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If Greece defaults, there will be a run on the Greek banks
beaujolais-nouveau
Posts: 651 Forumite
And the whole of the EU will be plunged into financial meltdown and it would trigger a liquidity crisis around the world.
If Greek defaults on its debt repayments, which is expected to happen one day sooner or later, I think I might take all my money out of the bank. I am sure our government won't tell us that that has happened so will be watching the web closely.
I know that that sort of reaction will make things worse but, hey, it seems to be "sauve qui peut", everyone for himself, now: the government only rescues the banks.
What will you do if/when Greece defaults?
If Greek defaults on its debt repayments, which is expected to happen one day sooner or later, I think I might take all my money out of the bank. I am sure our government won't tell us that that has happened so will be watching the web closely.
I know that that sort of reaction will make things worse but, hey, it seems to be "sauve qui peut", everyone for himself, now: the government only rescues the banks.
What will you do if/when Greece defaults?
YouGov: £50 and £50 and £5 Amazon voucher received;
PPI successfully reclaimed: £7,575.32 (Lloyds TSB plc); £3,803.52 (Egg card); £3,109.88 (Egg loans)
PPI successfully reclaimed: £7,575.32 (Lloyds TSB plc); £3,803.52 (Egg card); £3,109.88 (Egg loans)
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Comments
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why not take your money out now?0
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Plan for a cheap holiday next summer ..Rhodes sounds nice.0
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I can't wait, Rhodes is fab especially Lindos!!
Methos (beer currenty 3euros), hopefully after default a few dracmars equivelent to 50p will do me
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why not take your money out now?
I might do that. :-)
Google "if Greece defaults" - people have been expecting this to happen for the last six months but this week's crisis talks have been exceptional - in the end everyone has to trust to their own instinct to tell them when doom is at hand.YouGov: £50 and £50 and £5 Amazon voucher received;
PPI successfully reclaimed: £7,575.32 (Lloyds TSB plc); £3,803.52 (Egg card); £3,109.88 (Egg loans)0 -
I can't wait, Rhodes is fab especially Lindos!!
Methos (beer currenty 3euros), hopefully after default a few dracmars equivelent to 50p will do me
That's if you can get through all the demos and strikes, starting when your flight tries to land at Athens airport. The Greeks are very angry and scared.YouGov: £50 and £50 and £5 Amazon voucher received;
PPI successfully reclaimed: £7,575.32 (Lloyds TSB plc); £3,803.52 (Egg card); £3,109.88 (Egg loans)0 -
beaujolais-nouveau wrote: »That's if you can get through all the demos and strikes, starting when your flight tries to land at Athens airport. The Greeks are very angry and scared.
Eventually they will dawn on the fact that those tourists are their pay check...Just wondering what I need to get into now that will be in big demand when the tide turns.0 -
Default is expected, an orderly default organised by the EU/IMF isn't a problem. A full default followed by being kicked out of the Euro would be a problem.0
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beaujolais-nouveau wrote: »If Greek defaults on its debt repayments, which is expected to happen one day sooner or later, I think I might take all my money out of the bank.
I think that you will find that a great many people already have over the past year or so, which has compounded the problem of course. They have simply been draining euros from their Greek euro accounts and opening euro accounts elsewhere in the world. Those funds then being replaced by ECB loans to support the Greek banks, with the ECB taking on the risk. The ultimate backstop though will be the IMF, including the UK taxpayer of course.There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0
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