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|Subject: Fill yer boots||Date: 14/05/2012 09:17|
|Author: loglorry||Number: 2289 of 7451|
No not buy stocks but if you are Greek then fill up the boot of your Greek car with any kind of hard euro currency you can get and drive to Germany/France. Why oh why not? I just can't fathom why the Greek banks are not suffering a massive run right now (or maybe they are). Anyone with a greek credit card should max it out and take the money out in cash and drive to Germany open an account and deposit the Euros. Furthermore, if I was a Greek corporate with an Overdraft facility or cash on deposit I'd be getting it out as fast as humanly possible and getting on deposit in Switzerland or elsewhere.
Personally I think the EZ will hold (just) but the odds are certainly not all that good. JP Morgan give Greexit 30-50%. One can assume a devaluation of say 70% if it does happen so any debts/deposits you have in Greek euros will be devalued by 70% with up to 50% chance.
Why on earth then would you keep any money in Greece right now.
But I see no reports yet of bank runs or similar. I can only conclude that
a) all the money that can go has already gone.
b) nobody has any spare money on deposit and/or credit available.
c) people are still oblivious.
On a different subject if I was campaigning now against Syriaz I'd just keep hammering home the fact that if they get in and go back to the Drachma then everyone will loose most of their savings. What worries me a little though is that perhaps a) above has happened in which case all the Greeks will be very happy to devalue to get rid of debts then will just move their money back. Perhaps Was and I have got this wrong! Ummmmm.
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