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  1. #1
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    Default How long until Greece exits the EU?

    Bank Runs in Greece, $700 Million Euros pulled from accounts.

    http://www.cnbc.com/id/47428134

    Stocks faded in the final hour of trading Tuesday to finish lower following news that Greek depositors withdrew 700 million euros from the nation's banking system and after Greece's leaders failed to agree on a coalition government.

    The S&P 500 closed at 3-month lows, while the Dow logged its ninth loss in the last 10 sessions. Major averages are on pace for their biggest monthly losses since last September.

    "I think people need to prepare for the eventual removal of Greece from the EU and investors are getting ahead of that before they're forced to," said Matthew McCormick, vice president and portfolio manager at Bahl & Gaynor Investment Counsel on CNBC's "Closing Bell." "It's a political market and an event-driven market."

  2. #2
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    I'd hardly call 700 million dollars a bank run, but, this is Greece we're talking about...so...

  3. #3
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    Isn't the discussion about Greece leaving the Eurozone, not the EU? In any case I'd except them to leave the Eurozone before the EU.
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  4. #4

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    They aren't leaving the eurozone. They won't and can't be forced out, and exiting voluntarily would be a shot in their own foot.
    Last edited by Emolas; 05-16-2012 at 06:05.

  5. #5
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    Quote Originally Posted by [LoD] EE View Post
    Bank Runs in Greece, $700 Million Euros pulled from accounts.

    http://www.cnbc.com/id/47428134

    Stocks faded in the final hour of trading Tuesday to finish lower following news that Greek depositors withdrew 700 million euros from the nation's banking system and after Greece's leaders failed to agree on a coalition government.

    The S&P 500 closed at 3-month lows, while the Dow logged its ninth loss in the last 10 sessions. Major averages are on pace for their biggest monthly losses since last September.

    "I think people need to prepare for the eventual removal of Greece from the EU and investors are getting ahead of that before they're forced to," said Matthew McCormick, vice president and portfolio manager at Bahl & Gaynor Investment Counsel on CNBC's "Closing Bell." "It's a political market and an event-driven market."
    I think you need to understand that all major news agencies are driven by the same central news "producer" owned by very few high up there, having the means to legally commit insider trading.
    For insider trading to be profitable, you need a lot of up an downs. And this is exactly what the news are supposed to do. Nothing can create market fluctuations better than terribly bad or terribly good news (depending on the pov).
    Unfortunately for the average joe, who gets his news just like anyone else, postponed, there is not much he can gain.
    The sooner you can get access to mass media news, before they are out to the public, the better you will fare on the stock market, if you know how THE MASSES owning stocks (not yourself) will interpret those news. (on average)

    To finish this. It does not matter if the news are true or false, half-true, leaving out important facts etc. All that matters is for those news to reach a broad audience. The effects are inevitable.
    Last edited by pZombie; 05-16-2012 at 06:17.

  6. #6
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    Quote Originally Posted by Kay Rica View Post
    I'd hardly call 700 million dollars a bank run, but, this is Greece we're talking about...so...
    that's almost a billion, wtf are you talking about?

    They aren't leaving the eurozone. They won't and can't be forced out, and exiting voluntarily would be a shot in their own foot.
    They better leave on their own or I believe Germany will have invasions plans before long, again (bis).
    Last edited by Amelia Del; 05-16-2012 at 07:15.
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  7. #7
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    didnt you say 6 months ago that greece would leave the eu tomorrow.. yes u did
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  8. #8

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    EU and EMU are not the same. Greece might or might not leave the EMU.

    EU, EMU and the Schengen agreement are three different things.
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    A couple of things worth considering that are not usually mentioned in the media (the reason being that the media, at least here in Greece, are controlled by businessmen that do business with the state).

    The European Union cannot force Greece to exit without the consent of the Greek government. Even if the EU wanted to force Greece out, it has to get the vote of all the other countries. Do you think that Italy, Spain, Ireland, Portugal and most of all France, will agree with the Germans when those states themselves have the same financial problems as Greece does?

    Have you thought what the consequences would be for the European Union in general if one of the states was forced to exit and stop using the Euro as its currency? Even if a state as small as Malta stopped using the Euro, the whole economic system of Europe would collapse.

    Also, have in mind that even if the "Greece out" scenario comes to fruition, it would take many years for the decision to be finalized and signed. Schengen was decided 13 years ago and it just now is officially in effect.

    I could say many things about my country, the misinformation, the false accusations, the unjust measures that are forced upon my people. Feel free to ask. But, since you like to watch videos on youtube, you can start by watching this documentary, which will give you many answers:

    http://www.youtube.com/watch?v=uoNjVMhmBfM

  10. #10
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    Solution.

    Leave the EU/Euro. Throw out all banks. Create a REAL NATIONAL BANK. Print the currency without interest for your national purposes. Watch your country blossom.

    The end.

  11. #11
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    Quote Originally Posted by Bissen View Post
    Solution.

    Leave the EU/Euro. Throw out all banks. Create a REAL NATIONAL BANK. Print the currency without interest for your national purposes. Watch your country blossom.

    The end.
    This, except currency valuation on the international markets but still better

    Also I have it on good authority that EMU is a bird.
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  12. #12

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    Quote Originally Posted by Unuldur View Post
    A couple of things worth considering that are not usually mentioned in the media (the reason being that the media, at least here in Greece, are controlled by businessmen that do business with the state).

    The European Union cannot force Greece to exit without the consent of the Greek government. Even if the EU wanted to force Greece out, it has to get the vote of all the other countries. Do you think that Italy, Spain, Ireland, Portugal and most of all France, will agree with the Germans when those states themselves have the same financial problems as Greece does?

    Have you thought what the consequences would be for the European Union in general if one of the states was forced to exit and stop using the Euro as its currency? Even if a state as small as Malta stopped using the Euro, the whole economic system of Europe would collapse.

    Also, have in mind that even if the "Greece out" scenario comes to fruition, it would take many years for the decision to be finalized and signed. Schengen was decided 13 years ago and it just now is officially in effect.

    I could say many things about my country, the misinformation, the false accusations, the unjust measures that are forced upon my people. Feel free to ask. But, since you like to watch videos on youtube, you can start by watching this documentary, which will give you many answers:

    http://www.youtube.com/watch?v=uoNjVMhmBfM
    infowars? please tell me this is not related to that crackpot alex jones.

    edit: It has slavoj zizek at least
    Last edited by Wufiavelli; 05-16-2012 at 12:35.

  13. #13

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    So the Eurozone are the countries that use the euro, and it's a different entity than the EU? Does that mean any country can use the euro without joining the EU?
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  14. #14
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    Quote Originally Posted by Unuldur View Post
    A couple of things worth considering that are not usually mentioned in the media (the reason being that the media, at least here in Greece, are controlled by businessmen that do business with the state).

    The European Union cannot force Greece to exit without the consent of the Greek government. Even if the EU wanted to force Greece out, it has to get the vote of all the other countries. Do you think that Italy, Spain, Ireland, Portugal and most of all France, will agree with the Germans when those states themselves have the same financial problems as Greece does?

    Have you thought what the consequences would be for the European Union in general if one of the states was forced to exit and stop using the Euro as its currency? Even if a state as small as Malta stopped using the Euro, the whole economic system of Europe would collapse.

    Also, have in mind that even if the "Greece out" scenario comes to fruition, it would take many years for the decision to be finalized and signed. Schengen was decided 13 years ago and it just now is officially in effect.

    I could say many things about my country, the misinformation, the false accusations, the unjust measures that are forced upon my people. Feel free to ask. But, since you like to watch videos on youtube, you can start by watching this documentary, which will give you many answers:

    http://www.youtube.com/watch?v=uoNjVMhmBfM
    Anyway, the austerity will and have to be upon you....sorry, there is no other way. If you dont accept it or avoid it like now(no government formed and stuff like that), it will have to be in forced.
    You need UE more then UE needs you, if the population dont accept that .... well... its not just the politicians responsible....its also upon the public opinion.

    We will see what will happen when the pensions and salaries are not payed for 3 months or the hospitals run out of medicines, etc. The enforcement its easy to be done, without external money help you go down fast.

    We accepted in Romania a reduction of -25% of all budgetary salaries and others. In other states it happened as well.

    Man the fuck up !
    Last edited by malebogia; 05-16-2012 at 12:56.
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  15. #15
    Community Lead Unuldur's Avatar
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    @ Honorius: Your country may be in the EU, but that doesn't necessarily mean that it will use the Euro as a monetary system. There is, at the beginning, a trial period and if the economy of your country is stable, then it joins the countries that use Euro. There is also the case of the UK, a country that is in EU but still uses pounds instead of Euros.

    @ Malebogia: Who says that we did not have deductions in salaries, pensions etc? Not to mention the taxes. If you get more than 5000 euros per year you pay taxes, the basic salary now is 480 euros per month if you are over 25 years of age and even less if you are under 25 years of age. Basic products like milk and bread are overpriced. Hospitals are closing and those that do work don't have enough materials to operate properly. 30% of the population is considered to live in poverty. In elementary public schools, there were reports of kids fainting from hunger.

    And you're telling me that we should "man the fuck up"? I don't want to argue or fight with anybody here, seriously my friend, I'm just trying to clarify some things about the crisis in my country and ask of all the people here to not allow anyone to brainwash them with media lies. I expected from you to do the same for your country. You also don't deserve the measures against your people. Nobody does in all honesty. Don't just accept what they oppose on you like you deserve it because some banker or politician thinks you do. Next thing you know, more measures will be taken and there will be a point where even if you want to, you won't be able to "man up".

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