Angela Merkel can take a bow for creating such confusion in the market. Rather than be serious about addressing the problem a few years ago, she chose to try and make a point that doesn’t apply and then made sure to give the bankers a sweet deal during negotiations. Look at all of the money she saved Germany and the EU with that strategy. Brilliant job, huh?
Greeks pulled their cash out of the banks and stocked up with food ahead of a cliffhanger election on Sunday that many fear will result in the country being forced out of the euro.
Bankers said up to 800 million euros ($1 billion) were leaving major banks daily and retailers said some of the money was being used to buy pasta and canned goods, as fears of returning to the drachma were fanned by rumors that a radical leftist leader may win the election.
The last published opinion polls showed the conservative New Democracy party, which backs the 130 billion euro ($160 billion) bailout that is keeping Greece afloat, running neck and neck with the leftist Syriza party, which wants to cancel the rescue deal.