Predicted Bank Run

On November 15 COTTonLINE predicted that Greeks would be withdrawing hard money (i.e., euros) from their banks. They would do this in anticipation of either a freeze on their accounts or a conversion into a devalued new drachma.

Less than a month later here is an article in Der Spiegel Online (English version) which reports happening what we predicted. Spiegel suggests additional reasons for this run on the banks, reasons with which we have no argument.