16 Responses to Economists warn ‘fuse lit’ and Europe has days before entire Greek banking system crumbles

  1. suz says:

    It could happen here –
    Countries that went bankrupt…..
    -Argentina….in 2001 – it was so bad people slept in front of ATM machines. $145 billion in foreign debts.
    -Iceland …2008
    -Germany …not once but twice… a wheelbarrow full of 100 billion-mark banknotes could not buy a loaf of bread
    -Great Britain – So bad was the British economy following the war that almost all national resources were dedicated to paying war debts for five full yrs.
    -Russia… in 1998, the country suffered a financial crisis unlike any it had experienced prior.
    -Zimbabwe …the most tragic. Unable to repay $4.5 billion debt and an astounding 80% unemployment, Zimbabwe’s got so bad most areas hadn’t had water for at least a year
    -Spain is very familiar with bankruptcy, having defaulted on its financial obligations seven times during the 19th century alone. In fact, Wikipedia reports that Spain was actually the first sovereign nation in history to declare bankruptcy, doing so as far back as 1557.
    -Equador and France

  2. Fillade says:

    This could be it, if Greece bites the cannoli, it could bring down the EU house of cards, or it could re-mutate for a time. The Dark Blood here is the Derititive markets, JP just burned 2 Billion, that’s a beginning, when it burns 50 billion it’s over, irrespective of Greece. Then Bernanke will devalue the dollar to 35/40% and hyper inflation that same day. The NWO/banks will work to hold it off until the election is settled, either way they win, it’s just a little cleaner with a new face. If you have money today you will still have it when this is completed, you can past it to the wall, buy food now.

    Fillade

  3. James says:

    This was bound to happen

  4. Pauly says:

    All they have to do is kick out the bankers, and have the gov. print it’s own $.

  5. Gordian Knot says:

    Friends report out of Hungary that they are seeing more and more people showing up from Greece trading in their Euros (with no panic in Hungary, but still no lame stream media reports either) or at least making their Euros stretch a little more. Rumor has it that Greek ATMs have limited withdrawals of 50 EU. Can anybody confirm limited bank ATM withdrawals ?

    Part of this may be caused by Greek government missing their scheduled payment on their loans due yesterday or today.

  6. Dennis E. says:

    This is a serious problem……………….It will effect us all…………..if not fixed, if it can be………
    many 401k’s in trouble

  7. Gordian Knot says:

    Apparently there is still 165 billion euros in Greek banks held by domestic residents and companies, this is where I am confused? The collapse is happening and they’re going down with the ship?

    Greeks are no longer depositing their money and or redeeming it elsewhere, loans are due or past due, banks have little to no money to loan, no one in their right-mind will bail them out, which will lead to total dynamic pension and debt destruction creating a devastating wave in the European Union.

    The momentum will be hard to contain.

    • And it’s funny how little coverage it’s getting in the media. I don’t think people grasp the magnitude of what this is going to morph into.

      • Bone Idle says:

        The European governments have been in denial for years. They refuse to admit that the Euro was a doomed experiment from the inception. The MSM are complicit with those governments.
        You have to go to blogosphere to find out what’s happening in reality.

      • I totally agree Bone Idle and out of this, Germany looks like it will become a super-state, in terms, of cash deposits and capital that’s flowing into the country and Germany is now in a position to decide the future of all of Europe. How ironic! Finally, Germany has alas triumphed over the Europeans without firing a single shot which goes to prove the adage- It’s not about tanks; it’s about banks.

  8. liliblue58 says:

    I totally agree. This is only the start to what promises to be a very tense Summer. So incredibly upsetting to see so many lives turned upside down because of the greed of politicians and bankers! Hoping for the best, but holding on tight. This may be a real roller coaster!
    Peace to all.

  9. Emanni says:

    Bankia hit by report of withdrawals
    http://www.ft.com/cms/s/0/187a0562-a00a-11e1-90f3-00144feabdc0.html#axzz1vC7z6WhN

    Shares in Bankia, the Spanish bank that was part-nationalised last week, plunged by more than a quarter on Thursday morning, after a report that customers had withdrawn €1bn from the bank over the past week.

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