As Tensions Rise in Greece, the Country Has One More Ace up Its Sleeve

It all has to do with the letters printed on the euro notes.
As Tensions Rise in Greece, the Country Has One More Ace up Its Sleeve
The national flag of Greece and the flag of the European Union fly above a government building ahead of the general election on Sunday on January 23, 2015 in Athens, Greece. Matt Cardy/Getty Images
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The situation in Greece and Europe doesn’t exactly look pretty. Negotiation positions are entrenched, but more importantly, Greek banks are running out of money and there are rumors they won’t open on Monday.

“Regrettably, no discussion of our proposal took place within the Eurogroup. Even more regrettably, instead of that essential discussion, we observed pernicious ‘leaks’ to the press regarding Greece’s banking system,” Yanis Vanoufakis told Bloomberg

He is upset because rumors like that will only accelerate the bank run and make the occurrence of a bank holiday an actual reality.

Valentin Schmid
Valentin Schmid
Author
Valentin Schmid is a former business editor for the Epoch Times. His areas of expertise include global macroeconomic trends and financial markets, China, and Bitcoin. Before joining the paper in 2012, he worked as a portfolio manager for BNP Paribas in Amsterdam, London, Paris, and Hong Kong.
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