A lot is being made in the news of bank runs in Greece. How Greeks are pulling millions out of the bank daily but I see no evidence of this. Banks are functioning normally and there is no panic.
Greek have been living under the threat of a banking panic for 7 years now.
You can say Greeks become desensitized to the whole idea. Greeks have had 7 years to start drawing down their bank accounts, you would not expect there to a panic now and there isn’t.
Daily you have politicians on Greek TV saying that there are runs on banks yet there are none.
It is almost as if the Greek politicians are trying to create a panic but the public are simply not biting.
If bank runs in Greece were a reality I am positive you would have politicians in the news saying there is no problem and everything is under control. Or you would simply not get a comment.
Again, the idea of bank runs is being pumped up like the country is in some sort of panic.
It isn’t. 7 Years of constant threat of a government default has desensitized the population.
And the topic of #grexit is a complete farce.
There is simply no way it is going to happen. The people who are lending to the Greek government are on to too much of a good thing.
Sure the principle has increased but they can print that out of thin air.
What the banks really care about is the interest and they are raking in through the astronomical tax increases that have been imposed in Greece.
There is no way the Greek government’s creditors are going to cut off this revenue stream. They will keep the charade going as long as Greeks have savings which they can deplete/seize.