"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Sunday, July 5, 2015

Greek banks may steal 30% of deposits to stay afloat

Riots in Greece

Benito Mussolini Had a Word for It

  • The banking system is NOT capitalism but fascism.  
  • The international bankers loan billions to nations that have no way to repay the debt.  When the poor countries can no longer make payments the bankers use their bought and paid for politicians to act as Mafia-style enforcers to collect the debt and grind the people into poverty.
  • If the "capitalist" bankers run into trouble they are bailed out with tax dollars by the politicians they funded with campaign money.  

Greek banks may do a "bail in" of deposits.

The London Financial Times quotes from "bankers and business people with knowledge of the measures said on Friday".
  • The plans call for a "haircut" of at least 30 per cent on deposits above €8,000
  • The plans "sketch out an increasingly likely scenario for at least one bank, the sources said"
The FT goes on:
Bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers' funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000
"It [the haircut] would take place in the context of an overall restructuring of the bank sector once Greece is back in a bailout programme" said one person following the issue. "This is not something that is going to happen immediately." Eurozone officials said no decision had been taken to wind up any Greek banks or initiate a bail-in of depositors, a process that would be started by the ECB declaring the banks insolvent or pulling emergency loans. 
More at the Financial Times (gated, but can be read with a free registration): Greek banks prepare plan to raid deposits to avert collapse 
(Forex Live)

Greece Riots - Athens Burns

Riots struck Athens as MPs passed harsh austerity measures.

Athens War Zone

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