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Friday, 1 June 2012

Greek banks' position now "down to the wire" - Sprott

The run on Greek banks has brought the Greek banking system near to collapse;  and "we are past the tipping point where Greek depositors have had enough", according to Eric Sprott and David Baker.  Today Greek debt is up to E400B which is greater than the debt before the second bail-out two months ago.

See Eric Sprott and David Baker's article "The real banking crisis part, II", which I acknowledge with thanks. 

Their article moves on from Europe to discuss gold, and notes that China is stockpiling gold with record gold imports.  See the related earlier postings:  "Western transfer to China of control of global reserve currency";  "Chinese gold accumulation accelerates";  "China popularises gold demand";  "China building gold reserves";  and "Chinese gold market dominance forecast".

I also acknowledge Jim Sinclair's JSMineset who brought this article to my attention.

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