How will Greek - Italian and EU economic woes Effect the U.S.?
Posted in the Pittsburg Forum
Since: Apr 12
#1 May 16, 2012
That remains to be seen...
Shortly after NBC Nightly news reported on what might be the beginning of an unprecedented "run" on Greek banks by depositors.
CBS news article states worse may yet to come: "Greek banks may be nearing complete collapse"
[quote]"(Money Watch) There are indicators that the run on Greek banks is already over, leaving many institutions near complete collapse. Depositors have pulled out a record amount of money in the last 10 days and there are reports that the ECB is no longer willing to lend to either them or the Greek central bank, which is also in a precarious situation.
Since May 6, depositors fearful over a Greek exit from the Euro have taken more than $6.42 billion out of the nation's banks, with $898 million coming on Monday alone. May 6 was the day of the last round of Greek elections where anti-bailout parties received most of the votes cast. Monday was the deadline for Greece's political parties to form a government. Their failure to do that means a new round of elections will be ."[/quote]
In other news: "Soldiers may be deployed to protect Italian tax offices and other sensitive sites following an increase in violence as the country struggles through austerity measures...
In the last six months there has been a wave of countrywide attacks on offices of Equitalia, the agency which handles tax collection, with the most recent on Saturday night when a branch was hit with two petrol bombs..."
According to the UK Telegraph: http://www.telegraph.co.uk/news/worldnews/eur...
What this might eventually mean for the United States economy, since we would no doubt be compelled to try to help bail-out Europe in the worse case scenario, remains to be seen.
Let's hear it for the new "Global Economies"... yey?~
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