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Fourth echelon

Greek People Bear Brunt Of Bailout Failure

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During a series of cloudless days in Athens, thousands had queued at ATMs around the city to make sure their wallets were full for a rainy day.

 

On Sunday evening, as night fell, a storm passed, just as news filtered out of the government’s decision.

When this round of negotiations began to secure the last disbursement of bailout cash, few imagined a day when enforced bank holidays and the closure of the Athens stock market would be considered necessary.

But now the Stability Committee has deemed it prudent to prevent too much cash from ebbing out of the Greek banking system after the European Central Bank decided not to raise the level of its assistance.

After Tuesday, the bailout conditions, which have kept the country solvent, will expire and the government will find itself in arrears, owing €1.55bn to the International Monetary Fund.

 

http://news.sky.com/story/1509928/greek-people-bear-brunt-of-bailout-failure

 
 
 

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 Cinnamon    14,396

I can't believe that the Greeks didn't pull their money out of there ages ago. Anyone that couldn't see that coming.. even I saw it coming and I don't even live there.

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 Cinnamon    14,396

We're in a very weakened state as it is, economically. And I think we're already in a depression. The only reason you don't see it like they did in the earlier depression is that food stamps and social programs are keeping people out of soup lines. When those start to break down we'll see the true extent of the poverty in this country.

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 CGK    2,166

i have odd feeling, what if one day it happens here? it would be three times as devestating as the stock market crash of '29

 
 
 

It will happen and it will be worse. Back in 1929 people were accustomed to living a simple life. What do you think will happen when the crash comes and people have their internet and cell phones cut off because they cant pay for the services? The digital generation will go insane without Facebook..lol

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The Greek People would have suffered worse under the garbage austerity  measures.

 

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