Greeks Withdraw $1bn A Day Ahead Of Vote

[Cheryl Nelson]

http://www.cnbc.com/id/47793980

Will this hit the US next?  Are you ready?

[Cheryl Nelson]

That's correct, Stephen.  Also, availability of funds is an issue.

[Stephen Gerard]

Boiled down to a sentence of two...Greeks are moving money out of their country for one reason - protecting wealth as, if Greece pulls out of the Euro zone, conversion to their original currency would result in a devaluation of their assets.

[Alex Cortes]

*if it places us back in line ...... errata :)

[Alex Cortes]

I so second that and normally I b*tch and complain about the possible loss of running water and electricity but am willing to give that up as well if it places back in line with nature....and actually caring what happens to our fellow man.....and yes I am totally a prepper, of limited resources but a prepper none the less :)

[Tammy Fielder]

I'm not freaking out either Alex.  Personally, let it happen and let's be done with the financial abuse!  I guess I have a survivalist perspective as I have back up supplies and seeds to get started.  :)

At the very least we all can go back to the barter system and a gold based economy again.

[Cheryl Nelson]

http://finance.yahoo.com/blogs/daily-ticker/why-greek-vote-matters-...

[Alex Cortes]

Those two economies we definitely have to keep an eye on.....I am not denying that something bad is down the road I am simply saying that it will not be quiet as catastrophic as people are putting it out there as.....but I guess this is just me not taking an alarmist point of view on this topic, mind you I can easily be completely wrong, ask me how much of my money I keep in the bank or invested.......

[Tammy Fielder]

True Alex, but as of this morning Spain is getting heat.  Germany is rebuffing bailing them out I believe. Spain's bonds have been downgraded to a level just above junk status. I read an article this morning on Yahoo finance and pasted below in the 2nd article.  Italy isn't sitting so good either.  The markets have been in turmoil for a while now and it isn't looking so good.  

http://finance.yahoo.com/blogs/daily-ticker/why-greek-vote-matters-...

http://news.yahoo.com/global-shares-ease-weak-u-data-wary-italy-003...

[Alex Cortes]

Once again this comes down to perspectives.....Greece accounts for all of 3% of the total GDP of the Euro zone, while Spain and Italy account for roughly 9.2% and 9.7% of the GDP.  If Greece leaves the Euro Zone it will be felt by the EU on a small scale in comparison to the whole but it would not portent the end of the Euro zone.  And I venture to say that it will have little to no impact on the US other than the movement of the market due to speculation and fears which should correct itself in a few days.  Now if Spain/Italy or even Portugal should happen to have the same issues as Greece then concern should set in because we have borrowed from those countries as well as purchased their government bonds....which could easily come back to haunt us tossing us into a double dip economy which also is not the end of the financial system but many more people would be out of work before the dust settles which can have its own cascading impact on the US.   Is anything set in stone, nope and are any of the outcomes guaranteed, nope just like the market.  Tammy as for France telling the Greeks it would not be good, well technically they are correct, but the majority of the damage would be done to Greece not the EU....

[Tammy Fielder]

France has told the Greeks that leaving the Euro not good.  A lot of the Greeks don't want the austerity measures and they have until the June 16th vote to make a decision.