Greece Drawing Up Plans To Nationalize It's Banks

The Telegraph: Greece draws up drachma plans, prepares to miss IMF payment

'We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,' says senior Greek official

Greece is drawing up drastic plans to nationalise the country's banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands.

Sources close to the ruling Syriza party said the government is determined to keep public services running and pay pensions as funds run critically low. It may be forced to take the unprecedented step of missing a payment to the International Monetary Fund next week.

Greece no longer has enough money to pay the IMF €458m on April 9 and also to cover payments for salaries and social security on April 14, unless the eurozone agrees to disburse the next tranche of its interim bail-out deal in time.

WNU Editor: This reveals how messed up Greece really is .... on April 2 they said they had no money .... Exclusive: Greece tells creditors it will run out of cash on April 9 (Reuters) .... today .... they have the money .... Greece says it will make €450m bailout repayment to IMF on time (The Guardian). And in this mix ... there is now talk on nationalizing the banks. I pity the Greeks .... the idea that an institution like the Greek government would have complete control over access of my hard earned money .... I would bail out ASAP.