If Greece defaults - page 15. | Bitcointalksearch.org

deisik

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Quote from: BillyBobZorton on June 23, 2015, 10:59:54 AM

Quote from: deisik on June 22, 2015, 11:40:46 AM

Greek banks seem to be imposing unofficial capital controls over deposit withdrawals after having lost €400 million over the weekend. The maximum amount is said to be €3,000 on walk-in withdrawals...

Quote

A commercial banker said about €400m had been withdrawn via ATMs over the weekend, bringing total outflows to €2bn between Friday and Sunday, a number confirmed by a central bank official.

http://www.zerohedge.com/news/2015-06-22/greek-banks-unofficially-limit-walk-withdrawals-%E2%82%AC3000-ft-reports

You said walk-in withdrawals. Which sounds as €3,000 each time you literally "walk-in". What does "walk-in" even mean in this context?

It was not me who first said about walk-in withdrawals, I just repeated in my words what I had read at the link I provided. So, I guess, everyone curious should go and read it. I think "walk-in" here means that you visit a bank in person and (try to) withdraw cash as opposed to wire transfers. In this manner, €3,000 obviously refers to the withdrawal limit per day...

Do you happen to live in Greece or ask just out of idle interest?

BillyBobZorton

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Quote from: deisik on June 22, 2015, 11:40:46 AM

Greek banks seem to be imposing unofficial capital controls over deposit withdrawals after having lost €400 million over the weekend. The maximum amount is said to be €3,000 on walk-in withdrawals...

Quote

A commercial banker said about €400m had been withdrawn via ATMs over the weekend, bringing total outflows to €2bn between Friday and Sunday, a number confirmed by a central bank official.

http://www.zerohedge.com/news/2015-06-22/greek-banks-unofficially-limit-walk-withdrawals-%E2%82%AC3000-ft-reports

You said walk-in withdrawals. Which sounds as €3,000 each time you literally "walk-in". What does "walk-in" even mean in this context?
As for putting limits, it's pretty easy in a country where lots of banks are nationalized, they can get away with custom "measures" such as imposing a withdrawing limit per person. Every bank account is attached to an ID citizen address.. so pretty easy to control.

Erdogan

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They managed to drag it out a few days more, with expanded ELA. God luck.

I see the folks in greece know that the government, the banks, the troika have failed them miserably, but they don't know what to do.

Underscore the private property rights.

Default, keep the euro, reduce taxes, sell off everything to people who have money at home or abroad, use the proceeds to pay the government until they can fire all the emloyees.

The euro is for a single country the currency most akin to sound money that realistically exists.

The Culture Department Incorporated, what an esthetic name.

GreenStox

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Quote from: deisik on June 22, 2015, 02:36:04 PM

Quote from: GreenStox on June 22, 2015, 02:12:57 PM

Quote from: deisik on June 22, 2015, 11:40:46 AM

Greek banks seem to be imposing unofficial capital controls over deposit withdrawals after having lost €400 million over the weekend. The maximum amount is said to be €3,000 on walk-in withdrawals...

Quote

A commercial banker said about €400m had been withdrawn via ATMs over the weekend, bringing total outflows to €2bn between Friday and Sunday, a number confirmed by a central bank official.

http://www.zerohedge.com/news/2015-06-22/greek-banks-unofficially-limit-walk-withdrawals-%E2%82%AC3000-ft-reports

3000€ /what? 3000€/day?

I can walk into a bank and witdhraw 3000€ then walk in 10 minutes later and withdraw 3000€ again, did i witdrawed more than the limit, no Cheesy

Yes, you "witdrawed" more than the limit. I think you'd better ask what's the difference between "official" and "unofficial" capital controls...

There has to be some sort of limit otherwise the bank is liable to pay me. I think many banks will get sued that way, but yea by the time the trial ends they will all be bankrupt lol.

lissandra

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Quote from: ?? on ??

Worry not about the greeks, its part of "the plan" around the World Central Banks to manipulate the Stock Markets and tilt it toward the "billionaires" and leave the "crumbs" for the less fortunate.
I would sit on my gas stocks and not buy any other stocks until the Fed gets out of Markets.. I think that is what the Wizards of Financial "hired guns," should do too.

Thats been going on though before bitcoin lol.

And before anything, theres always the few vs the many, except now we have more chances due to a digital age.

mrhelpful

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Quote from: yayayo on June 22, 2015, 07:42:41 PM

Quote from: bryant.coleman on June 21, 2015, 11:00:38 PM

Quote from: yayayo on June 21, 2015, 08:36:34 PM

Greece always had a living standard below most other European countries before gaining access to EU-funding, because Greece has a totally inefficient bureaucracy, high levels of corruption, and a socialist "work ethic".

You are generalizing things. For sure the living standards in Greece were lower than that in countries such as Germany and France, but it was much better when compared to the same in Bulgaria or Romania. Greece played its part, in subsidizing the entry of the Eastern European nations, such as Poland and Romania in to the EU. And Greece is not the only corrupt nation in the Europe. The same can be said about almost all the Eastern European countries.

Well I don't think that Bulgaria or Romania belong to the EU neither. The EU has expanded much too fast and did not care about their own economic standards that once were agreed upon to ensure stability. As a result now the entire EU can be held hostage by Greece due to their fear of contagion effects of Greece exiting their club.

As things seem to play out, we'll most likely see a continuation of Greece's debt orgy with official default delayed for a few more months.

ya.ya.yo!

I say that whole greece problem is going to stay.

Like anything in goverment or stupid public sector, nothing gets fixed and are very very slow.

yayayo

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Quote from: bryant.coleman on June 21, 2015, 11:00:38 PM

Quote from: yayayo on June 21, 2015, 08:36:34 PM

Greece always had a living standard below most other European countries before gaining access to EU-funding, because Greece has a totally inefficient bureaucracy, high levels of corruption, and a socialist "work ethic".

You are generalizing things. For sure the living standards in Greece were lower than that in countries such as Germany and France, but it was much better when compared to the same in Bulgaria or Romania. Greece played its part, in subsidizing the entry of the Eastern European nations, such as Poland and Romania in to the EU. And Greece is not the only corrupt nation in the Europe. The same can be said about almost all the Eastern European countries.

Well I don't think that Bulgaria or Romania belong to the EU neither. The EU has expanded much too fast and did not care about their own economic standards that once were agreed upon to ensure stability. As a result now the entire EU can be held hostage by Greece due to their fear of contagion effects of Greece exiting their club.

As things seem to play out, we'll most likely see a continuation of Greece's debt orgy with official default delayed for a few more months.

ya.ya.yo!

deisik

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Quote from: GreenStox on June 22, 2015, 02:12:57 PM

Quote from: deisik on June 22, 2015, 11:40:46 AM

Greek banks seem to be imposing unofficial capital controls over deposit withdrawals after having lost €400 million over the weekend. The maximum amount is said to be €3,000 on walk-in withdrawals...

Quote

A commercial banker said about €400m had been withdrawn via ATMs over the weekend, bringing total outflows to €2bn between Friday and Sunday, a number confirmed by a central bank official.

http://www.zerohedge.com/news/2015-06-22/greek-banks-unofficially-limit-walk-withdrawals-%E2%82%AC3000-ft-reports

3000€ /what? 3000€/day?

I can walk into a bank and witdhraw 3000€ then walk in 10 minutes later and withdraw 3000€ again, did i witdrawed more than the limit, no Cheesy

Yes, you "witdrawed" more than the limit. I think you'd better ask what's the difference between "official" and "unofficial" capital controls...

GreenStox

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Quote from: deisik on June 22, 2015, 11:40:46 AM

Greek banks seem to be imposing unofficial capital controls over deposit withdrawals after having lost €400 million over the weekend. The maximum amount is said to be €3,000 on walk-in withdrawals...

Quote

A commercial banker said about €400m had been withdrawn via ATMs over the weekend, bringing total outflows to €2bn between Friday and Sunday, a number confirmed by a central bank official.

http://www.zerohedge.com/news/2015-06-22/greek-banks-unofficially-limit-walk-withdrawals-%E2%82%AC3000-ft-reports

3000€ /what? 3000€/day?

I can walk into a bank and witdhraw 3000€ then walk in 10 minutes later and withdraw 3000€ again, did i witdrawed more than the limit, no Cheesy

deisik

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Merit: 1280

English ⬄ Russian Translation Services

Greek banks seem to be imposing unofficial capital controls over deposit withdrawals after having lost €400 million over the weekend. The maximum amount is said to be €3,000 on walk-in withdrawals...

Quote

A commercial banker said about €400m had been withdrawn via ATMs over the weekend, bringing total outflows to €2bn between Friday and Sunday, a number confirmed by a central bank official.

http://www.zerohedge.com/news/2015-06-22/greek-banks-unofficially-limit-walk-withdrawals-%E2%82%AC3000-ft-reports

AtheistAKASaneBrain

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Quote from: GreenStox on June 22, 2015, 10:07:37 AM

Quote from: manselr on June 21, 2015, 06:13:00 PM

Takeover by financial and economic means. Asphyxiation by debt upon debt. They should default on the debt as soon as possible, start printing Drachmas, and being creating jobs and rebuilding its economy, and say goodbye to their bureaucrat bosses.

I`m not sure if you exit from 1 puddle you want to enter in the next.

The money printing is the whole problem that made them indebted. Switching currency and doing the thing over again, i`m not sure it would be wise.

Obviously the ideal thing to do would be to start using a cryptocurrency to not end up in the same trap again, but that's expecting to much from the greeks and in general any goverment. We are way too ahead of the curve. The governments are not going to adopt Bitcoin because that would constitute losing a lot of control over their citizen's money (even tho the privacy in bitcoin kinda sucks unless you know your ways around it)

moneyflow

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Quote from: JackH on June 22, 2015, 08:35:24 AM

Eurogroup meeting is over

The eurogroup meeting has ended, after barely an hour.

That strongly suggests that very little progress has been made on the latest Greek proposals; and that means EU leaders won’t be in a position to sign off a deal at tonight’s summit.

Another nail to the coffin of Greece. This just happened 3 min ago.

Isn't that the same story all the time, these guys get together but never get to a point where something conclusive had been met , if something effective is not decided Greece will soon be into more trouble and this could mean more unemployment and the countries economy will take even more timre to recover than the current state which Greece is in.

GreenStox

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Quote from: manselr on June 21, 2015, 06:13:00 PM

Takeover by financial and economic means. Asphyxiation by debt upon debt. They should default on the debt as soon as possible, start printing Drachmas, and being creating jobs and rebuilding its economy, and say goodbye to their bureaucrat bosses.

I`m not sure if you exit from 1 puddle you want to enter in the next.

The money printing is the whole problem that made them indebted. Switching currency and doing the thing over again, i`m not sure it would be wise.

acquafredda

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Yes, still a lot of uncertainty.
Apparently the Eu is ok with Tsipras's plan but they want more time.

Such a mess...

JackH

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Eurogroup meeting is over

The eurogroup meeting has ended, after barely an hour.

That strongly suggests that very little progress has been made on the latest Greek proposals; and that means EU leaders won’t be in a position to sign off a deal at tonight’s summit.

Another nail to the coffin of Greece. This just happened 3 min ago.

bryant.coleman

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Quote from: yayayo on June 21, 2015, 08:36:34 PM

Greece always had a living standard below most other European countries before gaining access to EU-funding, because Greece has a totally inefficient bureaucracy, high levels of corruption, and a socialist "work ethic".

You are generalizing things. For sure the living standards in Greece were lower than that in countries such as Germany and France, but it was much better when compared to the same in Bulgaria or Romania. Greece played its part, in subsidizing the entry of the Eastern European nations, such as Poland and Romania in to the EU. And Greece is not the only corrupt nation in the Europe. The same can be said about almost all the Eastern European countries.

yayayo

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Quote from: manselr on June 21, 2015, 06:13:00 PM

Greece is has been for long a long time now too far over indebted to scammer lenders that demand that THEY run the county. This is the total theme of the troika. Takeover by financial and economic means. Asphyxiation by debt upon debt. They should default on the debt as soon as possible, start printing Drachmas, and being creating jobs and rebuilding its economy, and say goodbye to their bureaucrat bosses.

Greece is indebted, because it spent more money than it could afford. Greece used forged statistics to gain access to the EU, while in fact the country did not fulfill the economic stability criteria starting from day one. Greece always had a living standard below most other European countries before gaining access to EU-funding, because Greece has a totally inefficient bureaucracy, high levels of corruption, and a socialist "work ethic".

So it's pretty clear that Greece should leave the Eurozone, because it should never have become a member in the first place. Of course the Greek people do not want that, because it would cut off their permanent life support provided from taxpayers in more productive countries.

ya.ya.yo!

manselr

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Greece is has been for long a long time now too far over indebted to scammer lenders that demand that THEY run the county. This is the total theme of the troika. Takeover by financial and economic means. Asphyxiation by debt upon debt. They should default on the debt as soon as possible, start printing Drachmas, and being creating jobs and rebuilding its economy, and say goodbye to their bureaucrat bosses.

GreenStox

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I was watching TV and it is now imminent, and probably inevitable that the GREXIT will happen, greece will default and probably the bank dominoes will fall down 1 by one.

Then the house of cards phony economy with it. When does the debt come due in Thursday?

aso118

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Quote from: bryant.coleman on June 21, 2015, 07:27:59 AM

Doesn't matter. Almost everyone have withdrawn their savings (in the form of €500 notes) from the Greek banks (and very few Greeks are having any savings at all). Once bitten, twice shy. People have learnt the lesson from the Cyprus haircut. They are never going to trust the bankers with their hard earned money again.
http://www.businessinsider.com/greeks-withdrawing-cash-from-banks-as-eurozone-exit-looms-2015-6

They probably will be hit with additional taxes to fund the Greek government's follies, in any case.
Even if they manage to withdraw their money in the form of Euros, in case of a Grexit, they may have to exchange Euros for Drachmas or a new currency. The government might rip them off using the exchange rate.

Topic: If Greece defaults - page 15. (Read 45224 times)