Wednesday, 10 August 2011

Greece In Panic: Masses Race To Pull Cash From Banks Causing A Great Depression Style Bank-Run

Perhaps the news out of Greece has been overshadowed by debt ceiling debate and today’s collapse in domestic financial markets which was fueled by economic data indicating that the U.S has either entered a second recession or is in a double-dip recession that some say in fact is a depression.

Regardless of why Greece is was not on the radar it should be because the situation is dire.

As Michelle Caruso Cabrera points out safety deposit boxes in Greece are sold out due to a Great Depression style run on Greek banks. For those that don’t know what a “bank-run” is the masses in Greece are flocking to their banks to pull their cash out of the banks.

As the Guardian article below informs us the dreaded bank-run has arrived despite politicians selling out the live hoods and futures of the people of Greece in exchange for a second banker bailout loan to pay back the interest on the first banker bailout loan.

Economists and world leaders told the Greek politicians that they needed to force harsh Austerity measures on their citizens to prevent this exact situation from occurring.

Needless to say, even after subjecting to the will of the International banking cartel, Greece is now in an absolute state of panic as people rush to save their cash and live savings.

These are the consequences of institutional and government corruption. Remember the Greek government hid their debts with the help of a Wall Street Bank, so they could qualify to join the E.U.

[Posted at the SpookyWeather blog, August 10th, 2011.]

No comments: