Before It’s NewsCyprus Precedent? “bail-in” – rules to impose failed banks’ losses on shareholders, bondholders & “some” large depositors agreed by EU finance ministers
Anyone. Anyone except the banks will do to ‘cover’ the losses of what is essentially their depositors’ money. Even with this kind of track record, the banks are so arrogant today that the’re actually charging clients to lend them their money. They call it a “Deposit Charge” because everything a bank does for you “while looking after your money” is charged to you. You end up using between 80% and 95% of your earnings. Interest? Just another revenue stream for banks – Tom Dennen
”The new guidelines have the aim of ensuring that taxpayers are no longer the first in line to take on the burden of banking failures following a European sovereign debt crisis driven by multi-trillion government bailouts and guarantees for the financial sector since 2008.
“… the heavy losses inflicted on depositors in Cyprus would be the template for future baking crises across Europe.”
“In Cyprus, there were retirees and small businesses that lost hundreds of thousands of euros overnight.
Do not let that happen to you.
And without a doubt, we are going to see a lot of banks fail in Europe over the next few years. This will especially be true once the next great financial crisis strikes.
But even though we haven’t even gotten to the next great financial crisis yet, the economic depression in Europe just continues to get even worse. Just consider these facts…
-Car sales in Europe have hit a 20 year low.
-Overall, the unemployment rate in the Eurozone is sitting at 12.2 per cent. That is a brand new all-time record high.
-An average of 134 retail outlets are shutting down in Italy every single day. Overall, 224,000 retail establishments have closed down in Italy since 2008.
-It is being projected that Italy will need to ask for an EU bailout within 6 months.
-Consumer confidence in France has dropped to an all-time low.
-The unemployment rate in France is up to 10.4 per cent. That is the highest that it has been in 15 years.
-Government is now responsible for 57 per cent of all economic output in France.
-In May, household lending in Europe declined at the fastest pace in 11 months.
-During the first quarter, disposable income in the UK declined at the fastest pace in 25 years.
-It is being projected that the unemployment rate in Spain will hit 28.5 per cent next year.
-Just a few years ago, the percentage of bad loans in Spain was under 2 per cent. Now it is sitting at 10.87 per cent.
-The national debt in Spain has grown by 19.1 per cent over the past 12 months alone.
-The Greek government says that the Greek economy will shrink by 4.5 per cent this year.
-It is being projected that the unemployment rate in Greece will rise to 30 per cent in 2014.
And it certainly does not help that China has essentially declared a trade war on Europe. That is not going to help struggling European industries at all.
I hope that more Americans will start paying attention to what is happening in Europe. The crippling economic problems that are sweeping across that continent will come here too.
And at some point there is a very good chance that we will also see Cyprus-style bank account confiscation in this country.
Bail-In, Bail-Ins, Bank Account, Bank Account In Europe, Bank Failures, Cyprus, Cyprus-Style Wealth Confiscation, Do They Know Something, EU, EU Finance Ministers, Michael T. Snyder, Vulnerable, Wave Of Bank Failures,Wealth Confiscation | Category: Europe
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The headline sounds to me like the author is implying that money in U.S. banks is safe, or maybe only the rich will have their accounts fleeced.
The truth of the matter is that all of the banks, in US and in Europe, are all owned by one small gang of Jews, and no one’s money is safe in any of them.
The legal framework for stealing all your money from your U.S. bank account has already been put in place by a judge’s decision that your savings account isn’t exactly yours, but rather it’s your investment in the bank’s operations. Ergo…. if the bank fails, and it will, you’ll fail with it.