I Have Been Wondering This Same Thing
In an article on an incipient bank run in Greece, Zero Hedge wonders, "What is perhaps more shocking is that anyone still had money in Greek banks at all..." I agree. With talk for weeks of capital controls and the example of raids on depositor funds (even supposedly insured deposits) in Cyprus, my money would have been long gone. Even in the US in 2008-2010, I took our corporate funds out of the main Bank of America account and spread them all over. It was a pain in the butt to manage but even facing much smaller risks than in Greece, I thought it was worth it.
vikingvista:
How do we know that didn't happen to a large degree? Part of bailing out a failing banking system can be the conversion of primarily private deposits to state institutional deposits.
June 22, 2015, 12:21 pmHenryBowman419:
I've always wondering why people would buy Argentine bonds (or State of Illinois, for that matter). The interest rates are high, but one could lose most of the principal very quickly.
June 22, 2015, 2:11 pmirandom419:
CDARS allow you to maximize your FDIC benefits.
http://www.cdars.com/home/how-cdars-works/
June 22, 2015, 5:41 pmJoshK:
I think that many of the remaining depositors are government institutions that have to use Greek banks.
June 22, 2015, 6:31 pmFelineCannonball:
Probably some police pension funds riding on autopilot.
June 22, 2015, 11:42 pmstan:
Stupid is as stupid does. Over 40% of those polled said Hillary Clinton is trustworthy. Obama was re-elected. Some people were shocked to learn they couldn't keep their doctor. Chamberlain secured 'peace' with Hitler. There are still people who believe in the hockey stick, 97%, an ice-free arctic, and a future Manhattan submerged.
It depends on the meaning of "is". Stupid really does have a depth which is 'unfathomable'.
June 23, 2015, 12:12 pmjhertzli:
I thought spreading out bank accounts was classified as money laundering nowadays.
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Daublin:
From the little bit I have read, this is a big challenge for the euro as it stands, and is a really big challenge for dismantling the euro. At the very least Greece needs to be removed from it, if there's going to be any remaining claim that the euro is a good policy rather than just a political victory for victory's sake alone.
The euro is a great example of a system that is basically failed and is held together just by the sheer will of large powerful forces. The largest benefit is the reduction of trade barriers among the European countries. The costs are large, though. With a huge grain of salt for how poorly reported all this is, it sounds like the member countries are playing chicken with each other on how much they can exploit from other countries before the whole trade zone completely implodes. Moreover, the voters especially in Greece are fanning the flames of this kind of behavior; they don't understand international trade policy, but they very well understand the benefits their government is lavishing on them.
June 28, 2015, 8:48 am