Greeks are pulling money of Greek bands into cash at an accelerating rate and also transferring it to offshore money market funds. Monday is crunch day. Will Greece fold, agree to ECB “austerity (AKA “impoverishment”) or do a Grexit from the euro? So far, ECB has been propping up the banks. If it refuses to continue this, then Greece has no choice but to impose capital controls to prevent money leaving the country.
And that may be exactly what ECB wants. Chaos in Greece.
With both sides digging in and unwilling to budge, will Europe revert back to its strategy from day 1, namely creating a slow initially, then fast bank run in Greece, one which leads to gradual then sudden capital controls, resulting in civil discontent and disobedience and ultimately, a violent overthrow of the Greek government.
All of this has little to do with Greece. ECB and the rest of the banksters are primarily concerned with all the garbage Greek debt held by their banks. The pretense must be maintained that the central banks and big banks are solvent. An implosion in the Greek economy is just unimportant collateral damage to them. The real worry is Portugal, Italy, and Spain, especially with lefists now assuming power in parts of Portugal and Spain
From the comments on Zero Hedge:
Have you noticed”¦ The more certain Greece’s default becomes, the less the major media outlets say about it? If you listen real hard, you can hear the sound of hundreds of thousands of TPTB {The Powers That Be] fervently crossing their fingers, praying the house of cards can hold together just a little longer”¦