Is it Grexit, Then?

Greece Buys Gold Sovereigns as New Greek Drachmas Unveiled

February 27, 2015Mark O’Byrne

… Greece is due to pay the IMF 1.6 billion euros next month but the Greek Minister said that Athens might ask to delay this payment for two months. (But) Kathimerini reports that “the possibility of Greece postponing the repayment of any debt tranches to the IMF … would constitute a “clear default …

Bank runs continue in Greece. There was a record €12.2 billion monthly outflow of deposits. This is, greater in absolute and relative terms than anything experienced during any of the previous Greek crises and bailouts. …

Greece has newly designed Drachma notes (see above) and printing presses waiting for the order to start rolling. … Greeks have been accumulating physical gold in recent months in anticipation of bank holidays, possible bail-ins and indeed a possible return to the drachma. …

Proposed New Greek Drachmas

Concerns about bank deposits and the ‘Grexit’ remain and lingering doubts about the long term outlook are leading to continued safe haven demand.

The Greek situation is far from resolved and the Euro is still in peril. Today came news that the Irish government has contingency plans for the collapse of the euro including a return to the Irish national currency – the Irish punt. …



About icliks

Biding my time in central ms ... yours too, if ur reading this.
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