Saturday, July 4, 2015

Greek banks down to €500m in cash reserves as economy crashes

Via Skynet "Coming to a theater near you."

A man walks past a graffitti with a EU flag reading in German

Greece is sliding into a full-blown national crisis as the final cash reserves of the banking system evaporate by the hour and swathes of industry start to shut down, precipitating the near disintegration of the ruling coalition.

Business leaders have been locked in talks with the Bank of Greece, pleading for the immediate release of emergency liquidity funds (ELA) to cover food imports and pharmaceutical goods before the tourist sector hits a brick wall.

Officials say the central bank will release the funds as soon as Friday, but this is a stop-gap measure at best. "We are on a war footing in this country," said Yanis Varoufakis, the Greek finance minister.

More with video @ Telegraph


  1. It's going to be instructive to see how this plays out. Next up, Spain, Italy and Portugal.

  2. Greece should have taken Putin's offer but they were afraid of angering
    the beasts who dictate. Their healthcare system is basically in total
    collapse, 40% increase in infant deaths. They can't pay the staff or for
    supplies. People who depend on their pensions are not receiving them.
    Basically, California and Detroit are in the same boat but USA taxpayers
    keep bailing them out.

    1. & the walls will come tumbling down at some point.

  3. If you can't reach out and touch it, you ain't got it. You could have $30,000 in the bank and they announce a " holiday " and then lock down. The guy down the street with $1,000 in his gun safe is better off than you. Beans, bullets and bandaids.