Belmont Club

And It's Getting Better

Greek banks may be nearing complete collapse — CBS. “There are indicators that the run on Greek banks is already over, leaving many institutions near complete collapse.”

ECB Stops Loans to Some Greek Banks — Bloomberg. “The European Central Bank said it will temporarily stop lending to some Greek banks to limit its risk as President Mario Draghi signaled the ECB won’t compromise on key principles to keep Greece in the euro area.”

Is This What a Run on Greek Banks Looks Like? — Atlantic Wire. “Zero Hedge blogger Tyler Durden fears the worst as he passes along pictures of ATM lines in Greece. “A Greek banking system which is now virtually shut out of any extrenal funding except for the ELA, where it has a few billions euros in access left, will be unable to deal with hundreds of millions in deposit outflows,” he writes.”

Nah, it’s not a “bank run”. It’s a “bank jog” says Joseph Coterill at the Financial Times. “The amazing thing about the Greek banking system since 2009 is not just the 25 to 30 per cent of deposits that have left, but the 70-75 per cent which have stayed. They have stayed through two years of Greece transparently getting closer to leaving the euro and turning these deposits into drachma. We’re being serious. It’s a real challenge to prospect theory. Up to €170bn remained in banks at the end of March.” And at that rate it might take half a year to clean out every account.

There’s a lot of ruin in a country. But sooner or later the limit is reached. Well, what kind of tune to play now?

Once I believed that when love came to me
It would come with rockets, bells and poetry
But with me and you it just started quietly and grew
And believe it or not
Now there’s something groovy and good
About whatever we got
And it’s getting better
Growing stronger warm and wilder
Getting better everyday, better everyday

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