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Greece - some observations in human behaviour given current circumstances


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Was listening to a Bloomberg news report from a reporter on the ground in Athens, yesterday. A couple of interesting comments. 


The reporter noted some behaviour by Greeks given current circumstances;


1. Some Greeks are maxing out their credit cards and buying TV's, electronic items (perhaps in fear that these imported items will become more expensive if Greece leaves single currency).  It seems that they believe that if the Greek banks go bankrupt, or if Greece leaves the Euro single currency, they believe that they will not have to pay the amount back to the bank ... (or to offset against their bank  balance which they are unable to currently access)


2.  Greeks are buying Rolexes, jewellery as a store of value, in the event that Greece leaves the single currency union.


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In times of crisis, future is uncertain and humans behave in ways that might not look rational... though perhaps they are as rational as possible at the time.


I've lived through situations where rational analysis might have yielded much better results than instinctive behavior. Unfortunately, usually majority of people go with instinctive behavior for better or worse.


Hope it works out for Greeks somehow.



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