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Wednesday, 16 May 2012

Cash withdrawn by Greeks in advance of collapse

Greek people now getting that collapse is imminent?

Over E800 was withdrawn by savers from Greek banks on Wednesday. There was no panic said a central bank spokesman.

Rather like Northern Rock, the queues are going to be longer and longer until the banks collapse or the "Government" steps in and agrees to exit the Euro and reintroduce the Drachma.

Expect a 50% valuation to follow.

These look like the final days leading to a disorderly break up of the Euro. Will Spain stand by and watch its unemployment grow towards 30-40% as in Greece? Or will it, too, exit stage left? What price Italy next?

Interesting days lie ahead for banks, bond holders and governments clinging on to a failed monetary experiment. But the real worry for me is what will the populations of countries, facing economic collapse, non payment of salaries and pensions do?

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