Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Calling a "Bank Holiday" until Friday can be translated into "We would be in the middle of a bank run and all it entails if we let it happen". Bank runs involve psychology. Once you think your hard earned savings are in jeopardy and you perceive that the govts./banks are lying to you, it's hard to turn that perception and psychology around. Wait till the Bank Holiday is over ... and look out.

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Mar 18th, 2013 at 01:23:11 PM EST
[ Parent ]
You said "in other countries", and that is what I referred to.
by Katrin on Mon Mar 18th, 2013 at 02:05:47 PM EST
[ Parent ]
Let's suppose I'm living in in Greece or Italy and I see this crap happening in Cyprus. Question: What kind of warning were the Cypriots given that all this nonsense was in the works? My read is ... none. They tried this theft on a Friday hoping most people would miss what was happening until the Cyprus politicians blessed the theft. Now Cyprus is trying to fend off a bona fide bank run. So, what's to stop this same crap from happening in Greece or Italy? Should the average citizen take a chance with their life savings if they don't need to? It's obvious this crap happens without any warning and that's the killer of confidence.

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Mar 18th, 2013 at 02:17:52 PM EST
[ Parent ]
The average citizen hasn't got much choice. Otherwise--as I said--anything, for instance finance ministers meeting, can trigger off a bank run. At present there isn't one, though, although we are quite agreed that confidence has been killed.
by Katrin on Mon Mar 18th, 2013 at 02:57:31 PM EST
[ Parent ]
Anyone can open up an account in a foreign country, no problem.

And bank-runs can't be triggered by some random political meetings, because people know that no matter what they will be protected by deposit insurance. Deposit insurance is a really good invention which has virtually eliminated bank-runs completely, so everyone is very careful to never ever jeopardize or question them in any way whatsoever.


Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Mon Mar 18th, 2013 at 04:58:42 PM EST
[ Parent ]


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