UBS has told its wealthy clients that there’s a 20 percent chance of Greece leaving the euro within six months… A Greek exit could trigger “a chain reaction of bank runs and soaring risk premiums on government bonds of weaker countries, and that ultimately breaks up the entire euro zone,” UBS economists Thomas Wacker and Jürg de Spindler wrote in a note to investors.
http://www.businessweek.com/articles/2012-05-24/greek-exit-could-trigger-a-run-on-european-banks
Greece’s national police spokesman, Thanassis Kokkalakis, told Reuters:
“Many people have withdrawn their money from the banks fearing a financial crash, and they either carry it on them, find a hideout at home or in storage rooms. We urge people to trust the banking system, leave their money there, or at least in a safe place, not hide it at home.”
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This evening brings new information from The Guardian that ‘Police are urging Greeks to keep their money in bank accounts rather than putting it at risk of theft, amid further uncertainty about whether the austerity-struck country will remain in the eurozone.’
- ZH
