Just been having a discussion about banks and I decided to have a look around at what could happen if Greece goes the No route today.
There seems to be two key things that will happen.
1) Greece will be screwed for some time to come and life there will be unpleasant.
People will adapt and like everywhere else some will weather the economic storm better than others. Those that have stuck to the good old ways will be better that those that owe a lot of money.
2) Everyone with money in the bank will lose some of that money.
An interesting comment at a SciFi writers site, VoxDay;
Remember, a deposit is just an unsecured loan to a bank. So, a bail-in is simply the bank unilaterally telling you that it is not going to pay back a percentage of the loan and will no longer be paying interest on the portion that it will not be paying back.
Why anyone would want to loan to such a borrower without collateral for the paltry amount of interest available, knowing that the borrower can decide at any time how much they want to pay you back (if they want to pay you back at all), is an interesting question to contemplate.
Says it all really and makes me want to contact my employer and get paid in cash. I might try that and see how it goes. In the meantime I get paid just before my bills are due, I set it up that way. I will start to empty my account after the bills are paid and pay everything else by credit card or cash.
In the meantime keep plenty of cash outside your bank and only use it where you need to.
The only downside of this is that our thieving government could devalue the cash in circulation but it won’t happen overnight so you can convert it to something worthwhile. Precious Metals, Prepping stuff, drugs, guns.
