On Thursday we noted that no matter how tempting it may be to tune out the almost hourly warnings from various sources claiming Greece is finally set to run out of cash, one can't just assume the government will yet again find another couch cushion to reach into in order to scrape up a few more euros to pay government employees and creditors and thereby forestall the inevitable for another few weeks. Eventually, there simply will be no more money and the first signs that Greece has entered the final, terminal phase in the long and painful road to complete insolvency showed up last month in the form of a sweeping decree which required municipalities to transfer excess cash to the central bank. 

That mandate was greeted with incredulity and with the country's local governments less than willing to turn over their funds, Athens finally ran out of money (if only for 8 or so hours) on Tuesday when pensioners showed up at ATMs only to discover that their money simply was not there. Amusingly, the government blamed the delay on a "technical glitch", and while we suppose it's not exactly a lie to call running out of money a "technical glitch", it was abundantly clear that the country's socialist saviors were making a feeble attempt to avert a pensioner mutiny. Today, we get more details about the situation and sure enough, the retirees are restless. 

Via The Australian:

Panicking pensioners queued at banks, raided their accounts and broke into a board meeting of the state pension fund as Greece struggled to pay its two million pension recipients.

Officials claimed that a "technical hitch" had delayed some payments as Greece braced itself to run out of money in days without a breakthrough from secret talks in Brussels…

The country's state pension funds almost defaulted after a shortfall of "several hundred million euros" delayed payments to pensioners this week. Many people panicked when they discovered that their pension payments were not in their accounts.