EU Preparing for Greek Implosion – Gold Goliath

Posted on :Jun 12, 2015

Updated 4:57 pm CST: Fearing collapse, Greek citizens on Friday pulled out another 600 million euro from local banks. It’s getting ugly!

Gold is holding steady in early a.m. trading Friday as gold last reported is $1182.80 and silver is $15.96. Global market fears are heightened today as EU officials signal Greece is at the end of the road with no deal in sight. U.S. stocks are trading lower today as the Dow falls 150 points on Greek news.

On Thursday, the International Monetary Fund walked out of talks citing “major differences” as it appears Athens has no intentions of submitting to EU demands.

The charade between Athens and its EU creditors has been going on now for four months as both sides continue blaming each other for the stalemate.

German Chancellor Angela Merkel said in a speech to family business leaders in Berlin, “where there’s a will there’s a way, but the will has to come from all sides. That is why I think that we should talk to each other again, and again”, and again into infinity because we are terrified of what may happen should Greece default.

Since Thursday, some of Greece’s largest banks have fallen on the Athens Stock Exchange as fears of default and bank runs seize the nation. Stocks in the National Bank of Greece fell by 10.5 percent while Piraeus Bank nose dived by 12 percent.

IMF spokesman Gerry Rice said, “the ball is very much in Greece’s court” while admitting no progress has been made as Greece heads towards bankruptcy.

Reports this morning are claiming that Macedonia Central Bank has moved to suspend bank withdrawals in the event that Greece exits the EU. Depositors began withdrawing bank funds in late 2014 and escalated in January when Tsipras became Prime Minister.

Chief Executive of Eurobank, Fokion Karavias said about 30 billion euros have left the banking system since December creating greater dependency on the European Central Bank for liquidity. More than 500 million euros left the system on Friday alone, the day Greece missed a 300 million euro payment to the IMF.

One bank analyst is quoted as saying, “most large depositors by now have pulled out their funds.” In layman’s terms, the Greek working class is already behind the eight ball and in danger of losing what little capital it does own. He estimates Greek citizens have stashed around 5 billion euro under mattresses and floorboards since January.

Debt begets debt, even in the U.S.

Give us a call to begin securing your assets with real physical gold and silver. Both precious metals are available below production costs as global debt ensures calamity unless nations change course. 1-800-577-3195

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