Keep strong, George! This is so important for everyone, specially for
us, Spain! Go ahead!!

Hugs,

María.

María G. Perulero
http://goteo.org/
Financiación colectiva con ADN abierto
Crowdfunding the Commons
maria@goteo.org
skype: mariagperulero
twitter/identica: @perulera

--

Fundación Goteo
c/ Forn de l'Olivera 22
07012 Palma de Mallorca

Twitter: @goteofunding
Skype: goteofunding

On 27/06/15 18:15, Michael Lewis wrote:
> Love your spirit George as well as the updates.  All the very best in the days ahead. Watching with keen interest.  Mike
> On Jun 26, 2015, at 9:17 AM, John <restakis@gmail.com> wrote:
>
>> Very helpful George, thanks.
>>
>> On 15-06-27 4:20 AM, George Papanikolaou wrote:
>>> Dear all,
>>>
>>> I suspect that some of the foreign media might organize a bank run in the forthcoming days in Greece. The following facts will help you to resist the propaganda of your local media:
>>>
>>> 1. Civil servants are paid every 13 and 26 of the month. Salaries are low, for instance myself and my colleagues (professors at the university are getting between 1200-1600 euros) and are considered well paid civil servants. This is 2 divided doses of around 600-800 per month. We were paid yesterday, normally, despite the propaganda that the Greek state would be unable to pay us at the end of the month.
>>> 2. Pensioners will be paid on Monday - Tuesday. The average pension is around 800 with a median of 450. Pensioners are always queening in the banks during these days because they are not familiar with electronic transactions and get cash which they spend during the month for essential goods. Therefore if you see reproduction of pictures on Monday with people queening this is the explanation and it is normal and expected. There might be more than normal for obvious reasons but not what they are going to present. These pictures have been used repeatedly by the yellow German press in the past.
>>> 3. Only 0,4% of the Greek population has over 100.000 in the bank.
>>> 4. Greeks  usually pay  with cash and they have  the lowest figure in Europe in electronic transactions. For instance in my household we usually withdraw 2/3 of the money (cash) within the first 2-3 days and we spend them almost immediately to buy food and pay bills.
>>> 5. During the last two years there is a remarkable phenomenon: supermarkets are empty during the whole month and crowded in weekends after payments of pensions and salaries. People buy food and essential goods and after two weeks they have nothing and they try to survive until the end of the month.
>>> 6. During the past weeks every household with small deposits has created his own "ELA" at home now. It is calculated that maybe 20-30b of cash are now at homes, pockets and elsewhere. Officially the amount of cash in the Greek economy i think (if I remember well) is around 45b! This is the reason why the Germans are so angry with ELA, Dragi and ECB.
>>> 7. A bank run is part of the plan of some politicians in Europe in order to shut down the Greek banking system. Greek banks are well capitalized right now. The only way to shut them down is to stop ELA for some reason. a) End of the Greek program  (not an easy, controversial decision by the ECB) b) A drop in deposits (due to a bank run)  + a haircut of the collaterals of the Greek banks in particularly Greek bonds. Both decisions are very difficult.
>>>
>>> Conclusion: normal people have nothing particular to loose with probable capital controls, they might for obvious reasons withdraw more of their salaries these days but these are money that will return in the system some days later.
>>>
>>> Now a few things about defaulting:
>>>
>>> 1. In case that IMF and ECB are not paid THIS IS NOT OFFICIALLY A DEFAULT. Default is if Greece fails to pay PRIVATE investors. In this case the problem arises by mid july when Greece has to pay back an old loan to Japanese banks.
>>>
>>> Enjoy...
>>>
>>> Best regards
>>> George
>>
>>
>
>