Greece - the Hidden DangersIt seems that a meltdown in Greece is only moments away. The ATM machine in their Parliament building ran out of cash. Word is that 500 of their 7000 ATMs are empty and lines are forming at the others.
imagine a room full of 100 people. If 2 or 3 people run out of the room, the rest stay put. If another 10 to 20 run out, everybody else gets very nervours. Then if a couple more run out, everybody heads for the exits!!!
by Monday this could turn into a nationwide panic and the government will have no choice but to call a "Bank Holiday" and lock the doors.
the real risk is contagion to the rest of Europe. What happens to all those banks and institutions holding the now-worthless debt? And what about the trillions of derivatives hidden in murky waters? How will anybody know who is sound and who is a zombie?
did the world learn anything from the Lehman collapse? We shall soon see.