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.

[MSF BU]

As I think about it more, this may mean gold coins of less than an ounce might be more sought after now. There are still a lot of these floating around: https://www.golddealer.com/product/swiss-20-franc/

[PA Engineer]

Interesting article. I suspect that there will be a lot of gold coins carried out of the country by tourists and many more privately sold at a discount.

I did read the ACA and remember there was specific mention of gold. That was troubling at the time, however all of the tightening and abuse of the Structuring laws makes it very difficult to keep assets private. I can't imagine even buying Maple Leafs in Canada without raising flags.

We live in interesting times.

[stillfree?]

I never had a feel for the timing. I feel right with the Lord though.
Amen

[PA Engineer]

As I think about it more, this may mean gold coins of less than an ounce might be more sought after now.

Just caught up with your previous post. I believe part of the "Structuring" laws is to dampen down even smaller gold coins. I have a bad feeling about this and it all seems interconnected.

[SaveFerris]

Seems the Messiah is the only hope.

Really, only He was anyways.

[stillfree?]

What happens in September/October?

[NotTallTex]

Margaret Thatcher was right about money.

[SaveFerris]

They are basing that on the shemitah (sp).

7-year cycles. ‘87, ‘01, ‘08, etc.

Perhaps a stock market adjustment? Perhaps something Biblical?

Well, we’re gonna find out too soon.

Hard to say. But there is enough secular evidence that trouble is brewing.

[JSDude1]

NEWS alert: Your money doesn’t belong to you, it belongs to rich bankers and government bureaucrats.

[exit82]

Two days ago on Bloomberg, the side bar crawl said that a bail- in was not being looked at by the Greek banks.

I told my wife that was a sure sign one was coming.

[MSF BU]

I was thinking of selling in Canada, rather than buying. Even during the depression the Canadians never controlled gold. Then again, maybe it is back to junk silver. It’s certainly the easiest to accumulate.

[Lurkina.n.Learnin]

Apparently somewhere in the neighborhood of $9000 is the new rich.

[Will88]

The question is, when does it happen here?

That might well be the way our out-of-control debt is finally addressed. All the businessmen and corporations who want an endless flow of cheap labor are actually helping to create the electorate who will happily vote in lawmakers who will seize portions of bank accounts and other assets to begin paying off the debt and to meet various social justice needs.

[SaveFerris]

Could very well be. I am of the opinion that 90% or more of politicians have been bought and paid for.

[grumpygresh]

Ok. Then the banksters should face Nuremberg style trials in absentia if necessary. Then, hire bounty hunters.
The only way to stop this nonsense is to hold the international banking organizations and their members personally responsible by jailing them and confiscating their personal assets.
Little Iceland did it.

[hal ogen]

This stuff makes me happy that I’m relatively old. Rough times ahead for all.

[ROCKLOBSTER]

The only way to stop this nonsense is to hold the international banking organizations and their members personally responsible by jailing them and confiscating their personal assets.

I can think of a couple of US banksters that should happen to...Tim Geithner for example.

[grumpygresh]

I think at this point, the Greek government needs to nationalize the banks and kick out the international banksters. Of course, they will need to have the backing of Russia’s military and China’s gold.

This wouldn’t necessarily be in the interests of the trilateral establishment that runs the West, but it would be a way for Greece to exit serfdom. Unfortunately, they would be subject to Russia/China. Hobson’s choice.

[PA Engineer]

I was thinking of selling in Canada, rather than buying. Even during the depression the Canadians never controlled gold. Then again, maybe it is back to junk silver. It’s certainly the easiest to accumulate.

Agreed.

[Artie]

After the “Cyprus Incident”, I have been waiting for the nasty scenario of a banker or government official being forcibly removed from their comfortable abode, strapped (duct-taped) to a rolling office chair and publicly tortured. Guess the imagery is just too subtle...