CNN's Nina Dos Santos finds out where Greeks are sending their money after withdrawing it from banks.
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The recent suicide of a cash-strapped Greek pensioner is a sign of the dire situation Greece finds itself in. It can be solved only by extreme measures such as default and giving up the euro, believes financial advisor Patrick Young. RT on Twitter twitter.com RT on Facebook www.facebook.com
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The Euro Zone crisis is escalating, as Greece may be on the verge of a final collapse. According to the Reuters, anxious Greeks have started a bank run, withdrawing as much as 700 million euros ($894 million) from the nation's banks on Monday. Greece's political leaders meet on Wednesday to form a caretaker government to take it to a second election in just over a month, with its euro membership at stake and its president speaking of "fear that could develop into panic" at its banks. President Karolos Papoulias was forced to call a new vote after failing to cobble together a coalition government. An election on May 6 saw leftist opponents of Greece's EU/IMF bailout deprive the parties that ran the country for generations of a majority. Polls suggest the radical left are poised to win the re-run. That prospect has shaken faith in Greece's ability to remain in the single currency and stay solvent, sending the euro and European shares lower, and raising the bond yields that reflect the risk that other European countries will be hurt. Greeks are withdrawing euros from banks, apparently afraid of the prospect of rapid devaluation if the country leaves the European single currency, minutes of Papoulias's negotiations with political leaders showed. Central bank head George Provopoulos told him savers withdrew at least 700 million euros ($894 million) on Monday, the president told party chiefs. "Mr Provopoulos told me there was no panic, but there was great fear that could ...
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BANK RUNS in GREECE - Will the SYSTEM COLLAPSE? (Michael Rivero) A spreading bank run could hasten Greece's exit from the euro zone but it certainly doesn't have to end that way. It is far less clear what the impact would be should the wave of withdrawals accelerate in other peripheral states such as Spain or Portugal, which are further from outright revolt over German-led austerity, and which, due to their sheer size, will enjoy a vastly improved negotiating position. Greeks have been withdrawing hundreds of millions of euros of deposits from their banks in recent days, driven by a rational but dangerously self-reinforcing fear that a Greek exit from the euro will leave them holding far less valuable new drachma. That fear, though, is predicated on a shaky notion: that the players in the drama will do what they have said they would. Greek depositors are worried that their politicians will repudiate the terms of the bailout and that the ECB and European authorities will, ultimately, cut them off, either directly or by refusing to accept dubious collateral in exchange for fresh euros. That would bring down the Greek banking system, or most of it, and force Greek authorities to impose capital controls. Cue Spanish, Italian and Portuguese depositors, who might follow suit and start to withdraw their own deposits, putting massive amounts of collateral into the hands of the ECB and their own central banks. The betting on this one comes down to whether you think European ...
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The worst riot damage in years has struck Greek cities as MPs pass harsh new austerity measures. Amateur video shows violent protests in central Volos, where a branch of one of Greece's largest banks - Eurobank - was torched. RT on Twitter twitter.com RT on Facebook www.facebook.com
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Greek People Run to Withdraw Money from Banks - GREECE on Brink of COLLAPSE (Alex Jones) The bank runs that we are watching right now in Greece are shocking, but they are only just the beginning. Since May 6th, nearly one billion dollars has been withdrawn from Greek banks. For a small nation like Greece, that is an absolutely catastrophic number. At this point, the entire Greek banking system is in danger of collapsing. If you had money in a Greek bank, why wouldn't you pull it out? If Greece leaves the euro, all euros in Greek banks will likely be converted to drachmas, and the value of those drachmas will almost certainly decline dramatically. In fact, it has been estimated that Greek citizens could see the value of their bank accounts decline by up to 50 percent if Greece leaves the euro. So if you had money in a Greek bank, it would only make sense to withdraw it and move it to another country as quickly as possible. And as the eurozone begins to unravel, this is a scenario that we are going to see play out in country after country. As member nations leave the eurozone, you would be a fool to have your euros in Italian banks or Spanish banks when you could have them in German banks instead. So the bank runs that are happening in Greece right now are only a preview of things to come. Before this crisis is over we are going to see bank runs happening all over Europe. If Greece leaves the euro, the consequences are likely to be quite messy. Those that are promoting the ...
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The bank runs that we are watching right now in Greece are shocking, but they are only just the beginning. Since May 6th, nearly one billion dollars has been withdrawn from Greek banks. For a small nation like Greece, that is an absolutely catastrophic number. At this point, the entire Greek banking system is in danger of collapsing. If you had money in a Greek bank, why wouldn't you pull it out? If Greece leaves the euro, all euros in Greek banks will likely be converted to drachmas, and the value of those drachmas will almost certainly decline dramatically. In fact, it has been estimated that Greek citizens could see the value of their bank accounts decline by up to 50 percent if Greece leaves the euro. So if you had money in a Greek bank, it would only make sense to withdraw it and move it to another country as quickly as possible. And as the eurozone begins to unravel, this is a scenario that we are going to see play out in country after country. As member nations leave the eurozone, you would be a fool to have your euros in Italian banks or Spanish banks when you could have them in German banks instead. So the bank runs that are happening in Greece right now are only a preview of things to come. Before this crisis is over we are going to see bank runs happening all over Europe. If Greece leaves the euro, the consequences are likely to be quite messy. Those that are promoting the idea that a "Grexit" can be done in an orderly fashion are not being particularly honest ...
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Theologian Paul Begley of Indiana reveals the soon economical collapse of the Greek Euro as citizens make a run on the banks www.paulbegleyprophecy.com http
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Follow us @ twitter.com twitter.com Welcome to Capital Account. Minutes are out from the Federal Reserve's latest open market committee meeting, which means everyone is looking for what the Fed will do next in order to manipulate rates and thus economic reality. But what are the consequences of this manipulation? Jim Rickards, author of the bestselling book Currency Wars, is here to talk about them. And it's world debt day in the UK, and a number of other countries -- it's a campaign demanding an end to developing world debt. But how about demanding an end to the developed world's debt? Is that what these campaigns should be calling for, as the US gears up for another debt ceiling showdown? And as more than one-point-two billion euros fly out of Greek banks at the start of this work week alone, we wonder aloud how much longer the ECB will continue to hold the roof while Greeks sprint for the exits? And speaking of sprinting for the exits of debt, check out who may be standing in front of the doorway. An Australian packaging company has reportedly enlisted the Hells Angels biker gang to help with its debt collection efforts! This brings an entirely new meaning to the phrase "tough times." Demetri and Lauren will give you their two cents during "Loose Change."
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As European leaders try to curb a debt crisis and save Greece, rumors abound about a Greek bank run. Esteemed economist Yanis Varoufakis, professor at University of Athens, says Greek banks are already bankrupt and he has genuine concern about a bank run. He says the banking sector in Europe is where the crisis is unfolding. For more www.YouTube.com
Tags :Capital Account, Bank run, banking crisis, Eurozone crisis, Euro, modest proposal, Yanis Varoufakis, University of Athens, Lauren Lyster, Demetri Kofinas, Timothy Geithner, Greek crisis, European banks

Theologian Paul Begley of Indiana wonders "Has it begun?" Citizens of Spain today May 17, 2012 have taken 1 billion dollars out of their banks causing a panic among 17 member EU www.paulbegleyprophecy.com the link is http
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The European monetary crisis shows no signs of abating with talk of Greece leaving the Eurozone - once a taboo subject - now being discussed openly. The European Central Bank has stopped operations with some Greek banks. And the ratings agency Fitch has downgraded Greece by one notch to CCC. Now, Spain has had 16 of its banks downgraded by another credit rating agency. Al Jazeera's Emma Hayward has more.
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The lies behind the fake banking system which has enslaved mankind to a rigged monetary system, where the bankers steal all of the fake money for themselves and enslave the rest of humanity to cover all of there well planned and engineered debts so as to control humanity in their plans for a One World Bank owned by TPTB and a micro-chipped slave population of mind controlled worker drones to do their work and pay their taxes. Another option is we take the 2.588 x 10 to the 51st dollars hidden in off ledger accounts and give every man woman and child on Earth a million dollars a year until it is all gone. Then we could create a paradise here beyond any worldly description! Life would then be all about humans having the greatest experiences and not about the misery of our current slavery! watch?v=ebbfFWtYZIg alcuinbramerton.blogspot.com 2012indyinfo.com americankabuki.blogspot.com GOVERNMENT RESIGNATIONS 2/6/12 Romanian prime minister and cabinet resign en masse www.guardian.co.uk 2/20/12 (GERMANY) GERMAN PRESIDENT Christian Ruff resigns (financial corruption charges) yesterday www.dailymail.co.uk RESIGNATIONS FROM WORLD BANKS: (1) 9/25/11 (SWITZERLAND) Bank chief resigns over £1.5bn rogue trader crisis www.dailymail...ng-scandal.html (2) 10 (CHINA) Resignations Suggest Shift for China's Banks online.wsj.co...4190522426.html (3) 11 (INDIA) More directors of the Beed district bank resign www.thenews.coop (4) 11/21/11 (JAPAN) UBS's Japan Investment Banking Chairman Matsui to ...
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Greece is being pressured to give all control of the Greek budget to the European Union, which it says threatens its national sovereignty.
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Who will benefit from the new set of Greek austerity measures, which got a violent response from the crowd on Sunday? Adrian Salbuchi, author and consultant talks to RT, suggesting it's the bankers, who are responsible for the economic downturn in the first place. RT on Twitter twitter.com RT on Facebook www.facebook.com
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People in Greece are right to revolt against the banking system which is committing massive fraud in the country, an economic critic tells Press TV. In an interview with Press TV, Max Keiser, financial journalist from Paris, commented on the latest developments regarding the economic crisis in Greece.
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Preparing for rainy days ahead, Greeks have withdrawn 700 million euro from local banks in just one day, after it became clear on Monday that new elections in the country are inevitable. RT talks to economist Alberto Mingardi. Subscribe to RT! www.youtube.com Watch RT LIVE on our website rt.com Like us on Facebook www.facebook.com Follow us on Twitter twitter.com Follow us on Google+ plus.google.com RT (Russia Today) is a global news network broadcasting from Moscow and Washington studios. RT is the first news channel to break the 500 million YouTube views benchmark.
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Eurozone ministers have agreed to provide a rescue package to the tune of $170bn to save Greece from bankruptcy. But can Greece deliver on its undertakings this time around, and at what cost? Guests: Fokion Zaimis, Vicky Pryce, Constantine Michalos.
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NIGEL FARAGE ON GREECE.
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