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Strategies & Market Trends : 50% Gains Investing
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From: Spekulatius11/3/2011 12:06:49 AM
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re GReek referendum. it looks like the Greek referendum that will determine if Greece stays in the Euro zone will be on Dec 4 or 5. I wonder though, how the Greek will do without the 6B Euro in EU funding. I also wonder how the Greek financial system will survive until then, since it seems that the Greek will pull their deposits and move them out of he country or at least put them under a mattress to prevent forced exchange into Drachma or confiscation or getting bogged up in a bank run.

I don't see how the Greek can prevent a complete meltdown of their financial system. The rest of the Greek economy goes probably in an accelerated downward spiral as well during a month of total uncertainty.

I think the EU need to accelerate the bank recapitalization and get if done swiftly before the Greek can default. The good news is that now that a good deal of the 100B Euro or so was supposed to go to Greece bank and at least for now is not needed any more. This is going to be one hell of a show to watch...
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