Panic is a bad advisor and panic creating politicians are bad for the country and the economy. Last Thursday and Friday, Greeks withdrew estimated 1,5 billion euro from their accounts after statements that “the 5th loan-tranche might be at risk”, or that “Greece has either to impose more austerity or return to drachma”. The extraordinary summit of political leaders put the cherry on the icing top covering nicely the cake of uncertainy.
Mostly pensioners and small savers rushed to the banks and withdrew amounts of 2,000-3,000 euro, some even 10,000-15,000 – out of fear the country might go bankrupt, or the deposits would be frozen temporarily, or even savings would be lost.
Read the rest here.
- “Euro Drops Following Juncker Statement IMF May Not Release Next Greek Tranche” and related posts (thenewspundit.com)
- “Greeks hold crunch austerity talks amid aid threat” and related posts (thenewspundit.com)
- “Spiegel Greek Hit Piece #2: Bailout Troika Finds “Greece Missed All Fiscal Targets” – Next Steps: Game Over?” and related posts (zerohedge.com)