According to Ernst Wolff's account in Globalresearch, Syriza leaders have agreed with the EU's recent legislation called the Bank Recovery and Resolution Directive (BRRD) which "...provides for the replacement of bailout of banks with taxpayers' money by the partial expropriation of savers, depositors, and shareholders." "To understand the true nature of a bail-in, one only has to take a look at what happened in Cyprus in the spring of 2013. "There, depositors with more than 100,000 euros in their accounts lost 40 percent of their money, which was used to recapitalize their bank. "The measure was a devastating blow for the middle class, small businesses and retirees who lost a large part of their lifetime savings. "Although deposits under 100,000 euros are officially protected within the EU, this is no guarantee that they will be left untouched. "After most large depositors removed their money during the past months, the four biggest banks in Greece Piraeus Bank, Alpha Bank, Eurobank and the National Bank of Greece presently only hold deposits of around 130 billion euros. "It is estimated that 40 to 50 percent of their loans are not being serviced and only 40 percent of customers deposits exceed 8,000 euros. "Strangled by bad loans, these four banks that make up 90 percent of Greeces banking business, are desperate to increase their equity capital and therefore urgently need fresh money. "By the way, the agreement between the Troika and the government of Cyprus in 2013 was not based on any existing laws, but concluded on the basis of a quickly resolved 'agreement' between the rulers in Nicosia and the EU. Implementing a similar 'emergency agreement' in Greece would probably not present a big problem to the EU or the Troika. "As reported by the Financial Times and confirmed by one of the banks concerned, such a measure has already been discussed. "According to their sources, Greek authorities are aiming at a 30 percent haircut for all deposits exceeding 8,000 euros." http://www.globalresearch.ca/tsipras-and-varoufakis-approve-of-home-evictions-and-expropriation-of-depositors/5464886 Obviously, today's central bankers REALLY don't care who writes a country's laws
"Tsipras as well as Varoufakis must have known this when they voted in favor of the BRRD on Wednesday. "They have thus willingly contributed to a further deepening of the assaults not only on the working people and the middle class of Greece, but also on millions of savers, depositors and small enterpreneurs in Serbia, Albania, Bulgaria, Macedonia and Romania who maintain their accounts at the regional subsidiaries of the large Greek banks and whose living standards in some cases are far below those of Greece. "They, too, will in all probability be subjected to a bail-in." http://www.globalresearch.ca/tsipras-and-varoufakis-approve-of-home-evictions-and-expropriation-of-depositors/5464886 Was Greece pushed off the cliff by the Financial Mafia? That answer depends on whether or not liquidity and insolvency problems were intentionally generated by, for example, the derivative scheme sold to Greece by Goldman Sachs in 2001 which almost doubled Greek debt in four years. http://www.globalresearch.ca/the-greek-coup-liquidity-as-a-weapon-of-coercion/5465988
Georgephillip… what do you personally think of my theory that Pope Francis is in one of the best positions imaginable to come out with a Vatican Volunteerism Hour.............that could be linked to something that almost resembles a "Unified Theory of Modern World Problems?" Post #3 quotes how I worded this back in 2007 to Pope Benedict...... http://www.politicalforum.com/humor...ut-we-assist-jews-get-rabbi-nachman-back.html Dear Pope Francis...... how about we assist the Jews to .....
