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.

[SaveFerris]

It’s still possible. I lean that way heavily.

However, it will be no fun ride for anyone, that’s for certain.

Yikes

[jy8z]

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

As I read the daily occurrences I catch myself wishing I was one generation older so I won't be here when it happens. I'm a sad American also.

[PA Engineer]

The question is, when does it happen here?

That is what the Dodd-Frank Act instituted. Bail-Ins, in the guise of consumer protection is another Orwellian act brought to America by the undocumented president.

Worse, under the other Orwellian program called the Affordable Care Act, gold purchases are being registered.

[VerySadAmerican]

I catch a lot of flak over the username. But it’s difficult to pay attention and not be very sad.

[kearnyirish2]

It is already happening here due to currency devaluation; we are earning less (in terms of what our wages or savings can buy). While prices go up (and the enemedia has a different explanation for each commodity that skirts the obvious truth), we don’t have to face the fact that the $1,000 in the bank now buys $700 worth of merchandise a couple of years ago.

[SaveFerris]

[gold purchases are being registered]

Uh oh.

[jy8z]

I am mostly sad when I look into the eyes of my beautiful grandchildren since I lived through America at its best. I’m not giving up but it’s not looking good for us right now.

[SaveFerris]

I earn nothing. And pretty much next to nothing for a long time. If it wasn’t for family and then friends, I don’t know.

That’s why I know about the job situation first-hand. I’m sure there are many, even right here on FR that know how bad things are.

And especially since 2008, some portion of it is built on trillions of dollars of debt placed on the American people.

[PA Engineer]

Uh oh.

I'm still searching for the lake where all the Freepers fish.

[SVTCobra03]

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

I can tell you when. September, 2015.

[MSF BU]

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.

[Cboldt]

If you like your money, you can keep your money.

[kearnyirish2]

I live in NJ; it is absolutely horrible here. “For Sale” signs everywhere, companies leaving/laying off...There won’t be any recovery here for a very long time. They are trafficking Third Worlders here to keep the stores and schools open, but there is no money for any kind of maintenance of anything.

Our local flea market has people selling groceries (and just about everything else) next to a mall that was completed years ago but never opened...

[SaveFerris]

Guess we’re gonna find out. September - October time frame is what concerns me.

Not that I’m relaxing any other months this year.

[grania]

When does it happen here?

Banks are already paying just over 0% interest. Can "negative interest" be far behind?

[SaveFerris]

I don’t think we’re gonna recover from this one. I wish I was wrong.

The numbers are truly staggering. Somewhere between $135 to $211 trillion. Beyond mind-boggling.

[SaveFerris]

That’s the Greece haircut. Or as it was proposed last year.

[kvanbrunt2]

we’re next

[stillfree?]

I think its getting Biblical too.

[SaveFerris]

Amen.

Happening faster than even I imagined possible.