Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.

Tsipras implored: "Keep Calm...."

 

They did not listen...

Call that an ATM line...

 

Now THIS is an ATM line...

This ia an ATM queue in the centre of Athens now #Greece #Greferendum http://pic.twitter.com/lx12DYnJIW

— Loukia Gyftopoulou (@loukia_g) June 28, 2015

 

??????? ????????????. ??????. http://pic.twitter.com/pPy1HT5LaP

— Kosmas Themelis (@kosmasthem) June 28, 2015

 

 

How Greece looks like after capital control announcement by SYRIZA-ANEL #europe #euro #Eurozone #EuropeanUnion http://pic.twitter.com/x6nK9951H1

— Poseidon (@Kons_u) June 28, 2015

#ATM#thessaloniki#greece#krisis http://pic.twitter.com/Ly4g8B0Paj

— ????? ? (@sissy_mitr) June 28, 2015

 

 

Even at the airports...

Resending this as there is at least one other ATM with cash at athens airport out of shot. I've joined the line. http://pic.twitter.com/EuoIcj9afb

— Elliott Gotkine (@ElliottGotkine) June 28, 2015

 

 

And gas stations are overwhelmed...

 

Scene at the petrol station near my hotel. Busy, certainly. but not manic. #Greece #euro http://pic.twitter.com/zEODyhbkHk

— John Hooper (@john_hooper) June 27, 2015

 

 

As grocery stores and general appliance stores come under seige...

???????? ??????? ???????, ????. ???? ??? ???? ?????????... http://pic.twitter.com/mWU7DHkl99

— ???????????????????? (@LPapastergiou) June 28, 2015

         

 

We have seen this before - in Russia recently as the Ruble collapsed and citizens spent any and every piece of currency they had on 'assets'.

The great news for Greece is that GDP for Q2 will be sent soaring.

Simply put - it's all about inflation expectations. And unlike The Fed or The BoJ, who keep trying to jawbone higher expectations into their citizens' minds, the Greek government may have achieved it implicitly through devaluation expectations and with it - a spending spree before things get more expensive and implicitly a surge in GDP. Of course, however, the spending surge can only be short-term and will stop as soon as there are no more euros to spend.