Greek banks prepare plan to raid deposits to avert collapse

FT.com ^ | July 3, 2015 | Kerin Hope

[House Atreides]

Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday.

The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.

[House Atreides]

Well, here comes the "Cyprus" Hit for the Greeks who foolishly listened to their government and left their deposits in the Greek banks.

[DoughtyOne]

Hair cut?

Man the stupidity of some people in power...

[SaveFerris]

The question is, when does it happen here?

[doc1019]

Coming to a country near you soon. :-(

[St_Thomas_Aquinas]

Any talk of budget cuts?

We should send Boehner and McConnell over there as ambassadors of surrender.

[Huskrrrr]

“We need to steal your money in order to protect your money.”

[Jonty30]

That’s why there is a move to eliminate cash and make carrying cash illegal.

[SkyDancer]

Actually that money was loaned out - all they have is a record of deposit, no actual money. Good luck in getting that.

[SaveFerris]

All setting up for the Antichrist.

I know some out there laugh. When the reality hits, they’ll stop laughing.

Lots of countries are in severe economic shape. That usually leads to wars.

[Sherman Logan]

And when that money runs out?

[Sherman Logan]

Not exactly. War requires money, and a lot of it. Who will Greece invade, and how will their doing so help their financial situation?

Are they going to loot Bulgaria or Albania?

[Patriot Babe]

Bingo!

[SaveFerris]

Never said it was Greece specifically. I said lots of countries are in trouble.

[Flick Lives]

So the solution to people being concerned about getting their money out of the banks is to have the government confiscate the deposits? Somehow I don’t think that’s going to ameliorate the situation.

[eyeamok]

Soon, but we can’t tell you when, but first we have to crash the stock market, then we go after the bank accounts.

[SaveFerris]

That sounds about right.

[mrsmith]

A tax on ‘the rich’ that works...

LOL! I can just imagine some layabout OWS type ‘radical’ asking his parents for money after they’ve been skimmed by the government.

[VerySadAmerican]

I’m not one who laughs. The ac is the only possible explanation for what’s happening on this earth.

[SaveFerris]

We are leading up to that moment. some think the 4 Horsemen are already released. They have not been.

But the AC will be the first rider on the first horse.

There is such overwhelming debt in the USA, there is no logical solution to it. Except electronic “funds” that would only further collapse the dollar.

Believe me, I wish I wasn’t witnessing this first hand. I preferred things the way they were even 15-16 years ago.

[VerySadAmerican]

I was hoping to miss the tribulation. I’m starting to believe I won’t.