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GREECE BANK RUN – The Masses Queue for Cash at ATM’s Across Greece before Capital Controls
Back in Athens, pensioners have been queuing outside some bank branches – even though the system has been shut down for a week. Greek newspaper Kathimerini, Greece’s government has formally issued a legislative decree instituting capital controls.
Capital controls are restrictions on how money can be moved out of a banking system and are typically put in place to avoid a bank run. Greece has closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks with its international creditors. Greek banks will remain closed until at least July 6 and capital controls — which will limit the amount of money that can be withdrawn at an ATM to 60 euros per day — will be in place until then as well.
The European Central Bank faces what is arguably the most challenging and important decision of its relatively short existence this weekend. Customers queued for cash in Athens on Saturday outside a bank branch whose doors remained shut It matters, because Greek banks are wholly reliant on support from the ECB – which is provided via the Bank of Greece – and they would fall over without it.
ECB’s governing council will fear that it would be breaking all central banking rules by continuing to provide support. inevitable that Greece will miss the 30 June deadline for making a €1.5bn ($1.7bn; £1.06bn) payment to the International Monetary Fund, and that would call into question the solvency of the government. existing bailout programme will have expired by then.
solvency of Greek banks, since the Greek state is the ultimate guarantor of the banks and they own so much Greek sovereign debt. central bank is never supposed to lend to insolvent banks, throw good money after bad – and would imply the central bank could be failing in its primary responsibility of preserving the value and integrity of the currency.
Eurozone finmin meeting in Riga, where Yanis Varoufakis not only got the most “hostile” reception yet being called “a time-waster, gambler, and amateur“, but for the first time one minister openly said that maybe it was time governments prepared for the plan B of a Greek default. This happened after Jeroen Dijsselbloem slammed the door on Varoufakis’ proposal for early cash after partial reforms. In other words, should the ECB boost the haircut on Greek bank collateral, and both a depositor bail-in and capital controls become inevitable. greece bank ATM “bank account” banking savings “savings account” credit debt euros “credit card” greek finance collapse crisis loan europe germany russia “european union” european “payday loan” poverty poor rich wealthy asset gold silver bullion forex “forex trading” currency euro usd dollar china uk “united kingdom” 2015 summer “summer 2015” queue shopping visa “gold coin” “gold etf” “safe deposit” deposit money cash “silver coins” “elite nwo agenda” elite news plan end times gerald celente lindsey williams max keiser alex jones infowars rant review unboxing The radical wing of Greece’s Syriza party is to table plans over coming days for an Icelandic-style default and a nationalisation of the Greek banking system, deeming it pointless to continue talks with Europe’s creditor powers. marc faber the trews montagraph we are change
Europe must be prepared Greek society would face an unprecedented crisis with power blackouts, medicine shortages and no money to pay for police, they said. The FOMC meeting is the most important economic event next week. impact on the US dollar, which has surprisingly not reacted to the recent string of strong economic data. The risk of a failed state on the EU’s southern flank, in terms of the consequences for immigration, defense, and the ability to block a Russian pipeline alternative to Ukraine, would likely be more costly for Europe in the medium and long run. Russian naval base in Greece, where the possibility can only rise if it is forced out of EU and EMU. Would its NATO membership be secure?
Greek parliament and Syriza member, Zoi Konstantopoulou, debt the IMF and the Europeans insist the people of Greece owe to the bankers is “illegal, illegitimate and odious.” billionaire George Soros tells Bloomberg TV in this brief clip, the chances of Greece leaving the euro area are now 50-50 and the country could go “down the drain.” talks between Greece and ‘the institutions’ could “break down,” adding that “Greece is a long-festering problem that was mishandled from the beginning by all parties,” concluding that the chances of Greece leaving the euro area are now 50-50 and the country could go “down the drain.”