cyclichigh's - doin' it nude thursday, page-79

The run on Greek banks has started - the tide will be impossible to turn now..



http://www.reuters.com/article/2011/11/09/us-greece-idUSL6E7M601O20111109

GREEKS WANT EUROS -- IN CASH

Greeks have pulled their savings from banks over the past week because of the deepening political crisis and fear of an exit from the euro, banking sources said. [nL6E7M94KI]

They withdrew as much as 5 billion euros -- nearly 3 percent of total deposits -- after Papandreou's shock call last week for a referendum on the euro zone bailout, said one banker, who declined to be named.

"Many people withdrew their money from banks on Thursday and Friday and money couriers had a hard time supplying banks with cash to satisfy the emergency demand," said another banking source, who also requested anonymity.

Papandreou provoked uproar with the plan, due to the likelihood voters would have rejected the package, pushing Greece into bankruptcy and casting doubt on its future in the euro. Under intense pressure from home and abroad, he backed down but was forced to make way for the unity coalition.

Many wealthy Greeks moved their money into foreign banks last year as the crisis deepened. Now other people are demanding sometimes large amounts in euro banknotes, fearing that any bank savings might be converted into devalued new drachma if Greece is forced to revert to its old national currency.

"We got to the point where customers ordered amounts of up to 600,000 to 700,000 euros in cash to take home -- unbelievable," the first banker said.