Tip of the hat to Rantburg citizen and reader Dale.
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.
With disarming honesty, the central banker explained to the lawmakers why the Greek economy isn't managing to recover from a recession that has gone on for three years now: "Our banking system lacks the scope to finance growth."
He means that the outflow of funds from Greek bank accounts has been accelerating rapidly. At the start of 2010, savings and time deposits held by private households in Greece totalled 237.7 billion -- by the end of 2011, they had fallen by 49 billion. Since then, the decline has been gaining momentum. Savings fell by a further 5.4 billion in September and by an estimated 8.5 billion in October -- the biggest monthly outflow of funds since the start of the debt crisis in late 2009.
The raid on bank accounts stems from deep uncertainty in Greek households which culminated in early November during the political turmoil that followed the announcement by then-Prime Minister Georgios Papandreou of a referendum on the second Greek bailout package.
Papandreou withdrew the plan and stepped down following an outcry among other European leaders against the referendum, and a new government was formed on Nov. 11 under former central banker Loukas Papademos. That appears to have slowed the drop in bank savings, at least for the time being.
Nevertheless, the Greeks today only have 170 billion in savings -- almost 30 percent less than at the start of 2010.
The hemorrhaging of bank savings has had a disastrous impact on the economy. Many companies have had to tap into their reserves during the recession because banks have become more reluctant to lend. More Greek families are now living off their savings because they have lost their jobs or have had their salaries or pensions cut.
In August, unemployment reached 18.4 percent. Many Greeks now hoard their savings in their homes because they are worried the banking system may collapse.
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. "There is a lot of uncertainty," says Panagiotis Nikoloudis, president of the National Agency for Combating Money Laundering.
The banks are exploiting that insecurity. "They are asking their customers whether they wouldn't rather invest their money in Liechtenstein, Switzerland or Germany."
Nikoloudis has detected a further trend. At first, it was just a few people trying to withdraw large sums of money. Now it's large numbers of people moving small sums. Ypatia K., a 55-year-old bank worker from Athens, can confirm that. "The customers, especially small savers, have recently been withdrawing sums of 3,000, 4,000 or 5,000. That was panic," she said.
Might be all they have...
Marina S., a 74-year-old widow from Athens, said she has to be extra careful with money these days. "I have no choice but to withdraw money from my savings," she said.
The shrinking Greek bank deposits compare with bank loans totalling 253 million. Analysts say the share of bad loans could rise to 20 percent next year, or 50 billion, as a result of the recession. This in turn will worsen the already pressing liquidity problems faced by Greek banks.
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."
Continued on Page 47
Posted by: Steve White ||
12/06/2011 17:05 ||
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#1
Only the stupid ones, the smart ones did it long ago.
#2
From the otherwise laughable OWS people, I noted something very serious when they tried one of their little didoes. A meager group of about 20 of them went to a major CITI branch, to as a group withdraw their savings.
Importantly, they were dressed and behaved politely when they did so, which was odd in itself.
But the reaction by the bank branch was anything but funny. I should say, gross overreaction. They not only mustered their bank security people, but also called the police. And then they locked their customers *in* the bank.
One woman standing outside looking in the window was actually strong armed *into* the bank so that she could be detained as well.
They were *not* arrested, but they were not free to leave, either. And then, under armed scrutiny they were allowed to withdraw their savings and were let out of the door one at a time.
The whole thing was videotaped by one of their confederates who was outside the bank but was not detained.
To me, this suggested a contingency plan against a bank run, and a plan with the full cooperation, and maybe coordination, with the local police authorities.
Now granted, congress recently changed the law so that banks may on their own declare a bank holiday, even for demand deposits, which were formerly sacrosanct. But detaining people, that is over the top, and very troubling.
Yet again, this seems a very good reason to slowly withdraw enough funds to keep as "mattress money", so that if there is a bank crisis, you will not be left destitute, and now, at the point of a gun.
#3
congress recently changed the law so that banks may on their own declare a bank holiday
Most of the pages I look at when I open a savings or checking account, have included that proviso for some years now. I'm not aware that it was a recent change.
History provides every American with a highly significant event: when the federal government confiscated private gold supplies (aka 'buying' them at a set rate, then resetting the rate at a disadvantage to the original owners), the robbery was declared lawful & constitutional by the US Supreme court.
Norway is suffering from an unprecedented wave of rapes that are largely being perpetrated by Muslim immigrants against local women, according to Yehuda Bello, an acclaimed Israeli blogger whose special interests include Norway.
Bello reports that from January to late October, 48 rapes were confirmed to have been carried out in Oslo alone, 45 of them by Muslims. In the first six months of 2011, 208 Norwegian women complained of rape and attempted rape in Oslo alone. In all of Norway, 929 rapes and attempted aggravated rapes were reported since the beginning of the year, he adds.
Bello notes that Norway is "the most advanced country in the world in granting rights to women." However, he adds, the "politically correct rot" prevents the rape wave by Muslims from being reported. "They are called 'non-western,' 'dark skinned,' 'Middle Eastern' et cetera."
After a police report in Oslo said that Muslims were raping Norwegian women out of a religious conviction that this was the proper thing to do, a stormy public debate erupted, reports Bello, and "the government ministers, most of them avowed anti-Semites, claimed that the report and its publication serve Israel and its policy of occupation."
Bello says women do not dare venture out of their homes after dark in many parts of Oslo and that many have even dyed their hair black, out of the conviction that blond hair is more alluring to the rapists. Some carry tear gas, although this is against the law.
Continued on Page 47
#3
To hell with the stupid bastards. This is a stew of their own making. They will find the courage to throw out the PC appeasers, or they will perish. I do not care.
Posted by: Whiskey Mike ||
12/06/2011 7:59 Comments ||
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#4
Oslo women need to start carrying and using shanks.
Posted by: Steve White ||
12/06/2011 8:02 Comments ||
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#5
If by "shank" you mean Smith & Wesson, then I agree.
#6
I might mention that leaders such as this were the people "insane" Anders Behring Breivik tried to stop, by eliminating their next generation, the "Workers' Youth League".
#7
Old news rehashed. This has been a problem for several years. Hundreds of thousands of all nationalities work in various industries of Norway. They will hire thousands more to support the growth of industry that is the envy of many. Many of the youth of Europe who want to work are flocking to Norway now. The Norwegian women go out in pairs during the day and stay in at night.
That's what they are doing I'm told. They are looking at ways to control this problem now. Very difficult to establish yourself on land in Norway.
Land is passed down generation after generation. The Muslim even now are having trouble finding land to bury those who die there. When you attack Norway you attack other countries in this area of the world. They are closely connected in many ways. Iceland for example speaks the true Norwegian language. The issues spoken of in Norway exist in many parts of the world. Remember they do allot of good in the world as does the USA but it is so easy to attack rather than build.
#9
Hundreds of thousands of all nationalities work in various industries of Norway.
Yeah right, but strangely it is not slovenes who are raping women but those whose religion tells them they are the master race and are allowzed to enslave and rape kafir women just like their prophet did.
#10
Dale Norway has only 4.7m people but more land than Poland, which has 38m people. The difference is that only 4% of Norway is arable land, compared to about a third of Poland.
#11
My experience is limited with these people. I can tell you they are very hard working strong minded people. Very competitive. Land is scarce, one farm has a bed and breakfast that has been in the family for 700 years. The oldest boy inherits the farm and the others stay or move out. Many came to the USA because of the land problems. I recall one 19 year old sailed over by himself years ago. So yes, they have a mind of their own and they are adventurous. They keep these traits even here.
Active in the World Bank, Nobel peace prize, Sports, Industry and pride in their country. Yes, I don't understand why some there view Israel so poorly. Perhaps it is because they have more dealings with the Arab in their own country. The Swiss are brothers with Norway. I haven't heard much on this subject regarding the Swiss. Perhaps the same thing is happening there.
#12
SteveS, no, the bulk of the vikings came from that region but left to conquer and explore. The bold ones probably didn't return leaving the gene pool a bit squisher.
Hey, I resemble that remark! But seriously, this is an interesting observation: the bulk of the vikings came from that region but left to conquer and explore. The bold ones probably didn't return
When dealing with Europeans, I often find their rampant anti-Americanism amusing given that we are them; we are the ones that left, whether for adventure, fortune, to avoid prosecution, or maybe we were just tired of the neighbors. In any case, they stayed home and we went off to the New World. You can see the results for yourself.
#15
I worked with the Norwegians as a USN logistics manager for the Norway-produced Penguin anti-ship missile; a rather unique and nasty little beastie, and, for most purposes, a joint reverse-FMS naval weapons program . The Norwegians were highly technically competent and gregarious members of our joint Team, but in the end , they were treated shabbily by us in a contract quantity deliverable dispute.
OBTW: There was also an air-to-surface variant of the Penguin in the P-3 Patrol Community. The PENGUIN was a BAD little Whammer-Jammer. RIP.
#16
When dealing with Europeans, I often find their rampant anti-Americanism amusing given that we are them; we are the ones that left
When we lived in Europe there were cousins we did not call upon, because they had still not forgiven my grandmother for moving to America after the war. I do not understand, because quite a few of my mother's generation, including her half sister, had moved abroad, including to America, when things started getting ugly in the '30s.
Grease Jith3343, I've heard rumours that we might be imperfect... Mr. Wife has on occasion mentioned that people sometimes make bad decisions when they try for the last penny when working contracts. "So clever, if he were a knife he'd cut himself," which sounds like what you're describing. :-(
#17
Apologies to All, I originally meant to add to the previous post that manhood in Norway has obviously devolved to an unprecedented, perverse degree...KEWL! It's Gay!. Just go ahead and commit mass national suicide--The prime euro-trash stairway to esophageal heaving.
These sand-gerbils, thanks to WWW Moo-Slimeic Political correctness and gay male genuflection, butt-thrusting have brought us to where we are today. They will Repent, under the Blood of Jesus Christ or will burn and scream for Mercy eternally in Hell.
[Dawn] Activists from environmental group Greenpeace managed to sneak into a French nuclear power plant on Monday in what they said was a bid to highlight the dangers of atomic energy.
In a statement, Greenpeace said some members had entered the nuclear site at Nogent-sur-Seine, 95 kilometres (60 miles) southeast of Gay Paree, to "spread the message that there is no such thing as safe nuclear power."
Eight activists entered the power station site, according to a French police source, who added that some of the intruders had already been apprehended.
"A group of hard boyz managed to climb on to the dome of one of the reactors, where they unfurled a banner saying 'Safe Nuclear Power Doesn't Exist'," said Greenpeace front man Axel Renaudin.
"The aim is to show the vulnerability of French nuclear installations, and how easy it is to get to the heart of a reactor," said Sophia Majnoni, a Greenpeace nuclear expert.
She denounced a government security audit of French nuclear plants as "a communications exercise which does not take into account risks already identified in the past and does not learn the lessons of Fukushima," the Japanese nuclear plant that was crippled by an earthquake and tsunami.
The Nogent-sur-Seine plant, run by the EDF energy company, was chosen by Greenpeace because it is the nearest plant to Gay Paree, Greenpeace said.
Officials at EDF would not immediately comment on the incident.
French Industry Minister Eric Besson said that if the dawn intrusion was confirmed it would indicate a dysfunction in the plant's security system.
"If an enquiry confirms (the break-in) that would mean that there has been a dysfunction and that measures must be taken to ensure that it doesn't happen again," the minister said in French radio.
"Maybe they succeeded in doing this. That surprises me because our power stations are well guarded," Besson said.
Henri Guaino, an advisor to President Nicolas Sarkozy ...23rd and current President of the French Republic and ex officio Co-Prince of Andorra. Sarkozy is married to singer-songwriter Carla Bruni, who has a really nice birthday suit... , said the activists'move was "irresponsible" but raised questions about security at nuclear plants.
"It was irresponsible on their part," he told BFMTV. "But this does make one think about the security of access to nuclear power plants. Conclusions must be drawn from this."
Greenpeace's action came as UN climate talks entered their second week in South Africa.
Near the Durban conference site six Greenpeace campaigners were placed in long-term storage as they tried to hang a banner reading "Listen to the People, not the Polluters" at a hotel where a "Global Business Day," hosted by business organizations, was taking place.
Continued on Page 47
Posted by: Fred ||
12/06/2011 00:00 ||
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#1
I said it yesterday, I hope they all glow in the dark, forever.
Posted by: Redneck Jim ||
12/06/2011 10:01 Comments ||
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#2
Since it's Christmas I'll sing it. "Oh the Greenpeace is active,
they want to be radioactive,
As they climb up on the dome,
Let them glow, let them glow, let them glow."
Posted by: Deacon Blues ||
12/06/2011 19:14 Comments ||
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A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
