It’s on. The financial doom and gloom that’s been predicted for months, and perhaps years, is starting to rear its head – beginning in Europe.
Greek depositors withdrew €700 million ($898 million) from local banks Monday, according to President Karolos Papoulias, as he warned that the situation facing Greece’s lenders was very difficult.
Papoulias said he got the information from the head of the Bank of Greece, the central bank, George Provopoulos.
Greece is now at the brink of an exit (or “Grexit”) from the European Monetary Union (EMU) and may be on the verge of the final collapse.
A Greek banking system which is now virtually shut out of any extrenal funding will be totally unable to deal with hundreds of millions in deposit outflows.
This may be the beginning of the end for Greece.
Here are exclusive photos of the first Greek ATM lines…
More in the video below.
- Attempt to Form New Greek Government Collapses… President Papoulias to Call New Elections (02varvara.wordpress.com)
- Greece Bracing For New Election After Coalition Talks Collapse (ibtimes.com)
- Greek Coalition Talks Fail, New Elections Next (news.firedoglake.com)
- Greek president proposes government without politicians; left to vote against – Toronto Star (thestar.com)