- Online School
- About Us
- Contact Us
12.05.15 - The Bank Runs in Greece Will Soon be Followed by Bank Runs in Other European Nations
Summary: People in Greece are withdrawing their euros from the bank in anticipation of total collapse.
|Share with others:||
The bank runs that we are watching right now in Greece are shocking, but they are only just the beginning. Since May 6th, nearly one billion dollars has been withdrawn from Greek banks. For a small nation like Greece, that is an absolutely catastrophic number. At this point, the entire Greek banking system is in danger of collapsing. If you had money in a Greek bank, why wouldn't you pull it out?
If Greece leaves the euro, all euros in Greek banks will likely be converted to drachmas, and the value of those drachmas will almost certainly decline dramatically. In fact, it has been estimated that Greek citizens could see the value of their bank accounts decline by up to 50 percent if Greece leaves the euro. So if you had money in a Greek bank, it would only make sense to withdraw it and move it to another country as quickly as possible. And as the eurozone begins to unravel, this is a scenario that we are going to see play out in country after country. As member nations leave the eurozone, you would be a fool to have your euros in Italian banks or Spanish banks when you could have them in German banks instead. So the bank runs that are happening in Greece right now are only a preview of things to come. Before this crisis is over we are going to see bank runs happening all over Europe.
Although we strive to provide you with relevant and reliable information on this news blog, the views and opinions expressed in the news stories posted on this blog do not necessarily reflect the opinion of Amazing Discoveries. The AD News Blog is intended only as a service to provide you with interesting end-time related news or to keep you abreast of events and attitudes of our current day. The postings are not intended to be an official statement or recommendation of Amazing Discoveries. The reader should make his or her own judgment as to the usefulness of the information provided here.