Greek banks are down to their final 500 million euros | Forex Factory

  • Greek banks are down to their final 500 million euros

    From businessinsider.com

    Greek banks are down to their 500 million euros. Writing in The Telegraph on Thursday, Ambrose Evans-Pritchard cites the head of the Hellenic Chambers of Commerce, who told The Telegraph that, "We are reliably informed that the cash reserves of the banks are down to €500m. Anybody who thinks they are going to open again on Tuesday is day-dreaming. The cash would not last an hour." Greek banks are currently closed and the government has implemented capital controls limiting the amount of money people can take out of ATMs. Banks are set to remain closed through at least next Monday. Currently, the European Central ... (full story)

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Abhimanyu
Jul 2, 2015 4:53pm — Edited
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All the money is still there. Just changed the residence. Instead of sitting in a bank vault, it is now sitting in a pillow cover. I did not hear of any money being burnt.

Just a couple of weeks ago, reports said there were something like 132 billion euro on deposit at banks. Where did it go?
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TheTopBloke
Jul 2, 2015 4:22pm
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Oh they're talking paper. I thought they were capitalized at approx $120B Euros.

So what's that, levered paper to electrons by 240 to 1? So, the $20 bill in my pocket is really worth $4800 when the world ends? That's not bad. That $60 a day they're limited to must go real far now.
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Sniper2000
Jul 2, 2015 4:04pm
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and they broke into their piggy bank too. Bugger!!!!!
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Sniper2000
Jul 2, 2015 5:06pm
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into the german banks!!!!!!!!!!
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