As countries in Europe continue to see economically difficult times, many people are taking their money out of banks in order to protect their savings. Authorities say the citizens of these countries are concerned that their savings will disappear if their country should stop using the common currency in Europe. The only problem is as money is taken out of circulation, the country’s financial concerns get more complicated.
Most of the money is being hoarded at home or placed in banks in countries with more stable economies. Figures indicate some of the money has been withdrawn and spent to meet urgent needs of families who have lost their source of income. Statistics also show the money is being moved to more stable countries where it is placed in banks, or invested in property or bonds that are backed by the Euro. Authorities say some of the money is being kept in homes, and new gangs are learning how to specialize in breaking into private homes and stealing the hidden cash and valuables. Theodore Krintas, managing director at Attica Wealth Management said, “What he average Greek has in mind is to secure the Euros they currently hold. That has been going on for a long time, and will continue as long as the uncertainty increases.”
--Greeks, Spanish Pull Billions Out of Banks in Self Protection,
2012, Illustration by Jim L. Wilson and Jim Sandell
Proverbs 11:28 CEV “Trust in your wealth, and you will be a failure, but God's people will prosper like healthy plants.”