Gold Down 1.5% This Week – Massive Complacency Regarding Greece as Geopolitical and Debt Crisis Loom
By: GoldCore
GoldSeek.com
Friday, 20 February 2015
* Greek Bank Runs Accelerate as Possible ‘Grexit’ Looms
* Fatigue with Greek Crisis Breeding Massive Complacency
* Government in Kiev Forced to Take Diplomatic Approach
* Ukraine a Significant Setback for NATO
* Regional War in Eastern Europe Averted for the Moment
* Middle East, Israel and Iran Timebomb Ticking
* India Demand To Rise To 35 – 40 Tonnes This Month
* Gold Oversold – Fundamental and Technical Position Good
The Greek debt saga continues and financial tragedy seems increasingly likely as the deadlock between Greece and the Eurogroup continues today.
The two sides remain far apart during the Eurogroup meeting in Brussels. The 240 billion euro bank bailout expires at the end of this month and Greece could run out of money by the end of March without new external funds, driving it nearer to the euro zone exit.
There is already quite a lot of chatter about the possibility of another summit should today’s talks end in stalemate.
It has dragged along for so long now that a false sense of security has developed as the situation becomes the “new normal.”
This complacency is unwarranted. The situation will come to a head sooner rather than later.
There are new reports of bank runs in Greece coming into this Bank Holiday weekend. Officials in the Greek banking sector told Greek newspapers that as much as 25 billion euros have been withdrawn from Greek banks since the end of December with outflows surging this week ahead of a bank holiday.
Bank runs continue as Greek depositors rightfully fret regarding bail-ins or a return to the drachma. The prudent money is diversifying their savings so as not to be financially decimated.
The Rest…HERE
