Wednesday, December 31, 2014

Elections: Greeks raise 2.5 billion euros of accounts from – Spiegel Online

Elections: Greeks raise 2.5 billion euros of accounts from – Spiegel Online

Athens – The upcoming elections put many Greeks in panic for fear of political and economic turmoil savers and businesses raised according to media reports in December a total of 2.5 billion euros from their bank accounts from. The current “mini-capital flight” is unusual and only thus can be explained that the people are very worried, given the early elections, told the conservative Athens newspaper “Kathimerini” on Wednesday.

The tendency to withdraw money had therefore begun in November, totaling around 200 million euros. A run on the banks be it according to estimates by experts clearly not. However, the development show the concerns of citizens, it said in the newspaper report.

On Monday, the director of a bank branch had said in the Athens suburb of Peristeri, you go especially in ATMs very careful: So definitely not a “bank run” is triggered, the Institute ensured that all are adequately stocked with money.

After the former EU Commissioner Stavros Dimas had failed on Monday with trying to become the new Greek government president, parliament, elections were scheduled for 25 January. Recent surveys in Greece show a projection of the left alliance SYRIZA Alexis Tsipras. This aims at a renegotiation of the Greek consolidation program and a haircut. The bourgeois New Democracy (ND) under the incumbent Prime Minister Antonis Samaras has, however, caught up in the past few days, according to pollsters.

According to the “Grexit” back to the drachma?

The former chief economist of the European Central Bank (ECB), Jürgen Stark, expressed with regard to the elections in Greece criticism of the bailout policy of the ECB. “Greece since 2010 was in fact insolvent several times,” he told the “Süddeutsche Zeitung”. Was again and again with new money in the Member States and the ECB’s insolvency abducted. Now showed “the still unsolved problems in the strongest”. In protest against the rescue of the ECB Stark 2011 was resigned.

The head of the Munich-based Ifo Institute, Hans-Werner Sinn, holding a Greek exit from the euro zone worth considering. As head of government head of the left Tsipras would probably want to keep his country in the monetary union, but not at any price, meaning said the “Tagesspiegel”. Therefore, a “Grexit” scenario is not entirely unlikely. It would occur a then when Athens get more emergency loans or could no longer finance the capital market – Tsipras would thus return to the drachma.

The deputy chairman of the CDU group in the Bundestag, Michael Fuchs (CDU), which holds for the case of an election victory Tsipras’s conceivable. The situation is entirely different than three years ago, when we have not yet had the assurance mechanisms, Fox said the “Rheinische Post”. “The times when we had to rescue Greece, are over. There is no more blackmail potential.” Greece is not relevant to the system for the euro. If Tsipras mean, he could throttle the austerity measures in Greece, “then the Troika will have to drive back the loans for Greece.”

Tsipras had made in the past few days, his constituents on economic “terror scenarios’ attention. These will be available in the next few weeks again and again. Citizens should not be too impressed by these visions of horror, the politician said. Investors and speculators in the financial markets showed so far largely unaffected by the next elections to Parliament.

By the end of February, the auxiliary current and savings program for Greece must be completed. It must also be agreed with donors, such as the land is to be helped in the coming months.


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