I'm still surprised that there hasn't been any outright bank run there. Either most people don't think Greece will leave the Euro, or else most folks just don't have much money left in the banks. Maybe the results of the election will shed some light on this question.
My understanding is that everyone who had any money has already moved it into other currencies.
Why would they need to move money that is denominated in Euros? I am not sure a new government could just convert them to a new currency like they is possible with Euro denominated Greek sovereign entity bonds.
They could potentially start a new currency, but even that is difficult to make work.
The reality of the PHRASECENSOREDPOSTERSHOULDKNOWBETTER. state is hitting Greece hard, as it is a few other European states. You can only steal at the point of a gun from the productive for so long before the productive realize that it is no longer worth the effort to continue being productive.
The US and Canada are not as far away from this point as we might hope. In the US only about 10-20% of the population are net tax payers. The rest pay no taxes at all, work for or are retired from government (directly or indirectly), or receive government benefits that exceed the net taxes they pay. How do you deal with that situation long term.
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Warning - I am not an expert on anything having to do with this forum, but that won't stop me from saying what I think.
Bob
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