Greek Banks: We Will Let You Give Us Your Money Now!

Why would anyone trust the Greek banks with their money when they are still limited in what they can withdraw?

This seems like an amazing con game to me. Can you imagine going for days when you were only permitted to take a little bit from your bank, and ATMs were often out of cash, before reading this headline?

Greece: Banks Can Reopen … for Deposits.”

Then comes the tagline: “Deposits Are Welcome, Finance Chief Says.”

Greek banks will reopen Monday after a three-week closure, the country’s deputy finance minister says, though withdrawal restrictions will stay in place. Bank customers “can deposit cash, they can transfer money from one account to the other,” but they can’t withdraw money except at ATMs, the official says, and a withdrawal limit of 60 euros ($67) a day will stay in place, he said, though Greek authorities are working on a plan to allow people to roll over access to their funds so that if they don’t make it to a bank machine one day, they can take out 120 euros the next day.

Would you trust the bank with your money after suffering through these crises and having to suffer all these limits on withdrawals?

I can’t imagine why anyone would be putting their money anywhere but in their mattresses or in a hole that they dig up at night in their backyards.

After all, we know that the EU has set up the system so that they can “save” the banks by taking money away from depositors. This has already happened in Cypress.

Even if the you didn’t think the banks were actually going to confiscate your cash, it would still make no sense to deposit money in a place where you can’t yet get it out in any real amount. The point of having cash is so that it is available for when you need to buy something or hire someone.

Obviously, the Greek banks are not giving people a place where they can withdraw money whenever they need to.

I wonder if fear of the banks will make the Greek financial system even more unstable.