u2019t entirely clear what Varoufakis meant by \u201cuncontrollable events,\u201d it seems likely he\u2019s referencing the fact that while politicians may be able to push back their own self-imposed deadlines as many times as they wish even to the point of rendering the entire effort \u201cridiculous\u201d, \u2014 to use German Vice Chancellor and Economy Minister Sigmar Gabriel\u2019s words \u2014 the reality on the ground in Greece is that the economy is collapsing on itself and deposit flight is now running above at \u20ac750 million euros each day. Put simply: an acute crisis of confidence among the Greek populace now risks plunging the country into a state of emergency.<\/p>\n

In an attempt to address the quickly deteriorating situation, Brussels looks set to impose capital controls as early as this weekend and has scheduled an emergency summit on Monday. EU finance ministers will reportedly hold another meeting ahead of the summit. WSJ\u00a0has more<\/a>:<\/p>\n

 <\/p>\n

Eurozone leaders will try to clinch a deal on Greece\u2019s flailing bailout at a hastily called crisis summit Monday, after finance ministers failed again to bridge the gap between Athens and its lenders.<\/em><\/strong><\/p>\n

The summit\u2014eight days before Greece\u2019s eurozone rescue runs out\u2014will be one of the last chances to avert the specter of further economic meltdown for Greece and a messy exit from the eurozone.<\/em><\/p>\n

After five months of fraught negotiations, \u201cit is time to urgently discuss the situation of Greece at the highest political level,\u201d said Donald Tusk, who presides over meetings of European leaders.<\/em><\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Troika Exploits Greek Bank Run As Varoufakis Slams “Pernicious” Banking Sector “Leaks” As expected, no progress was made between Greek FinMin Yanis Varoufakis and EU finance ministers at Thursday\u2019s Eurogroup meeting in Luxembourg. Varoufakiswarned his counterparts\u00a0that Europe was very close to \u201caccepting\u201d a Greek \u201caccident\u201d, something the FinMin said EU officials have a \u201cmoral duty\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[2461,195,200,279,284,285,1167,3138,4318],"class_list":["post-9249","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-bank-runs","tag-debt","tag-default","tag-eu","tag-european-union","tag-eurozone","tag-greece","tag-varoufakis","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9249"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9249\/revisions"}],"predecessor-version":[{"id":9250,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9249\/revisions\/9250"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}