We Are Watching The Greek Banking System Die Right In Front Of Our Eyes ...As I detailed yesterday, people do not want to be stuck with euros in Greek banks when Greece leaves the euro and converts back to the drachma. The fear is that all existing euros in Greek banks would be converted over to drachmas which would then rapidly lose value after the transition. So right now euros are being pulled out of Greek banks at a staggering pace. ...
The article is from the 16th so he said it before I did
The real question is why did they wait 'til now? There was no question as to the ultimate outcome, Greek exit from the EU and Euro was a given quite a while ago. It was just a matter of how far down the road they could kick the can -- now we know.
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