The Greek Implosion – Epic Bank Collapse Edition
I believed the Greek Government will bow to the EU and find a way out of the debt crisis. I believe that is the wrong course of action and different decisions should have been made long before the end of June. Sadly, it all does not matter.
The current few days, the Greek people doubled all over dumb and are running on the banks. Which is the worse action any people could take. It is highly unlikely that the Greece financial system can handle that kind of activity. The worse part is that the EU will not be inclined to extend credit and liquidity to Greek Banks. So now, even if Greek Prime Minister Alexis Tsipras could swing a deal, the Greek people just cut his balls off.
I have seen a run on a bank before, this has happened in America. A scared flock of people can take down a healthy bank, because my beady little eyes have seen it before. Bank of New England was a bank in trouble but was turning itself into a community bank and was making headway forward. In two straight days, it was all washed away as the local population withdrew 1.5 Billion dollars.
To the Greek Prime Minister, you butchered a very simple issue. You ran on an anti-austerity platform and instead you went to the EU begging like a pauper to keep your nation under austerity. Most likely on Monday your financial institutions will fail, personally I hope it does not but all of the look and feel tells me it is inevitable. I would dig up that anti-austerity platform information that you ran on and start to implement it on Monday, because that is going to be the only way forward for your Nation. It is time to stop the Euro and switch back to the Drachma.
To the Greek People, you singlehandedly screwed your nation, ten ways to nowhere. Most likely your actions will collapse your financial institutions and your chance of a new way forward. The only ones you have to blame is yourselves, you should have stood behind your government instead of running scared. This could screw your nation for decades, I hope it was worth it.
Sources:
http://www.bloombergview.com/articles/2015-06-27/will-greece-make-it-to-the-referendum-
