Greeks Grab Their Money From the Banks: Time Is Running Out

by Yohay Elam

Seeking Alpha
May 31, 2011

While the European Union is dragging its legs regarding a sustainable solution for Greece, the Greeks are on the move, withdrawing large sums of money from the banks (before they won’t be able to), taking to the streets and begin talking about a revolution. 7 updates:

Greeks on the move

1. Spanish style protests: Up to now, Greeks were occasionally going for a protest against austerity measures. In too many cases, it turned violent and ended quite quickly. Things are different now: inspired by the Spaniards, the Greeks have changed the style: since Sunday, May 22nd, they protest peacefully in front of the parliament building at Syntagma Square in Athens. They blame the government and the banks for corruption, and keep up the pressure. This is much more efficient. A general strike is planned for Saturday, June 4th.
2. Talkin’ ’bout a revolution: German paper Bild reports (German) reports that some of the protesters are talking about a revolution: they don’t have hope in the current ruling party nor the opposition nor the European Union. A third of Greeks already support a revolution.
3. Getting Ready for Default: Some aren’t just protesting but acting to protect themselves from a default: Greek banks hold a lot of government bonds. Greek citizens fear that the banks will freeze and begin getting cash: 1.5 billion euros were withdrawn in just two days. This accelerated with the protests.

More