James Hertling, Bloomberg News, on the Troubles in Greece

There's increasing evidence that there's a run on three thanks to our guest is James. News James welcome to the show are you going. Are important to point James I we're following this story about Greece and and there seems decent disconcerting news coming out of Greece in that. Depositors from Greek banks withdrew yesterday -- 6700 million dollars or 700 million. -- Is very run on Greek banks right now. Well let me just yet clarified that report we did not report that -- and -- that and partly confirmed the fact that the number. Is that he's probably -- that had an opportunity missed probably stretching back -- -- to -- to the last. The election on our basic vaccine yet. It's just not a good thing right whether it's a run on the banks you know that's that's that's a question of you I don't know that I need to characterize everything that's certainly the but he caught in the wrong direction and a lot of political in the wrong direction. And and obviously financial system. Can't -- long. You know that kind of activity. There's I think I saw on Bloomberg this morning the elections are not going to be held until June 17 in May hang on till June 17 in these banks. Survive and remain liquid until that time that's it's over a month away. Well the -- President. -- it took about that they're Central Bank governor told the president that the banks are worried yup. So. Can they hold on sure. But. You know it's it's what -- you hold on till till the last I need immediate into the cash box. When they can't just print euros either -- me they they they don't it's not like they can just say oh we're gonna print money like the US does. They have to go out and get them from the ECB which makes it a little more challenging. That's correct and and the east by the actual law we have what's called of the of the -- you know collateral they can put up with the Central Bank. It's what keeps them in business. So the -- their started to get there in them. The harder it did you actually -- he beat -- cash. That they need that -- some money from the -- bailout package. -- is intended to recapitalize the banks which might help them weather the next few weeks. At least election so the elections in its third blue eyes -- not dotted with people are quite yet even so. Is the illness -- We're we're watching the Euro declined in value I think the last I saw was at about 128. Is that gonna continue. It are we gonna see the Euro come down to parity with the US dollars it you know where's the bottom on the -- as we've seen it go from what about 152 down to one point 728. Well. You don't wanna eat and what it was were looking very ugly news group got its first panel. Do you regularly went out to about 150. The dollar and everybody act upon -- Was predicting -- -- well it is actually about that go. You know the US has quantitative easing and and I haven't heard about everything that scored on -- but DN. What's happening in in Europe is that in fact. -- can look at these European economy as a whole it's not do that. Disastrously largely because Germany which is we can do about 2627%. Of the economy. It easier to hold it hold up very well -- that's Poland Conan won't and that's that's. Opened -- currency to a certain extent he's got the -- of the country that it really troubled about countries. Account of five or 6% of the eurozone economy the real problem will become. And the real measure Nolan wrote in Spain. Now the when you look silly when you look at Greece -- -- they don't want the austerity measures but I read a survey I think it was a Bloomberg report that EE. The only 80% of the people wanna stay in the -- but they don't want the austerity sort of like how does this get resolved they wanna stay Ian -- but they don't wanna pay the rent. Yeah these applications we have all the time. I wouldn't want to write these stories and and and how much -- -- in these -- -- it is the most important poll is let people vote. And it will vote in other third of that of the people that he -- the electorate in the first vote. -- the party networks -- we austerity compare. And the other two thirds you're worried you protesting at when you say you know what we don't. One of the that you -- so badly that we're willing to swallow everything that's being forced an approach however. He go to certain points -- that -- -- that's what. Somebody -- The political elite and resources that well we'll have a more responsible more mature more measured. -- The second time around and we -- we we -- All right. Eight load James you know -- I appreciate your time -- I guess we have to wait till June is that sixteenth or seventeenth for the next granddaughter. It's Sunday June 17 election date here are this. All right while we appreciate your time James for that thank you very much. As James currently he's a Bloomberg News reporter. Joining us today with the Greek situation I hate to say the days there's been going on for two years. And it doesn't seem like we're any closer to resolution now -- to get the European debt crisis than we were two years and it's affecting investors. In -- affecting the markets and affecting us here in the United States so it's very -- it's -- be. Affecting their tourism and -- -- a lot of people saying I'm not gonna -- you can get really cheap flight to Greece in a nation and -- go to you know why would you wanna go. Now I'd be I'd be worried about bill -- does some violence in the are you worried about my personal safety and I'd be worried about gee can I get stranded there when the airlines stopped flying in Hollywood what happens I need a lot of -- here just as well as I can get over there is -- -- -- That's the question is never Boston -- who was the history. I actually suggest that it's that they yet having had my share of costs and sure.