Thursday, August 19, 2010

Greece, Portugal, Ireland, Spain: In Dire Straights

A report by HSBC said banks had lost 8pc of their entire deposit base in the five months to May. "The Greek market has never, since the first data in 2001, experienced such attrition," said banking analyst Joanna Telioudi.
While some withdrawals point to capital flight by wealthy Greeks, it is clear that households and companies are running down savings to make ends meet. The Athens Chamber of Commerce warned yesterday that its members are in "dire straits", with a majority facing a liquidity threat.
"What is worrying is that this is not just Greeks. Portuguese banks borrowed €50bn in July compared to €41.5bn in June. Together with Ireland and Spain they have borrowed €387bn from the ECB," he said.


  1. Time to start printing our way to prosperity.

  2. 8:41
    u can't print your way out of prosperity. fiat currency is just toilet paper with confidence. Zimbabwe did try to print to prosperity and it didn't work. so many countries tried that too and it didn't work either. history has repeatedly shown it didn't work. u can't get something for nothing. there is no free lunch.

  3. 08.25.10 ...watching...waiting...

  4. 9:34
    5 more days to go and we will see. there will be nothing special just more normal economic decline. i repeat we will not see an event but only process of declining. big event like the collapse of Lehman which brought the credit to a halt world wide was a rare event. i don't see anything of that event to happen again.

  5. Greece is the harbinger for what is to come to the U.S. Get ready because it ain't going to be pretty!

  6. If 8-25-10 isn't doomsday, don't worry. Go to 'Before it's News'. They have regular doomsday predictions. When one doesn't fulfill, they'll have another the next day or so.

    That's a real relief.

    So don't be afraid of not having a date certain for doom, 'Before it's News' never disappoints!

    MMMMmmmmm......Doomster Porn!

  7. Anybody recall what they called the fiat currency in the Weimar Republic when hyperinflation struck?

  8. 5:29 Reichsbank Mark

  9. Why mention Greece! Greece pales in comparison to other countries GDP. Greece has problems since early 80's with debt.

    More propaganda to divert public's attention away from USA debt problems (which are the worst in world's history)

  10. I like the ground zero mosque it is a good idea, after all, the us govt along with saudi arabia and israel carried it out, and our constitution guarantees freedom of religion, so no reason at all it should not be built.

  11. 10 36
    ok thier mr know it all
    got gold?

  12. If the rest of the world falls apart faster than we do, we win by default!

    The Jews will take their capital to whatever country has the most of it. I think that will be China or India. Let them fuck over those two countries.


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