Posted on 07/03/2015 4:58:13 PM PDT by dynachrome
Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears
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.
A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers’ funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000. Meanwhile, Yanis Varoufakis swears this is nothing but a "malicious rumor":
FT report of a Gk Bank Bail In is a malicious rumour that the Head of the Greek Banks Association denied this morning http://t.co/3xtnQvpS7R — Yanis Varoufakis (@yanisvaroufakis) July 3, 2015
(Excerpt) Read more at zerohedge.com ...
Why would anyone have left a dime in a Greek bank after the last “haircuts”. Stevie Wonder could have seen this coming two years ago.
I prefer to get my haircut from a barber, not a banker.
As expected.
haircut? 30% is more like multiple amputations with no anesthesia.
Opa! Opa! Opa!
“Haircuts for you! Hair styling for me!”
Opa! Opa! Opa!
Raise your hand if you didn’t see that one coming? Coming to a Bank of America, Chase or WElls Fargo near you soon.
Cyprus instant-replay (or mostly) for Greece?
How long until this movie plays stateside...??
“How long until this movie plays stateside...??”
Lot’s of money in those 401k plans. Very tempting for the feral gov’t.
If this is done in Greece, it will kill banks all over the world. Capital flight from banks will be huge.
Only 30%?
They could take 100% form all accounts and it still wouldn’t get them out of debt.
“If this is done in Greece, it will kill banks all over the world.”
I suspect it is more likely to kill the flight of capital to the offshore banking industry. This may will serve as a wake up call to those who believe stashing cash in some two bit island is a hedge against financial risk here.
He’ll be hiding in Hawaii when done
People will say that it is only people with more than 8,000 Euros, so it won’t affect most people. They will just stick it to the rich. But think of all the Greek companies with deposits in their banks for payroll. On that day, 30% of their salaries won’t get paid.
Given the tumble in Euro exchange rates, that’s probably less than $10,000. I wouldn’t call that rich at all.
I’d guess we’re getting close to the point where bankers will be chased into the street and hanged from lampposts.
There are still not less than 23 separate locations in the world where to "stash cash" without much or any risk as a hedge against the idiocy in DC. Exactly 1 of them MIGHT be classified as a "2-bit island".
You are quite properly (it sounds like) concerned about your assets. May I recommend that you actually learn something about the HOW-TO-DO of preserving your assets.
It has already happened here through currency devaluation; they can’t do the same in Greece because they don’t control the currency (Euro). We just took pay cuts with devalued dollars; while everyone talks about prices going up, it is actually just dollars going down.
If you were being paid 10 potatoes an hour before, you’re now getting 7.
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