Wednesday, June 13, 2012

Whelp, It Appears as Though Greece Has Hit the Panic Button...AKA: Shit Hitting Fan, Run on Bank Style. A REAL Bummer of a Development, for Sure.

Another recent development in "watch the shit hit the fan, run on bank style" Greece NEVER fails to dissapoint with MORE BAD NEWS: Greek Bank Withdrawals Accelerate

ATHENS—Withdrawals by customers at Greek banks have been rising before Sunday's elections, two banking sources said Wednesday, reflecting growing unease among Greeks ahead of crucial national elections that could determine the country's future in the euro zone. (I'd be uneasy too...oh wait, I AM)
According to banking industry sources, the rate of withdrawals has been steadily inching upwards day by day approaching the level of deposit flight seen just over a month ago when government coalition talks collapsed in the aftermath of inconclusive May 6 elections that set off a fresh round of jitters and forced new polls later this month. (jittery much?  Here's some coffee. Should help.)
"There has been a deterioration in the situation in the past few days; I estimate that between €600 million euros ($750 million) and €900 million have been leaving the system per day," said a senior banker at one of Greece's leading lenders. (Whelp, smoke em if you got em...cause this shit storm ain't gettin' any better)
"As we approach the last few days before the elections I expect deposit withdrawals to rise further," he added. "And I wouldn't be surprised if by Friday we saw outflows of €1 billion to €1.5 billion." (TAKE the MONEY AND RUN...Steve Miller Band Agrees)

Officials from the central bank and the finance ministry could not be reached for comment.  (Ha, of COURSE NOT.  Why would they want to comment or provide any sort of clarity on a rapidly deteriorating situation that is affecting global financial markets and OUR potential to retire IN THIS LIFETIME? Nah, prolly off attending to more important what they're wearing tomorrow)
Hopes of retirement: Sinking fast.
So....word on the street is STILL:  Sell sell sell.  Short short short.  And bye bye retirement if Europe doesn't get their fucking act together.  Window of opportunity is closing here...just saying... A real bummer if you ask me.  Not that anyone did tho.
Remember this?  Titanic...Remember retirement?
Prospects are sinking rapidly....
While we re-arrange deck chairs...A sorry state of affairs.

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