Euro Run on Greek Banks Continue

Greek and Euro officials are closely monitoring the status of Greek banks. As negotiations between the two sides continue to deteriorate, depositors have begun a run on Greek banks withdrawing as many of their Euros on deposit as possible. Many fear that Greece and the European Union will fail to reach an accord on the EU bail out plan and that Greek will default on its next payment to the International Monetary Fund. Greek officials have been frustrated with terms being dictated by European Zone members, such as Germany, which has the largest financial stake in the bail out program. Fear of Greek Exit Continues

Members of the Eurozone countries are equally frustrated with Greece and call Greece to stop their “sabre rattling” and negotiate in earnest the issues that would proceed the bailout of the Greek economy. Privately, many are concerned that a Greek exit would be sen as a failure of the solidarity of the European Union and that if Greece where to leave the Union, the Euro would suffer. Economist with a more extreme view believe that a Greek exit could cause a domino effect and trigger not only a collapse of the Greek economy and the Euro but a major tremor effect, if not a total collapse of the global economy.

Talks between Greece and the European Union continue and after reading their Wiki, Sam Tabar says he hopes that a deal can be reached before the default deadline for the next IMF payment later this month.

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