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Greece To Raid Deposits – Greek Banks Preparing To Raid Bank Account Deposits To Avoid Collapse
Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and business people with knowledge of the measures said on Friday 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. High quality global journalism requires investment
Depositors can withdraw only €60 a day from bank ATM cash machines, while requests to transfer funds abroad have to be approved by a special finance ministry committee in co-operation with the Greek central bank.
Athens bankers said the country had only enough cash to keep ATMs supplied until the middle of next week. This followed the ECB’s decision this week not to increase Greece’s allocation of emergency liquidity assistance after the bailout programme ended on June 30. It’s crunch time for Greece as IMF debt looms and bailout ends.
Puerto Rico announced it’s about to suffer the same fate and a new chart shows the U.S. is on the same debt path.
Greece has stockpiled enough reserves of fuel and pharmaceutical supplies to withstand a long siege, and has set aside emergency funding to cover all the country’s vitally-needed food imports.
Yanis Varoufakis, the Greek finance minister, said the left-Wing Syriza government is still working on the assumption that Europe’s creditor powers will return to the negotiating table if the Greek people don’t agree to their austerity demands in a referendum on Sunday, but it stands ready to fight unless it secures major debt relief.
Luckily we have six months stocks of oil and four months stocks of pharmaceuticals and that “I think the markets have properly factored in the risks involved“. debt crisis in Puerto Rico either. In fact, the Obama administration has already completely ruled out any sort of federal bailout for the island. Barack Obama is assuring us that everything is going to be just fine and that we are not headed for another global financial crisis.
Food has been exempted from an import freeze since capital controls were introduced last weekend. Grains, meats, dairy products, and other foodstuffs should be able to enter the country freely, averting a potential disaster as the full tourist season kicks off. Former presidential candidate Ron Paul is known best in financial circles for his clear 2003 prediction of the housing bubble crisis economic disaster.
hyperinflation environment developing destruction of the middle class major collapses in the bond and stock markets and possible sudden deflation (primarily of assets), followed by dramatic inflation, if not hyperinflation (primarily of commodities), followed by a crash of several major currencies, particularly the euro and the US dollar.
Travel Restrictions. restrictions on foreign travel, including suspension/removal of passports Confiscation of wealth.
The EU has instituted the confiscation of bank accounts, which can be expected to become an international form of governmental theft.
This does not automatically mean that other assets, such as precious metals and real estate Food Shortages. Riots. These will likely happen spontaneously due to the above conditions control of the masses.
Martial Law. The US has already prepared for this, with the passing of the 2012 National Defense Authorization Act (NDAA) long-term food supplies, barterable goods, monetary goods, self defense armaments and having a well thought out preparedness plan BRICS germany Feds ‘lose’ audits for Fort Knox Gold Under the Bundesbank’s new gold storage plan in 2013,
it decided to bring back 674 tonnes from abroad by 2020 and store half of its gold in its own vaults.
Source: http://fusionlacedillusions.com/2015/07/05/greece-to-raid-deposits-greek-banks-preparing-to-raid-bank-account-deposits-to-avoid-collapse/
No one is more bankrupt that the United States.