Bloomberg: Weekend of Fear in Greece as Banks, People Live Day to Day
Dorothea Lambros stood outside an HSBC branch in central Athens on Friday afternoon, an envelope stuffed with cash in one hand and a 38,000 euro ($43,000) cashier’s check in the other.
She was a few minutes too late to make her deposit at the London-based bank. She was too scared to take her life-savings back to her Greek bank. She worried it wouldn’t survive the weekend.
“I don’t know what happens on Monday,” said Lambros, a 58-year-old government employee.
Nobody does. Every shifting deadline, every last-gasp effort has built up to this: a nation that went to sleep on Friday not knowing what Monday will bring. A deal, or more brinkmanship. Shuttered banks and empty cash machines, or a few more days of euros in their pockets and drachmas in their past - - and maybe their future.
WNU Editor: The end game for Greece is now near. What's my take .... Greek voters voted for the politicians who promised everything, and as their debt increased and words of concern from some skeptics were being voiced .... the Greek voters continued to vote for the same politicians who borrowed even more money. It is because of this shortsightedness that I have trouble feeling sorry for Greece .... month long vacations, generous pension benefits, a government job for the asking .... on some level they never thought that they would be put in the situation that they are presently in .... live today .... let the next generation sort it out and pay the cost. They were wrong .... and now the country is going to face the world-wind. My Greek friends know that I experienced a somewhat similar situation in Russia in the 1990s when the ruble and economy collapsed .... they want to know on what do I expect next .... what can they do to protect themselves. I tell them .... bluntly .... that they have yet to experience on how bad this situation can get. The pensions are still being paid and government salaries are being covered .... but once that is gone everyone is going to be faced with a real crisis. Pensioners, those dependent on medical care, government employees .... they are going to be hit immediately .... and for many of these people the impact will be devastating. Many families will be dependent on only one "bread-winner" .... and that person is going to be put under a lot of strain and pressure. The young and the brightest will leave the country .... places like Canada where I live are now being flooded with many young Greek families looking for a better life ... and this will only escalate. The despair is going to last 10 years .... maybe more .... but for some the bitterness will last a lifetime .... and they will never recover.
More News On The Greek Debt Crisis
Greece contemplates concessions for creditors in debt talks -- Deutsche Welle
Greece mulls next move as clock ticks on debt talks -- Reuters
Greece says ready to compromise, calls for Merkel decision -- AFP
Greek prime minister prepares last-ditch offer to avoid default on debts -- The Guardian
Greek debt: New proposals to be put to creditors -- BBC
Greek banks bleed cash, may close on Monday -- Irish Times
Greek Prime Minister: There will be a solution to Greek crisis at Monday emergency meeting -- Irish Times
Greece is Europe’s failed state in waiting -- Lawrence Summers, Financial Times
'Last Days of Pompeii' in Greece as crunch time approaches -- The Telegraph
Greek debt crisis: episodes of despair and drama as moment of truth nears -- Helena Smith, The Guardian
Greek eurozone crisis: In or out, financial future is far from rosy -- Heather Stewart, The Guardian
The Endgame in Greece -- New York Times editorial
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