Newspaper say that exchange offices do not have Swiss francs these days. They have been sold out as an outcome of “The media campaign against Euro”, that is, the stories about the approaching collapse of the European Union, the Euro area, Euro itself and everything that includes Euro prefix. Citizens began to buy Swiss francs instead of Euros and even to convert their savings into other European currencies.
The situation is not simple or easy and the concern is justified. The European Union and its currency is in such a deep crisis that no epilogue can be completely ruled out. First of all, because economists are not prophets and do not know what will happen. If they knew, they would make a fortune on the exchange market. In addition, stock brokers do not know this either, except in cases of unusual circumstances and specific issues, they usually just bet on one option or the other, and very often on both in order to reduce the risk of losing money they are gambling.
Even the Greeks, who were partying on the streets for months and smashed everything they got hold of, are now careful and calm when it comes to their own pockets. Few days ago days the news was published that in September and October 13 to14 billion Euros have been withdrawn from savings accounts in Greece. It is twice as much than the saving amounts in Serbia and this fact causes fear at first sight. Still, that is only three percent of total savings, so now the banks are in charge of the 183 billion Euros. And since the beginning of crisis in January 2010. up until now, about 50 billion Euros have been withdrawn from saving accounts. Therefore, during the last two years, one fifth of the total savings has been withdrawn from the country that was on the brink of bankruptcy and was threatened to be thrown out of the euro zone, and expelled from some of the most problematic banks in Europe. This seems even too relaxed.
President of the Association of Serbian Banks, Veroljub Dugalić, and Central Bank Governor, Dejan Soskic, recently assured the citizens that their savings in local banks are safe, and that, in general, the European Monetary Union is a set of trustworthy countries that will not leave its citizens, that is depositors, in the lurch.
But if you do not trust the Greeks, nor us (which is frankly speaking quite understandable) than you should look upon Germans. Have you noticed any sense of excitement and panic among them or stampedes at the banks and savings withdrawals?