And So It Begins – Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable
Is this the beginning of the end for the eurozone?
Image Credits: underclassrising.net.
Is this the beginning of the end for the eurozone?
For years, European officials have been trying to “fix Greece”, but
nothing has worked. Now a worst case scenario is rapidly unfolding, and
a “Grexit” has become more likely than not. On Sunday, the European
Central Bank announced that it was not going to provide any more
emergency support for Greek banks. But that was the only thing keeping
them alive. In order to prevent total chaos, Greek banks have been shut
down for at least a week.
ATMs are still open, but it is being reported that daily withdrawals
will be limited to 60 euros. Of course nobody knows for sure if or when
the banks will reopen after this “bank holiday” is over, so needless to
say average Greek citizens are pretty freaked out right about now. In
addition, the stock market in Greece is not going to open on Monday
either. This is what a national financial meltdown looks like, and the
nightmare that has been unleashed in Greece will soon start spreading to
much of the rest of Europe.
This reminds me so much of what happened in Cyprus. Up until the
very last minute, politicians were promising everyone that their money
was perfectly safe, and then the hammer was brought down.
The exact same pattern is playing out in Greece. For example, just
check out what one very prominent Greek politician said on television on Saturday…
“Citizens should not be scared, there is no blackmail,” Panos Kammenos, head of the