A Greek Crisis, mostly in their own words.

 A Greek Crisis, mostly in their own words.

The word 'crisis' comes from the Greek

and then Late Middle English

for turning point or decision,

so it's quite proper to use it to speak

of that ancient land's current anguish

with an almost alarming precision. 

When  budgetary economics are used like a gun

which  then should cause a  bank run,

we can expect  results that are  from fun.

Yet paradoxically (another Greek word),

and it seems almost absurd,

our  news sources have made it into a kind of sports show

which they follow eagerly blow by blow,

using such  further  Greek words, as  tragedy and catastrophe

when what is really  needed is a careful  impartial  referee.

HZL

6/28/15

1. 1. A bank run (also known as a run on thebank) occurs in a fractional reserve bankingsystem when a large number of customers withdraw their deposits from a financial institution at the same time and either demand cacash or transfer those funds into government bonds, precious metals or stones, or a safer institution ...

   2. Bank run - Wikipedia, the free encyclopedia

      https://en.wikipedia.org/wiki/Bank_run

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Bank run - Wikipedia, the free encyclopedia

https://en.wikipedia.org/wiki/Bank_run

Wikipedia

A bank run (also known as a run on the bank) occurs in a fractional reserve bankingsystem when a large number of customers withdraw their deposits from a financial institution at the same time and either demand cash or transfer those funds into government bonds, precious metals or stones, or a safer institution ...

‎History - ‎Theory - ‎Systemic banking crises - ‎Prevention and mitigation

Bank Run Definition | Investopedia

www.investopedia.com/terms/b/bankrun.asp

Investopedia

A bank run is typically the result of panic, rather than a true insolvency on the part of thebank; however, the bank does risk default as more and more individuals withdraw funds - what began as panic can turn into a true default situation.

Bank Runs - Library of Economics and Liberty

www.econlib.org/.../BankRuns.html

Library of Economics and Liberty

by GG Kaufman - ‎Cited by 81 - ‎Related articles

A run on a bank occurs when a large number of depositors, fearing that their bank will be unable to repay their deposits in full and on time, simultaneously try to ...

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2. Images for bank runsReport images
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cri·sis

ˈkrīsis/

noun

noun: crisis; plural noun: crises

1. a time of intense difficulty, trouble, or danger.

   "the current economic crisis"

   synonyms:

   emergency, disaster, catastrophe, calamity; More

   • a time when a difficult or important decision must be made.

     "a crisis point of history"

     synonyms:

     critical point, turning point, crossroads, watershed, head, moment of truth, zero hour, point of no return, Rubicon, doomsday; More

   • the turning point of a disease when an important change takes place, indicating either recovery or death.

Origin

late Middle English (denoting the turning point of a disease): medical Latin, from Greekkrisis ‘decision,’ from krinein ‘decide.’ The general sense ‘decisive point’ dates from the early 17th century.

par·a·dox

ˈperəˌdäks/

noun

noun: paradox; plural noun: paradoxes

1. a statement or proposition that, despite sound (or apparently sound) reasoning from acceptable premises, leads to a conclusion that seems senseless, logically unacceptable, or self-contradictory.

   "a potentially serious conflict between quantum mechanics and the general theory of relativity known as the information paradox"

   • a seemingly absurd or self-contradictory statement or proposition that when investigated or explained may prove to be well founded or true.

     "in a paradox, he has discovered that stepping back from his job has increased the rewards he gleans from it"

     synonyms:

     contradiction, contradiction in terms, self-contradiction, inconsistency,incongruity; More

   • a situation, person, or thing that combines contradictory features or qualities.

     "the mingling of deciduous trees with elements of desert flora forms a fascinating ecological paradox"

Origin

mid 16th century (originally denoting a statement contrary to accepted opinion): via late Latin from Greek paradoxon ‘contrary (opinion),’ neuter adjective used as a noun, frompara- ‘distinct from’ + doxa ‘opinion.’

trag·e·dy

ˈtrajədē/

noun

noun: tragedy; plural noun: tragedies

1. 1.

   an event causing great suffering, destruction, and distress, such as a serious accident, crime, or natural catastrophe.

   "a tragedy that killed 95 people"

   synonyms:

   disaster, calamity, catastrophe, cataclysm, misfortune, mishap, blow,trial, tribulation, affliction, adversity "the flood was the worst tragedy in the city's history"

2. 2.

   a play dealing with tragic events and having an unhappy ending, especially one concerning the downfall of the main character.

   synonyms:

   disaster, calamity, catastrophe, cataclysm, misfortune, mishap, blow,trial, tribulation, affliction, adversity "the flood was the worst tragedy in the city's history"

   • the dramatic genre represented by tragedy.

     "Greek tragedy"

Origin

late Middle English: from Old French tragedie, via Latin from Greek tragōidia, apparently from tragos ‘goat’ (the reason remains unexplained) + ōidē ‘song, ode.’ Compare withtragic.

ca·tas·tro·phe

kəˈtastrəfē/

noun

noun: catastrophe; plural noun: catastrophes

1. an event causing great and often sudden damage or suffering; a disaster.

   "a national economic catastrophe"

   synonyms:

   disaster, calamity, cataclysm, holocaust, havoc, ruin, ruination, tragedy;More

   • the denouement of a drama, especially a classical tragedy.

Origin

mid 16th century (in the sense ‘denouement’): from Latin catastropha, from Greekkatastrophē ‘overturning, sudden turn,’ from kata- ‘down’ + strophē ‘turning’ (fromstrephein ‘to turn’).

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Greek crisis: Parliament approves referendum, after bailout extension rejected - as it happened

Dramatic day sees Greek MPs vote to hold a referendum on its bailout terms, hours after European finance ministers refuse to extend its bailout, bringing default closer

• Latest: MPs back referendum
• Tsipras addresses parliament
• Greece urged to take measures to ensure stability
• Early-evening summary: Bailout on the brink
• In Athens; Tensions are rising
• Lunchtime summary: Eurozone ministers look to Plan B
• Bank queues in Athens ... but other areas calm

Updated 10h ago

 People stand in a queue to use ATM machines at a bank in Thessaloniki on June 27, 2015. Photograph: Sakis Mitrolidis/AFP/Getty Images

Graeme Wearden

Saturday 27 June 2015 20.17 EDTLast modified on Saturday 27 June 201520.24 EDT

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• 11h agoGREEK GOVERNMENT WINS REFERENDUM VOTE
• 12h agoTsipras: It's a historic moment
• 13h agoTsipras speaks
• 15h agoGreece "must take measures to ensure stability"
• 16h agoFinal Eurogroup press conferences begin
• 17h agoFrance's Sapin: We want Greece to stay in the euro
• 17h agoSummary: Greece on brink of default

10h ago20:12

 Greece’s Prime Minister Alexis Tsipras delivers a speech to the lawmakers during an emergency Parliament session tonight. Photograph: Petros Karadjias/AP

And finally, over to Reuters for a snap summary:

Greek lawmakers on Sunday authorised prime minister Alexis Tsipras’ proposed 5 July bailout referendum, setting Greece on course for a plebiscite that has enraged international creditors and increased Greece’s chances of exiting the eurozone.

The government easily passed the 151-vote threshold needed to authorise the referendum, with deputies from the far-right Golden Dawn voting with the government and pro-European opposition parties New Democracy, Pasok and To Potami and the KKE Communist party voting against.

Greeks are due to vote on whether to accept or reject the latest terms offered by creditors to Athens in order to unlock billions of euros in bailout funds.

European partners have reacted negatively to the announcement of the referendum. On Saturday, they rejected a request by Tsipras to extend the current bailout in order to cover the period leading up to the referendum. The rejection means Athens is likely to default on a key payment to the International Monetary Fund on Tuesday.

So, what a day. Thanks for sticking with us. I’d better shut down now. Back in the morning.

If you’re not already sated, check out Ian’s latest report. Goodnight! GW.