Today Art Cashin told King World News that we are witnessing a slow motion bank run in Greece. Cashin, who is Director of Floor Operations for UBS (which has $612 billion under management), also said it needs watching because if it accelerates it would be the first sign Greece is going to default. Here is what Art Cashin had to say: “What you are watching, and people always use the example of a slow motion train wreck, what we are seeing so far is a slow motion bank run. If you were a Greek citizen and you thought there was some risk that over the weekend suddenly the euro could be replaced with the drachma you would be worried.”
Art Cashin continues:
“So one of the things we’ve all been wary of and watching for is, does it come to a critical mass? Is there a time when all of the Greek citizens rush in and say give me my money. That would be the first critical sign that perhaps default would be looming because the belief in it would have grown to the point where Greece would have no other recourse.
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