– Here Is What Happens After Greece Defaults (ZeroHedge, May 21, 2011):
What happens when Greece defaults. Here are a few things:
- Every bank in Greece will instantly go insolvent.
- The Greek government will nationalise every bank in Greece.
- The Greek government will forbid withdrawals from Greek banks.
- Greek Euro Exit: 60% Currency Devaluation, Default, Banking Sector Collapse (Forbes, Sep. 06, 2011)
How can the Greek people protect themselves?
- Belarus Devalues Its Currency By 56% Overnight, Against Every Currency Out There (ZeroHedge, May 23, 2011):
Luckily for those who held their “money” in the form of gold and silver, they just got an instantaneous 56% value preservation and a relative boost in their purchasing power with just one central bank announcement.
- If Greece Exits, Here Is What Happens (Redux) (ZeroHedge, Feb 8, 2015):
Now that the possibility of a Greek exit from the euro is back to being topic #1 of discussion, just as it was back in the summer of 2012 and the fall of 2011, and investors are propagandized by groundless speculation posited by journalists who have never used excel in their lives and are merely paid mouthpieces of bigger bank interests, it is time to rewind to a step by step analysis of precisely what will happen in the moments before Greece announces the EMU exit, how the transition from pre- to post- occurs, and the aftermath of what said transition would entail, courtesy of one of the smarter minds out there at the time (before his transition to a more status quo supportive tone), Citi’s Willem Buiter, who pontificated precisely on this topic previously. Three words: “not unequivocally good.” Continue reading »
Tags: Banking, ECB, Economy, EU, Europe, Global News, Government, Greece, GREXIT, Politics, Willem Buiter