[P2P-F] [tapas] FAQs about bank runs

Tue Jun 30 07:50:32 CEST 2015

all material to support Greece through the p2p blog are very welcome,

TODAY 1
http://blog.p2pfoundation.net/in-support-of-the-no-in-the-greek-referendum/2015/06/29

In support of the “No” in the Greek Referendum
<http://blog.p2pfoundation.net/in-support-of-the-no-in-the-greek-referendum/2015/06/29>
[image: photo of Michel Bauwens]
Michel Bauwens
29th June 2015

Sunday’s referendum will mark a defining moment in Greece’s modern history
and a decisive turn for Europe’s neoliberal project. The choice is very
clear. Five years after the people of Greece first rose up against the
anti-democratic imposition of the Troika’s austerity measures, they have
finally been given the chance to decide upon their own destiny: either they
will vote yes to a lifetime of austerity within the eurozone, or they will
roar back at the creditors’ inhumane demands with a proud and resounding
“NO!” — thereby opening the way for a thousand yeses to a new, democratic
and socially just Europe, freed from the shackles of debt servitude, the
noose of a deflationary single currency, and the tyranny of an
unaccountable financial technocracy.

Republished from *Jerome Roos* (via ZNet).

*Needless to say with are fully onboard with this interpretation and the
need to support the greek people against the extortionate and destructive
demands of the Troika.*

*Jerome Roos:*

*TODAY 2 **http://blog.p2pfoundation.net/what-the-eu-has-wrought-in-greece-the-tale-of-magda/2015/06/29
<http://blog.p2pfoundation.net/what-the-eu-has-wrought-in-greece-the-tale-of-magda/2015/06/29>*

What the EU has wrought in Greece: the tale of Magda
<http://blog.p2pfoundation.net/what-the-eu-has-wrought-in-greece-the-tale-of-magda/2015/06/29>

[image: photo of Michel Bauwens]
Michel Bauwens
29th June 2015

What I do know, is that the encounter was the beginning of the end of my
love affair with the European project. Because, quite simply, it is no
longer my European Union. It is Amazon’s and Starbucks’. It is the
politicians’ and the IMF’s. But it is not mine. If belonging to the largest
and richest trading bloc in the world cannot provide dinner for a retired
teacher like her, it has no reason to exist. If a European Union which
produces €28,000 of annual GDP for every single one of its citizens cannot
provide a safety net for her, then it is profoundly wicked. If this is not
a union of partners, but a gang of big players and small players, who cut
the weakest loose at the first sign of trouble, then it is nothing.

Excerpted <https://keithpp.wordpress.com/2015/06/28/magdas-tale/> from *Alex
Andreou*:

On Sun, Jun 28, 2015 at 3:13 PM, "María G. Perulero" <maria at goteo.org>
wrote:

> 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 at 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 at 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
> >>
> >>
> >
> >
>
>

-- 
Check out the Commons Transition Plan here at: http://commonstransition.org

P2P Foundation: http://p2pfoundation.net  - http://blog.p2pfoundation.net

<http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation>Updates:
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#82 on the (En)Rich list: http://enrichlist.org/the-complete-list/
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