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As Seen In Greece: "I Rushed To The Bank" And The Return Of ATM Lines?

• http://www.zerohedge.com, Tyler Durden

Now, courtesy of FT which confirmed just what we said, namely that "anxious Greeks [are] pulling money from banks amid fears of capital controls", we get the visual confirmation of what happened and is still happening on the ground

As FT goes on to note, Greeks are doing anything they can to store their euros outside the banking sector amid fears of capital controls. Here's more:

Two weeks after Greece's leftwing Syriza party won power at a general election in January, Panayotis Fotiades pulled his deposits from an Athens bank..

 To protect his savings he bought a brand new Mercedes-Benz car, then took the advice of a financial consultant and invested the remainder in money market funds based in Luxembourg...

 Many other Greeks appear to be taking similar precautions. Even as the economy has been sinking, new car registrations have soared this year as worried Greek depositors seek out alternative havens for their money. They rose 27.9 per cent in April on top of a 47.2 per cent increase in March..


www.universityofreason.com/a/29887/KWADzukm