The Phaserl


EU Turns up the Heat on Greece: Stands Ready to Lock Out Greeks From Their CASH

from The Wealth Watchman:

The headlines now coming out of Greece each day are nothing short of heartbreaking.  With the brinksmanship between Greek leadership, the Troika, and German financial ministers now reaching a fever pitch, the people of Greece are stuck in purgatory, wondering when and where a sustainable, financial future will begin for them.

The poverty that has struck most levels of society there have now grown so severe, that nearly a quarter million people Greeks have applied for humanitarian aid.  To make matters worse, the longer their populace goes without any sort of deal, the worse the joblessness gets.

If things weren’t bad enough though, there’s another huge problem: cash in the Greek banking system is scarce, as bank deposit outflows in Greece have been so drastic in 2015, that it threatens the solvency of their entire financial system.  If you’re thinking, “ya know, this disaster scenario seems vaguely familiar”, then you’re right.

Surprise Attack

If you’ll remember just 2 years ago, depositors in the island nation of Cyprus found themselves also unable to trust either their banking system or EU promises, and had the nerve to withdraw their own money from Cypriot banks.  The outflow for a nation that small, was gargantuan. Here’s a chart of what it looked like:

Cyprus 2

Of course, we all know how that ended: rather than let a mere million people cause a chain reaction of bank-runs across Europe, the order was given to Cyprus to freeze the deposits of their citizens, and “bail-in” some failed banks, using much of depositors’ funds.

This was the sight that greeted hundreds of thousands of Cypriots at their local bank:


It was a “dagger in the back”, the ultimate betrayal, and the ultimate capital control.

ATM’s were on lock-down.   

The depositors’ cash was seized.

The banks’ doors were closed.

And safety deposit boxes?  Forget about it.  

Citizens, rich and poor, woke up to the terrifying reality that everything they’d saved in their bank, was on the chopping block.  Panic was in the air.  Lines formed around every bank across the country….with the most fortunate folks only able to access a few hundred Euros a day.

Cyprus 3

Shortly after that trainwreck played out, and everyone’s lives were ruined…Europe’s minister of finance, Jeroen Dijisselbloem thought that the theft of billions of euros went so “swimmingly”, that he called that bail-in a “template for Europe”.

The banksters in the West seemed to agree with Dijesselbloem too!  For soon they’d blanketed the entire Western world, from the US to Canada, from the EU to the UK, from Japan to New Zealand….with legislation that made bank bail-ins a workable proposition.

Greece’s Cypriot Moment?

Let me ask you something: do you think the financial elites drafted all that bail-in legislation in 2013 just for the fun of it? Or do you suppose they did so, because they knew they would be using it?

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12 comments to EU Turns up the Heat on Greece: Stands Ready to Lock Out Greeks From Their CASH

  • Beligerant

    Greece is the new “Debt Limit Increase” showcase wrapped up for central stage on every alternative website. Just like the prior U.S. debt limit increase there is a huge fight with long lists of implications should Greece default. However, they always forget to mention that Greece has been bailed out many times and 99% guarantee this happens again.
    We all know what happened with the debt limit increase. Same thing will happen in Greece once push comes to shove. Magically out of thin air and at the last stroke of midnight they will create the money and give to Greece so they do not default. After all its just a few strokes on a keyboard and “poof” money appears.
    I’m so tired of reading these articles about Greece and given the track record we’ll still be reading about Greece in 5 years.

  • Craig it's all gone

    Not only Greece, but the entire banking/money systems, are like a BUMPY sled ride down a steep mountain without a butt pad.

    EVERYBODY in every nation, would be WISE to start growing as much food (gardens,etc) as possible, because I don’t see things ending very nicely.

    If you don’t want to starve,, you better be growing it yourself. (Remember, if you want something done right, you must do it yourself.) VERY true words.

    That wisdom has always existed, but I really like Ben Franklin’s one liner on this.
    “Failure to prepare, is preparing to fail.”

    • Eric

      I agree Craig. Planting seeds is like printing your own money.

      They would be wise to know all the wild edibles surrounding their locations and they would also be wise to know 10 different ways to find and produce potable water.

  • matt

    Beligerant..I don’t need to post what I was going to said..but I will repeat…This whole doom porn Greece is going to default crap is boring the shit out of me. C’mon Sean surely there’s better content to post??

  • dan

    its ALL fiat funny money …so the EU can give Greece ALL the funny money they want and need…business as usual…the only thing that comes out of all this constant drama …IS… the mind set conditioning of the masses, as to there is NO problem that the ‘authorities’ in change can not handle….so go about your daily life ..we have it under control…..we know what is best for you and yours…have a nice day….imho

  • Michael Goyer

    Can you hear the gate swinging shut on the corral? It’s cullin time.

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