Folks, It looks like the Greek banks are going to follow in the footsteps set by their Cypriot cousins.
At present, banks in Greece allow a depositor to withdraw 60 Euro's a day. When these banks run out of paper money, they will issue shares in the bank (that is failing) in exchange for the deposits kept at the same bank. This is a win/win situation. The depositors who would have received nothing if the bank failed, now become the owners of the bank. If you have supplied Greek firms with anything, they might wind up paying you with shares in that company. But Greece is the side show. The monster, taking a small peek over the horizon this morning, is China. Mervyn
