Greek Run on the Bank – Is a global financial meltdown just around the corner?May 17th, 2012 | By admin | Category: In the News
May 17, 2012
Is another global financial meltdown just around the corner?
News broke yesterday morning that fears over a Greek exit from the euro has caused a major run on the banks in Greece. Greek President Karolos Papoulias told party leaders that “Anxious Greeks have withdrawn as much as 700 million euros ($893 million) from the nation’s banks” in the last week.
Greeks fear the value of their money could be cut in half over night if Greece was forced to leave the euro. To add to the drama, a growing number of investors are warning that these bank runs could soon spread throughout the other 17-country eurozone countries.
Could The Greek Problem Spread to America?
The almost inevitable exit from the European Monetary Union is probably just the tip of the iceberg. In fact, a number of experts are starting to worry that the crisis could soon spread to Spain and Italy. If that happen, the situation in Europe might become to difficult to contain and could ultimately turn into a major global crisis.
A number of financial experts are warning that we are likely seeing the beginning of a full scale collapse of the European currency, one that will play out during the next couple of months. If the European economy collapses, America will feel the pain almost immediately.
For months, trend forecaster Gerald Celente has been advising people to buy a guns, gold and prepare for the possibility of major riots in the next year. While I don’t think anyone can predict exactly what’s to come, I do think people need to prepare for the possibility of a very messy global crisis.
Greek Run on the Bank – Is a global financial meltdown just around the corner?
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