Friday, May 29, 2015
The Tepid Run on Greek Banks
Bloomberg reports that "Greek Bank Deposits Bleeding Worsens in April." According to the article, Greek private sector deposits have fallen over 100 billion Euros since their peak in 2009. Frankly, I'm surprised that more money hasn't been withdrawn. Right now the Greeks can withdraw their money denominated in Euros. However, if Greece defaults on its IMF loans, much of that money may be seized; and it is possible that it will be replaced with valueless Greek Drachmas (or whatever Greece decides to call its future currency) if Greece is forced to withdraw from the monetary union.
I post a lot about the decline of our civilization, including topics about declining morality, the war on fathers and the traditional f...