Greek Banks Partially Opened Today. Besieged By Thousands Of Pensioners Clamoring For Cash

Zero Hedge: "Heartbreaking" Scene Unfolds At Greek Banks As Pensioners Clamor For Cash

1,000 Greek bank branches chanced a stampede in order to open their doors to the country's retirees on Wednesday.

The scene was somewhat chaotic as pensioners formed long lines and the country’s elderly attempted to squeeze through the doors in order to access pension payments.

As Bloomberg reports, payouts were rationed and disbursals were limited according to last name. Here’s more:

It’s a day of fresh indignities for the people of Greece.

About a third of the nation’s depleted banks cracked open their doors after being closed for three days. But all they did was ration pension payments, hours after the country became the first advanced economy to miss a payment to the International Monetary Fund and its bailout program expired.

On the third day of capital controls, a few dozen pensioners lined up by 7 a.m. at a central Athens branch of the National Bank of Greece, an hour before opening time. They were to receive a maximum of 120 euros ($133), compared with the average monthly payment of about 600 euros. Many left with nothing after the manager said only those with last names starting with the letters A through K would get paid.

“Not only will I have to queue for hours at the bank in the hope of getting 120 euros, but I’ll have a two-hour round trip,” said Dimitris Danaos, 77, a retired local government worker who was making the bus journey from his home outside the Greek capital to the suburb of Glyfada.

WNU Editor: I saw the same thing happen in Russia when many Russian banks failed in the economic collapse of the 1990s. Desperate pensioners by the hundreds lining up in front of banks that had no money to give out .... sighhh ..... those are memories that I will never forget. Flash forward to today .... and seeing the same thing happening in Greece right now .... and knowing too well that it is going to get worse .... this is not going to end well.

Update: This photo gallery from the Daily Mail says it all .... Show us the money! Pensioners push each other out of the way to collect their cash as Greece finally caves in to creditors' demands... and immediately asks for a hand-out as well (Daily Mail).