The bank run is on. It has taken until the current political craziness for most Greeks to decide to take their money out of local banks. That is weird. If I were a resident of Greece I would have long since put my euros elsewhere. See the story on MSNBC.
Whenever Greece bails out of the eurozone, whatever moneys are in the country will probably be converted to "new drachmas" on a one to one basis. Bank accounts, bonds, stocks, insurance policies, salaries, pensions, you name it, will be redenominated in the "new drachma."
Across the border, the new drachma will be worth considerably less than a euro. Maybe half a euro or less. So before the change happens, grab your euros and hold onto them. People dependent on wages, pensions, bond coupons, dividends, annuity payments, whatever cannot be withdrawn in advance get hurt, maybe a lot.
What comes next? Inflation as the Greek government "prints money" to pay off its debts and to pay its multitude of employees.
