And there we have it. Folks ARE starting to get out of their flawed currencies. But are they just moving their Euros into other European banks? Or are they exiting the Euro entirely? If so, exiting the Euro in exchange for
what???
This article at least gives us a hint of what's going on over there. And of what will eventually be going on over HERE.
My long-term prediction? World War III... within 15 years. Civil wars breaking out within 3 - though I guess that isn't much of a prediction since we could say that Libya and Egypt have experienced civil wars ALREADY.Egypt and Libya, however, aren't in the EU. Somehow, their internal problems aren't as disconcerting as I think it will be when similar violence erupts in Portugal or Italy.
12/06/2011
Euro Crisis Uncertainty
Anxious Greeks Emptying Their Bank Accounts
By Ferry Batzoglou in Athens
A branch of the Greek central bank. Bank deposits are falling rapidly.
Many Greeks are draining their savings accounts because they are out of work, face rising taxes or are afraid the country will be forced to leave the euro zone. By withdrawing money, they are forcing banks to scale back their lending -- and are inadvertently making the recession even worse.
Georgios Provopoulos, the governor of the central bank of Greece, is a man of statistics, and they speak a clear language. "In September and October, savings and time deposits fell by a further 13 to 14 billion euros. In the first 10 days of November the decline continued on a large scale," he recently told the economic affairs committee of the Greek parliament.
.
.
.
Those who can are trying to shift their funds abroad. The Greek central bank estimates that around a fifth of the deposits withdrawn have been moved out of the country.
.
.
.
Nikos B., a doctor in the Greek military, has had enough of the never-ending crisis his country is going through. While the 31-year-old has a secure job, repeated salary cuts have made it increasingly hard for him to make ends meet.
He needs most of his money to make loan repayments for a small car. "How can I clear my account? There's hardly anything in it," he says. He started learning German two months ago and wants to leave Greece. "As soon as possible!"
Nikos pauses and looks down. He quietly utters words that must be painful for a proud Greek. "It would be best to change nationality."
More: http://www.spiegel.de/international/europe/0,1518,802051,00.html
| 
