Wednesday, June 13, 2012

With Elections Around The Corner, Greeks Are Voting With Their Money

Greeks Withdraw $1 Billion a Day Ahead of Vote -- CNBC

Greeks pulled their cash out of the banks and stocked up with food ahead of a cliffhanger election on Sunday that many fear will result in the country being forced out of the euro.

Bankers said up to 800 million euros ($1 billion) were leaving major banks daily and retailers said some of the money was being used to buy pasta and canned goods, as fears of returning to the drachma were fanned by rumors that a radical leftist leader may win the election.

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My Comment: This money outflow tells me that a good number of Greeks are resigned to an outcome that will force Greece out of the Eurozone .... and the resulting financial stresses that it will produce.

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