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What Dijsselbloem Really Said: Full "On The Record" Transcript

Tyler Durden's picture




 

Hopefully the memory of the new Eurogroup head, who in a one day lost more credibility than his admittedly lying predecessor Juncker ever had, will be jogged courtesy of this full transcript provided by Reuters and the FT of what he told two reporters - on the record - and for the whole world to read. Because, by now, we are confident everyone has had more than enough with watching the entire Eurozone rapidly and tragically turn itself into a complete and utter mythomaniac, kletpocratic circus.

Via The FT,

To clarify what Dijsselbloem said, we’ve decided to post a transcript of the portion of the interview dealing with how the eurozone might deal with bank failures in the future in light of the Cyprus example. The interview we conducted alongside Brussels bureau chief Luke Baker of Reuters (@LukeReuters) lasted about 45 minutes, and the portion on bank resolution lasted for about 10 of those minutes. The interview started out with some Cyprus-specific questions – like how capital controls might work, whether Dijsselbloem had learned any lessons form the Cyprus experience – and then shifted to a discussion about whether north-south relations were hampering EU decision making. That’s when Baker asked the first question about whether Cyprus set a precedent for future bank rescues...

 

Q: To what extent does the decision taken last night end up setting a template for bank resolution going forward?

 

A: What we should try to do and what we’ve done last night is what I call “pushing back the risks”. In times of crisis when a risk certainly turns up in a banking sector or an economy, you really have very little choice: you try to take that risk away, and you take it on the public debt. You say, “Okay, we’ll deal with it, give it to us.”

 

Now that the situation is more calm and the financial markets seem to have become more steady and easier, we should start pushing back the risks. If there is a risk in a bank, our first question should be: “Ok, what are you the bank going to do about that? What can you do to recapitalise yourself?” If the bank can’t do it, then we’ll talk to the shareholders and the bondholders. We’ll ask them to contribute in recapitalising the bank. And if necessary the uninsured deposit holders: “What can you do in order to save your own banks?”

 

In other words, taking away the risk from the financial sector and taking it onto the public shoulders is not the right approach. If we want to have a healthy, sound financial sector, the only way is to say: “Look, there where you take on the risks, you must deal with them. And if you can’t deal with them, you shouldn’t have taken them on and the consequence may be that it’s end of story.” That is an approach that I think we should, now that we’re out of the heat of the crisis, consequently take.

 

I’ve tried to do so as far as I could in nationalising the SNS bank in the Netherlands. We’ve completely wiped out the shareholders and the junior bondholders. We have to bring down the tab to be picked up by the taxpayers.

 

Q: What does that say for other countries in the eurozone that have very highly-leveraged banking sectors, Luxembourg, Malta even? Much larger than Cyprus’.

 

A: It means: deal with it before you get in trouble. Strengthen your banks, fix your balance sheets, and realise that if a bank gets in trouble, the response will no longer automatically be we’ll come and take away your problems. We’re going to push them back. That’s the first response that we need. Push them back. You deal with them.

 

Q: That sounds a whole lot like what people were suggesting before Lehman Brothers. They made a bad investment in Lehman Brothers; let it go down. And we saw what happened after that. Is there any risk that this change in thinking risks coming back to the ‘too big to fail’…

 

A: I think we have to realise before we come to a decision can we let a bank fall over, is it too big to fail, there are a lot of things that can be done. To start with, we should not waste any time in fixing balance sheets. Banks have to build up their reserves, have to become much more stable and strong within themselves.

 

Secondly, we need mechanisms to deal with risks in terms of: if a bank is in trouble, can you take out the bits you want to save and let go of the bits you don’t want to save, the “living will” approach.

 

Thirdly, if a bank does get in trouble, to who can we shift the account? Who’s going to pay for it? That’s what I was talking about just now, to shareholders, etc. Then there comes a point where you, as a government, may have to step in, but that should be the order. You take preventive measures, you make sure banks are more stable, more robust. If there still is a problem, you need mechanisms to address them, to pull banks apart, etc. You need to bail in those people whose equity is involved, etc.

 

Q: This is basically the [Michel] Barnier proposal [for a common EU bank resolution regime]. The priority seems to be removing that moral hazard.

 

Q2: Those proposals now look like they’re going to be delayed, I think, from Barnier. In a way, you’ve had a chance with Cyprus as a kind of test case, if you like. Does it feel like that?

 

A: Like I said, it’s very hard to do this if there’s a lot of nervousness in the markets and there is still a crisis atmosphere. Now that the crisis atmosphere is disappearing – we had a little upheaval last week after the levy discussion – but looking at it a couple of days later now, a week later now, the markets have really been very wise in responding to this whole levy thing. So now that the crisis seems to fade out, I think we have to dare a little more in dealing with this.

 

Q: It just makes me think of one thing, off the cuff, which has to do with the ESM [European Stability Mechanism] and the direct recapitalisation of banks. Does that change the kind of calculus in terms of how that is used going down the road? There have been suggestions it may never be used if you have fully-functioning bail-in systems. Is that what we’re saying?

 

A: I think that’s what we should aim at. We should aim at a situation where we will never need to even consider direct recap. The interesting thing of course that in the Spanish situation, because that where the demand for a direct recap instrument started, from the Spanish banking crisis. We are now dealing with the Spanish banking sector – restructuring it, recapitalising it, bad bank, some bail-in – without this instrument. If we have even more instruments in terms of bail-in and how far we can go in bail-in, the need for direct recap will become smaller and smaller.

 

I can just repeat what I said. I think that the approach has to be: Let’s deal with the banks within the banks first, before looking at public money, be it direct recap or any other instrument coming from the public side. Banks should basically be able to save themselves, or at least restructure or recapitalise themselves as far as possible.

 

Q: Is that new philosophy, was it hard among the 17 [finance ministers], are there people who it’s been hard to convince this is the right approach?

 

A: Well, there is still nervousness, understandably, about can we pull it off, what will it mean in the financial markets, how will the financial markets react to the eurozone, to the financial institutions in the eurozone, etc.

 

That was one of the reasons why, last week, we didn’t go down the bail-in track [in Cyprus] but went down the levy track. Now we’re going down the bail-in track, and I’m pretty confident the markets will see this as a sensible, very concentrated and direct approach instead of the more general approach [of] let’s levy everyone to gather the money for the banks. So yes, that that is a sort of shift in approach.

 

Q: Is this something that you’ve sort of market tested, if you like, with the market? You’ve had a lot of feedback? You just said you feel very confident that the market will respond positively to the bail-in approach. Is that the feedback you’ve had?

 

A: You get two kinds of feedback. There’s the economic analysts that say this is a sensible approach, it makes sense. And then there’s more the investors’ reaction, who will say: “Look, we’re not to going to pay the tab, are we? If you do so, we will make our financing more expensive.”

 

My reaction would be: Maybe it’s inevitable that if you push back the risks, risks will be priced. Because if I finance a bank and I know if the bank will get in trouble I will be hit and I will lose my money, I will put a price on that. I think that’s a sound economic principle. And having cheap money because the risks will be covered by the government and I will always get my money back is not leaving to the right decisions in the financial sector, it’s not leading to the right risk management in the financial sector.

 

So there’s those two reactions from the financial markets: the analysts who are saying, let’s be real, this is a sensible approach, and the investors. My response is: If risks are going to be priced, then that is probably the right way to do it. It will force all financial institutions as well as investors to think about the risk they are taking on. They will have to realise it may also hurt them, the risks might come towards them instead of pushing them away.

 

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Tue, 03/26/2013 - 09:45 | 3376431 Divided States ...
Divided States of America's picture

Hey Diesel....stop being a pussy and man up to your words.

Tue, 03/26/2013 - 09:46 | 3376436 Croesus
Croesus's picture

Diesel Boom, Bitchez!

Tue, 03/26/2013 - 09:49 | 3376451 GetZeeGold
GetZeeGold's picture

 

 

Transmitting GPS coords to Valdimir.

Tue, 03/26/2013 - 09:58 | 3376474 Popo
Popo's picture

This is all a bunch of hot air.  Every time there's a crisis, the taxpayer foots the bill, and within days we get someone claiming that "this will be the last time".   

Yeah, sure.  Next time you're going to stick it to the bondholders and the shareholders.   Whatever.

Watch what they do not what they say.   There is no evidence that banks will be force to bear the financial and legal responsibility for their actions, nada, zip, zilch, zero -- none.    Anyone who takes actions which require the citizens to take haircuts on their deposits should be in jail. Period.  

Until there are bankers spending 20 years to life in jail for crimes against their people and their country -- all of this is a joke.   The Dieselboom asshole is part of the problem.   

Where was the discussion of clawbacks of bonuses?   Oh, are you telling me that just didn't come up?  No one thought about clawing back the hundreds of millions paid in bonuses to the bankers who caused this problem?   Like hell.   This is corruption.   Throw this piece of shit in a pit.

Tue, 03/26/2013 - 10:07 | 3376524 negative rates
negative rates's picture

Okay, it's settled, everyone get off the highway.

Tue, 03/26/2013 - 10:12 | 3376545 Surly Bear
Surly Bear's picture

It's all about rights, and you don't have any.

Tue, 03/26/2013 - 12:13 | 3377407 Silver Bully
Silver Bully's picture

'It's all about rights, and you don't have any.'

It's a big club . . . .

Tue, 03/26/2013 - 10:29 | 3376632 Stoploss
Stoploss's picture

Now we know why the ECB never lowered rates.

Just let it pile up in the savings accounts, then steal that.

Nice move, i must admit.  Criminal, but slick.

Tue, 03/26/2013 - 11:34 | 3377180 Againstthelie
Againstthelie's picture

So you are for using taxpayer money to rescue banks and their stupid savers, that believe, that money at private banks was risk-free?

Funny how liberatarians suddenly do no longer favour the market, as soon as it goes against their money... Hypocrites.

Tue, 03/26/2013 - 13:22 | 3377745 NotApplicable
NotApplicable's picture

Funny how people craft flawed arguments then cast them onto others as their own.

Straw man much?

Tue, 03/26/2013 - 13:28 | 3377784 akak
akak's picture

Oh, so you've read Paul "I recast reality at my whim" Krugman too?

Tue, 03/26/2013 - 11:06 | 3376938 NEOSERF
NEOSERF's picture

Well said...you can either pay now with deposits, or later with destruction of your economy, inflation and higher taxes.  US has opted for the latter.  Even if you shut all the banks down, there will have to be new banks...bankers already made their money and don't need to work anyway.  Thus, when the country is ready to tap "leaders" to start up the new banks, they have no choice but to go back to experience and the same bankers...sad.

Tue, 03/26/2013 - 12:06 | 3377375 BooMushroom
BooMushroom's picture

I think your statement is a false dichotomy. I think they will destroy the economy AND take the deposits.

Tue, 03/26/2013 - 09:55 | 3376475 knukles
knukles's picture

What the fuck did he just say?
It's mumbo-Euro-jumbo.

Tue, 03/26/2013 - 10:00 | 3376493 francis_sawyer
francis_sawyer's picture

Moar Cy-PUSSY RIOTS!

Tue, 03/26/2013 - 10:00 | 3376500 notbot
notbot's picture

I CAN'T TAKE IT ANYMORE...people are actually listening to PK. And it has real consequences! I just have to vent

I HATE PAUL KRUGMAN!!! HE IS THE MOST DANGEROUS, INTELLECTUALLY DISHONEST PERSON I'VE EVER SEEN.

HIS HACK PARTISAN ECONOMICS ARE GOING TO TAKE DOWN WHOLE CIVILIZATIONS.  AND HE'LL STAND THERE WHY ROME IS BURNING AND BLAME HAYEK AND BUSH.

I HATE HIM, I HATE HIM, I HATE HIM...FOR WHAT HE IS DOING TO REAL PEOPLE'S LIVES. THESE THINGS MATTER...IT'S NOT JUST YOUR PRINCETON FRESHMAN CLASS YOU IDIOT!!!

WHEN ARE WE FINALLY GOING TO COME TOGETHER AND BANISH HIM OUT OF OUR SOCIETY?!?!?

Tue, 03/26/2013 - 10:05 | 3376515 TeamDepends
TeamDepends's picture

Then Tanya Harding him.  You will gain instant celebrity.

Tue, 03/26/2013 - 10:20 | 3376586 TeamDepends
TeamDepends's picture

There are probably a few attorneys here right now that would represent you.  "Temporary Sanity" sounds about right.

Tue, 03/26/2013 - 10:28 | 3376625 SpiceMustFlow
SpiceMustFlow's picture

Agreed, he is literally one of the most dangerous people in the world. I dream of fighting him sometimes, and of kicking him in the nuts every night. Wipe that smug look off his hobo face.

Tue, 03/26/2013 - 10:30 | 3376642 Dr. Richard Head
Dr. Richard Head's picture

Here is another "on the record" statement from a former dangerous person - The Maestro.

"We have at this particular stage a fiat money which is essentially money printed by a government and it’s usually a central bank which is authorized to do so. Some mechanism has got to be in place that restricts the amount of money which is produced, either a gold standard or a currency board, because unless you do that all of history suggest that inflation will take hold with very deleterious effects on economic activity… There are numbers of us, myself included, who strongly believe that we did very well in the 1870 to 1914 period with an international gold standard.”

http://www.forbes.com/sites/nathanlewis/2013/03/14/if-alan-greenspan-wants-to-end-the-fed-times-must-be-changing/

Tue, 03/26/2013 - 20:48 | 3379700 thisandthat
thisandthat's picture

Ron Paul/Greenspan 2016 :)

Tue, 03/26/2013 - 10:01 | 3376494 fonzannoon
fonzannoon's picture

This is what I heard knukles

"In other words, taking away the risk from the financial sector and taking it onto the public shoulders is not the right approach. If we want to have a healthy, sound financial sector, the only way is to say: “Look, there where you take on the risks, you must deal with them. And if you can’t deal with them, you shouldn’t have taken them on and the consequence may be that it’s end of story.”

"I'd like to add that I was smoking crack when I said that and would like to immediately retract everything. I will release a new statement once it has been prepared for me by Goldma....(screaming in backround)....I have to go now...."

Tue, 03/26/2013 - 10:01 | 3376497 Sudden Debt
Sudden Debt's picture

He's Dutch... they make sounds but never say anything that means something...

 

Tue, 03/26/2013 - 11:55 | 3377157 Urban Redneck
Urban Redneck's picture

 

Situational Honesty = Serial DisHonesty

He conveniently ignores the fact that if ALL the banks are WHOLLY reliant a combination of valuation methods and swap/repo transfer mechanisms to maintain even the semblance of solvency.  Properly valued, they all have negative equity, including the ECB itself.  Furthermore, they propose and implement solutions which discourage increases to the deposit base (not that the deposit insurance SCHEMES are even properly capitalized to cover the "insured" deposits).  

The Eurozone needs to systemically recapitalize its banks and simultaneously provide additional security for depositors (which involves de-capitalizing banks if done honetly),  so the ECB needs to print (devalue), the Eurozone needs to pay the inflation tax, and the existing bank equity/debt/bonus pool bases need to be wiped out.  At the same all the EZ Governments need to cut the spending that has been facilitated by negative real interest rates.  

The first thing the ECB actually needs is a definitive consistent published resolution/recap formula and it needs to stop picking winning and losers and making survivors out of losers simply virtue of largess with the taxpayers' hard earned Euros. 

 

Tue, 03/26/2013 - 12:42 | 3377552 BooMushroom
BooMushroom's picture

+1 It sounds like you're proposing a little thing called "rule of law," which is great for the ruled... Not so much for the rulers.

Tue, 03/26/2013 - 10:05 | 3376518 pods
pods's picture

I don't know, but my ass hurts.

pods

Tue, 03/26/2013 - 10:35 | 3376662 Sudden Debt
Sudden Debt's picture

do you know where you left your beerbottle?

Tue, 03/26/2013 - 10:00 | 3376485 notbot
notbot's picture

I feel better now.  Thanks

Tue, 03/26/2013 - 10:03 | 3376511 gaoptimize
gaoptimize's picture

Maybe we could bring back ostracism? ( http://en.wikipedia.org/wiki/Ostracism ) If not at the Federal level, maybe the states?

Tue, 03/26/2013 - 10:13 | 3376538 prains
prains's picture

all failed meritocracies need a spin shiister to hypnotize the crowd while they back the truck up to the door. Kruggie is just another symptom of the post war american decline into greed, corruption and institutional failure to a grand scale. Ask yourself, how many congressmen are millionaires? When is the last time a whitehouse chief of staff was NOT a millionaire? When was the last time a president was not a millionaire? The entire american political,social,economic system has failed under the weight of its own greed. These men and women did not become millionaires based on MERIT, they are not smarter and work harder than you or me. Their positions of authority are carefully crafted and maintained through networks, platforms and money. Until people wake up to the failed state of a fake merit based society, nothing can or will change.

Tue, 03/26/2013 - 09:56 | 3376477 in-Credible Banker
in-Credible Banker's picture

Go to this site:

http://www.bankofcyprus.com.cy/en-GB/

Try to imagine yourself in the situation where your life savings are trapped in this shit show.  Can't log into internet banking.  ATM withdrawal limits only 120 per day.

Plan accordingly.....the same show may be coming to a bank near you!!!!

 

Tue, 03/26/2013 - 09:47 | 3376438 Eireann go Brach
Eireann go Brach's picture

Don't worry, from now on there will be Goldman hand stuffed up his arse so the right words will come out of his mouth!

Tue, 03/26/2013 - 12:19 | 3377434 Cone of Silence
Cone of Silence's picture

I do not think you will ever hear this gentleman quoted by any news source ever again.  If you are his wife, I do not think that you will even hear him fart ever again.  He will be mute for the rest of his days. 

Tue, 03/26/2013 - 09:48 | 3376439 ihedgemyhedges
ihedgemyhedges's picture

Deny, deny, deny.  Until they find the happy ending DNA on the blue dress......

Tue, 03/26/2013 - 14:54 | 3378181 mudduck
mudduck's picture

Everything they said about me was a lie, except for some things.

Tue, 03/26/2013 - 09:50 | 3376453 SMG
SMG's picture

What else can you expect from puppets?   The only reason any of them are in positions of power, is because they are good puppets, otherwise they wouldn't be there.

Tue, 03/26/2013 - 10:12 | 3376542 Cacete de Ouro
Cacete de Ouro's picture

exactly...jim henson couldn't have said it better, and he knows a thing or two about puppets and muppets:)

Tue, 03/26/2013 - 10:26 | 3376532 HoaX
HoaX's picture

Dude, he does man up to his words, but he won´t have any quotes be put in his mouth by the British press he didn´t actually say. The only thing he said regarding this yesterday is that he never mentioned anything about a "template", he even said he didn´t even know the word and learned of it when it was assigned to him. If you read this interview he didn´t once mention this being a template, each case is different and has to be looked at seperately.

He repeated pretty much the exact words from the interview above yesterday evening (AFTER all the fuss started) at Pauw en Witteman, one of the largest Dutch talkshows, so he doesn´t seem inclined in the least to be intimidated or not man up to his words when it comes to this principle. The only thing he does say is that going to uninsured depositors is always a last-resort measure. In the case of Cyprus it was either this or let both the banks (and country) go bust, which would´ve meant no single saver would have probably gotten a single cent back. Now at least Bank of Cyprus has been saved and up to 100k of every savers money should be guaranteed.

Cheers.

Tue, 03/26/2013 - 10:38 | 3376688 Mi Naem
Mi Naem's picture

'scuse me, Mr. Hoax.  You seem not to be with the program here. 

This is a place for setting fires, and for saying FU to people in public positions.  The fact that someone in a public position is attempting to express a policy view with which many here would tend to agree (i.e. move away from taxpayer bailouts of banks-as-casinos, and price in the risk) has nothing to do with it. 

Tue, 03/26/2013 - 10:45 | 3376752 xtop23
xtop23's picture

Saying, going after depositors accounts as a last ditch measure, doesn't contradict the "template" comment actually. It confirms it.

Tue, 03/26/2013 - 12:43 | 3377538 HoaX
HoaX's picture

What I am more curious about is, where are all the attacks on Dijsselbloem coming from all of a sudden? I would seriously investigate the newsreports trying to spin this into something this is not, since he was quite clear on what he meant and has by now repeated it several times.

Just as an example of where the attacks on Jeroen Dijsselbloem seem to be coming from at the moment in the Netherlands: We had old Dutch finance Minister Ono Ruding criticize him earlier today on the dutch News, where he was introduced as the ex-chairman of the IMF, while a) the IMF doesnt actually have a chairman but a managing director and b) he was only one of 24 chairmen of a subcomittee. They conveniently didn´t mention anything about Mr. Ono Ruding´s remaining curiculum though. Responsible for digging into the pension funds during his reign as finance minister to stuff up government finances, high up in ABN AMRO and Citi among other banks.

The general population in the Netherlands and pretty much all comment boards of Dutch newspapers I read today are full of praise for Mister Dijsselbloem by the way, from left to right.

Regarding the sudden nitpicking on words and attacks on Dijsselbloem, I feel the Squid is strong in this one.

Tue, 03/26/2013 - 10:17 | 3376571 MSimon
MSimon's picture

Wait. Isn't Diesel a Jew?

Tue, 03/26/2013 - 10:26 | 3376616 MSimon
MSimon's picture

And here I thought I was becoming the perfect ZHer. Pity.

Tue, 03/26/2013 - 10:37 | 3376683 xtop23
xtop23's picture

Truth is the enemy in an empire of lies. 

Tue, 03/26/2013 - 09:49 | 3376444 spastic_colon
spastic_colon's picture

too late, stawks have recoverd all yesterdays losses plus some just to jam it up everyones ass!

Tue, 03/26/2013 - 09:51 | 3376455 otto skorzeny
otto skorzeny's picture

home prices are up but boeing is going to lay off 3000-I'm confused

Tue, 03/26/2013 - 09:53 | 3376463 spastic_colon
spastic_colon's picture

yep, now they're only 30% below the peak......only a few more shopping days left until the end of the quarter for the indexes.

Tue, 03/26/2013 - 09:53 | 3376467 Winston Churchill
Winston Churchill's picture

Seems incendary Smokeliners don't sell.

Tue, 03/26/2013 - 10:02 | 3376508 francis_sawyer
francis_sawyer's picture

They fell from the sky & crashed into the swollen inventory of houses, thereby creating a DEMAND dynamic...

~~~

I learned that by reading the 'World According to Garp'

Tue, 03/26/2013 - 10:08 | 3376529 Esso
Esso's picture

Stawks up, oil up, PMs down. Whew, the CNBSers carried that April Fools joke a little too far showing stawks down two times in as many weeks.

We will now resume your daily "New Normal".

Tue, 03/26/2013 - 09:49 | 3376445 DrkPurpleHaze
DrkPurpleHaze's picture

Everyone hates you Diesel

Tue, 03/26/2013 - 10:17 | 3376564 ParkAveFlasher
ParkAveFlasher's picture

Diesel Boom is in a world of shit.

Now lean forward and choke yourself!
Tue, 03/26/2013 - 12:38 | 3377454 WallowaMountainMan
WallowaMountainMan's picture

"everybody hates you diesal"

not me.

he's spot on as to the solution.

the trouble is that the big bucks who like to have their high rates of return guaranteed by taxpayer money hate him for speaking out. and so the pressure and the campaign to discredit/wash this over. just like they are doing to the others, mostly from the smaller countries whose burdens for paying for investor mistakes in other countries causes harm to their citizens... and contributes to their insolvency...

and, oh buy the way, he continues to voice the opinion voiced in the transcript.

:)

Wed, 03/27/2013 - 08:40 | 3380642 WallowaMountainMan
WallowaMountainMan's picture

back from the future:

"A day after sending markets into a spin Eurogroup President Dijsselbloem reiterated that “risks (of bank failures) should fall on those who take the risks, and not the taxpayer”. Interestingly, Mr Dijsselbloem said that he didn’t regret his comments earlier in the week and that Cyprus “does fit into the new approach towards bank rescues that is gradually evolving” (WSJ). Officials at the ECB seem to hold a slightly different view though with Beniot Coeure from the ECB’s executive board commenting that he thought Mr Dijsselbloem was “wrong to say what he said”. Those comments were echoed by Ewald Nowotny who stated that Cyprus is special case and is "no model for other instances"."

http://www.zerohedge.com/news/2013-03-27/cyrpus-contagion-spreads-europe...

 

Tue, 03/26/2013 - 09:49 | 3376446 SheepDog-One
SheepDog-One's picture

As if any bankster gives a crap how much 'the taxpayer' is robbed so they can survuve another day.

Tue, 03/26/2013 - 09:53 | 3376471 Cdad
Cdad's picture

The important thing is...you just pretty much summarized the Cyprus Crisis...minus the CDS issue...which I suspect is warming up in the bullpen now.

Tue, 03/26/2013 - 09:50 | 3376447 Meatballs
Meatballs's picture

Bullish!

Tue, 03/26/2013 - 09:50 | 3376449 otto skorzeny
otto skorzeny's picture

it's that freaky dutch language

Tue, 03/26/2013 - 09:49 | 3376450 TeamDepends
TeamDepends's picture

Up is the new down.

Tue, 03/26/2013 - 09:50 | 3376454 Seasmoke
Seasmoke's picture

Look like a very long weekend for him, as he needs more intensive training program.

Tue, 03/26/2013 - 09:50 | 3376456 Temporalist
Temporalist's picture

While I don't see a direct quote about "template" the framework for a template is there.

"You take preventive measures, you make sure banks are more stable, more robust. If there still is a problem, you need mechanisms to address them, to pull banks apart, etc. You need to bail in those people whose equity is involved, etc."

Tue, 03/26/2013 - 10:23 | 3376600 HoaX
HoaX's picture

So you basically prove the point that he was indeed misquoted.

He repeated everything else he said last night on Dutch Television, and will defend the exact same words in Parliament as well right at this very moment (started 2pm GMT+1).

Tue, 03/26/2013 - 12:36 | 3377506 WallowaMountainMan
WallowaMountainMan's picture

mostly agree... he undoubtably was trying to walk the appropriate line. 'template' would require some policy action by the e group, while he was expressing what undoubtably is his view.

a view that vitually everyone on this site would agree. (investors should pay, not taxpayers, for their own investment risks).

except, not unsurprisingly, many love to hate,

and form up in herds.

as opposed to say....flocks.

Tue, 03/26/2013 - 12:45 | 3377570 HoaX
HoaX's picture

It must be because he is part of the much hated Eurogroup. It is hard to admit not everything the EU or Eurogroup does is actually bad I suppose.

Tue, 03/26/2013 - 09:50 | 3376457 Big Corked Boots
Big Corked Boots's picture

Thank you Tyler(s) for publically stating the truth and for posting it for all those who are aware enough to see.

Tue, 03/26/2013 - 09:50 | 3376458 eigenvalue
eigenvalue's picture

But how can we protect us from future financial disasters? Gold and silver?Gold and silver are suffering from erectile dysfunction these days. The poor performance has rendered Jim Sinclair intellectually bankrupt.

Tue, 03/26/2013 - 09:57 | 3376483 TeamDepends
TeamDepends's picture

You are talking about paper pm's, which is clearly an oxymoron but such are the times we live in.

Tue, 03/26/2013 - 10:06 | 3376522 francis_sawyer
francis_sawyer's picture

I've heard that "naked paper shorts" are a primary cause of "erectile dysfunction"...

Tue, 03/26/2013 - 10:09 | 3376531 TeamDepends
TeamDepends's picture

Our coins are "all man".

Tue, 03/26/2013 - 10:30 | 3376636 Big Corked Boots
Big Corked Boots's picture

Pikachu is soooo 2001.

Tue, 03/26/2013 - 09:51 | 3376459 fonzannoon
fonzannoon's picture

This guy just imparted so much honesty and then totally pussed out. Talk about a glitch in the matrix....

Tue, 03/26/2013 - 10:25 | 3376610 HoaX
HoaX's picture

Last time I will repeat this but he did not puss out. British press have a notorious tendency to misquote people though and every single word of him is weighed on a silver platter so he would have none of it.

Everything else he said regarded this he is still very much saying, and he has repeated it again on Dutch Television last night and in Parliament today.

Tue, 03/26/2013 - 10:28 | 3376624 fonzannoon
fonzannoon's picture

Well then he must be pissed as hell that the world media is saying that he retracted his statement. Has he made it clear anywhere that he stands by his comments?

Tue, 03/26/2013 - 11:34 | 3377171 HoaX
HoaX's picture

In the Dutch press, yes, more than once.

Internationally tbh I have no clue, he is probably a bit fed up giving interviews to British press at the moment though.

They have always been a bunch of whiners anyway when it comes to anything threatening their corrupt banking industry so I don´t blame him for not giving interviews today.

Tue, 03/26/2013 - 09:53 | 3376468 Nothing To See Here
Nothing To See Here's picture

"by now, we are confident everyone has had more than enough with watching the entire Eurozone rapidly and tragically turn itself into a complete and utter mythomaniac, kletpocratic circus."

True, except for the psychopaths running the show.

Tue, 03/26/2013 - 10:00 | 3376470 Mercury
Mercury's picture

That's funny, he doesn't mention deposit insurance once.

Until this latest shitshow most EU depositors probably thought they were playing by these rules: http://europa.eu/rapid/press-release_IP-10-918_en.htm?locale=en

Ooops.

Tue, 03/26/2013 - 10:16 | 3376563 riphowardkatz
riphowardkatz's picture

deposit insurance is a joke. a guarantee for a sum that far exceeds the premiums that someone else will cover your bad decisions. yes that is for sure something to stake your savings on. people who believe in the deposit insurance fairy will hopefully end up getting what they deserve.  

Tue, 03/26/2013 - 10:23 | 3376598 Mercury
Mercury's picture

Yes but they're short-circuting the process before they even get to the point where insurance claims swamp reserves (which I suppose they intend to keep!).

In any case it should now be obvious to everyone that the bag is empty and that dot shooting over the horizon is the cat.

Tue, 03/26/2013 - 09:56 | 3376480 Unprepared
Unprepared's picture

Actually, hard to disagree with anything this Diesel broom had to say. This is exactly what many have been preaching. Now if they can really stick to this philosophy.

[the first attempt to stick the bill to all depositors in the form of a levy makes one very skeptical and suspicious however about the true intentions]

Tue, 03/26/2013 - 10:07 | 3376517 Mercury
Mercury's picture

See above.  It's not so much about true intentions as it is about changing or circumventing the rules once TSHTF.

Right now they're exacting a levy on depositors so that the bank doesn't fail so that they don't have to pay out deposit insurance on unrecoverable deposits.

Tue, 03/26/2013 - 10:11 | 3376540 Unprepared
Unprepared's picture

Yep, that's what I meant in the between-brakets. Said otherwise, what he's saying is, "dear depositors verywhere, please consider this your only warning, when we need money to recap the bank, we won't hesitate."

Tue, 03/26/2013 - 10:17 | 3376566 Mercury
Mercury's picture

Right. The specific risk he is "pushing back" on depositors belongs to the European Commission (or whatever entity) not the bank.

Tue, 03/26/2013 - 11:06 | 3376940 Danielvr
Danielvr's picture

Nope. Deposits > € 100K were never insured to begin with. He's not changing the rules, he's (finally!) applying them the way they always should have been.

ps: And below that amount, your savings may only be save to the extent that the guarantor is solvent..

Tue, 03/26/2013 - 09:56 | 3376481 tempo
tempo's picture

Cypus and Robots. Automation eliminates millions of jobs each year adding millions to depend on Government programs. Tax Revenues can't support the spending so Central bankers take control issuing trillions in debt. As debt service is impossible, central bankers and their employees (JPM, GS, DB) take charge and confiscate the countries assets including bank deposits to service the debt. Its accelerating and will get much worse. Robots, central banks, and corrupt elites will rule the world. With control of all speech freedom and middle class will end and the people will become like robots. Viva robots!! Thats our future.

Tue, 03/26/2013 - 10:13 | 3376547 riphowardkatz
riphowardkatz's picture

those poor out of work candlemakers.

Tue, 03/26/2013 - 10:22 | 3376597 MSimon
MSimon's picture

The whole buggy industry is gone and the horses that pulled them. Get out the whips. Bitchez.

Tue, 03/26/2013 - 11:12 | 3376990 Danielvr
Danielvr's picture

"Automation eliminates millions of jobs each year adding millions to depend on Government programs."

Nope. Automation makes products cheaper, creating demand for more products, which in turn creates new employment. That's how wealth increases, and it's essentially how we've come where we are today from our hunter/gatherer days.

Tue, 03/26/2013 - 09:58 | 3376488 Bangin7GramRocks
Bangin7GramRocks's picture

The sweetest irony of all is the reason the stock market never goes down is because all of the anti-government "makers" have complete faith that the FED(eral government) will always fix any problem that arises. Insanely hypocritical assholes!

Tue, 03/26/2013 - 09:59 | 3376490 Super Broccoli
Super Broccoli's picture

"now that the crisis is fading away" ???? this guy must have graduated the same bullshit school Bernanke and Obama !

Tue, 03/26/2013 - 09:59 | 3376491 Cacete de Ouro
Cacete de Ouro's picture

This asshole DieselBOOM studied in Cork.
Did they teach you to lie in Cork for your Masters? Asshole.

All academic institutions that lier D-BOom is affiliated with should disown him.
Simple solution. Then he will get kicked out on his ass.

Tue, 03/26/2013 - 10:01 | 3376501 rwe2late
rwe2late's picture

 And as interest rates rise proportionate to risk, and risky assets are correspondingly evaluated,

the TBTF banks and their beholden debt-ridden governments will be pleased to death.

Tue, 03/26/2013 - 10:01 | 3376502 Cursive
Cursive's picture

LOL.  He said taking it (the losses) to the public is not the right approach.  He also said the crisis atmosphore is dissipating.  Maybe not within his financial bubble, but he should get out more...

Tue, 03/26/2013 - 10:02 | 3376506 Sudden Debt
Sudden Debt's picture

And if necessary the uninsured deposit holders

THEY WHERE INSURED!!! THAT'S WHY THEY CALL IT A GUARANTEE YOU MORON!!

Tue, 03/26/2013 - 10:05 | 3376509 falak pema
falak pema's picture

He is still saying bail ins are the way to go; admittedly he is also saying that Cyprus is one off to calm the markets.

Notice the NEW nuance : Cyprus was top down imposed in 12th hour; what we now propose via bail ins is that banks/countries do their due diligence to NOT put us subsequently in the CYprus type position !

So this implies :

1° Do your own bail-ins countries and banks; and we won' have to Cyprus you!

2° If you don't do that; we Cyprus you but this is now IMPLIED; aka lie when you can't tell the truth.

Everything is very clear now in Eurozone : the official and the non official (If debt tsunami occurs as in Cyprus). 

AS THE WHOLE WORLD KNOWS THESE ARE JUST CONTIGENCY PLANS ON THE TITANIC; IN GOD'S AND THE ICEBERG'S HANDS! 

Nobody knows how and where God and the ICeberg will resolve financial world's issue and ours with it. 

Tue, 03/26/2013 - 10:07 | 3376525 Temporalist
Temporalist's picture

"Troika Go Home!"

Cyprus students hold protest rally as banks stay shut

http://www.reuters.com/article/2013/03/26/us-cyprus-parliament-idUSBRE92...

Tue, 03/26/2013 - 10:08 | 3376530 Flagit
Flagit's picture
cir·cus

  [sur-kuhs] Show IPA noun, plural cir·cus·es.

1. a large public entertainment, typically presented in one or more very large tents or in an outdoor or indoor arena, featuring exhibitions of pageantry, feats of skill and daring, performing animals, etc., interspersed throughout with the slapstick antics of clowns. Compare big top.

2. a troupe of performers, especially a traveling troupe, that presents such entertainments, together with officials, other employees, and the company's performing animals, traveling wagons, tents, cages, and equipment.

3. a circular arena surrounded by tiers of seats, in which public entertainments are held; arena.

4.
a. a large, usually oblong or oval, roofless enclosure, surrounded by tiers of seats rising one above another, for chariot races, public games, etc.

b. an entertainment given in this Roman arena, as a chariot race or public game: The Caesars appeased the public with bread and circuses.

5. anything resembling the Roman circus, or arena, as a natural amphitheater or a circular range of houses.

Origin:
1350–1400; Middle English  < Latin:  circular region of the sky, oval space in which games were held, akin to (or borrowed from) Greek kírkos  ring, circle


cir·cus·y, adjective Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2013.
Cite This Source
|

Link To circus Collins World English Dictionary circus  (?s??k?s)  

n  , pl -cuses


1.

a travelling company of entertainers such as acrobats, clowns, trapeze artistes, and trained animals


2.

a public performance given by such a company


3.

an oval or circular arena, usually tented and surrounded by tiers of seats, in which such a performance is held


4.

a travelling group of professional sportsmen: a cricket circus


5.

in ancient Rome


 

a. an open-air stadium, usually oval or oblong, for chariot races or public games


 

b. the games themselves


6.

( Brit )


 

a. an open place, usually circular, in a town, where several streets converge


 

b. ( capital when part of a name ): Piccadilly Circus


7.

informal  noisy or rowdy behaviour


8.

informal  a person or group of people whose behaviour is wild, disorganized, or (esp unintentionally) comic

 


  ahh, there it is.
Tue, 03/26/2013 - 10:25 | 3376609 Mi Naem
Mi Naem's picture

Whew!

Good thing you don't have to pay for column inches. 

Tue, 03/26/2013 - 11:35 | 3376534 MrPalladium
MrPalladium's picture

Look! He is saying that the bailouts are over and the risk money stakeholders are all going to take big haircuts if they place their money in weak banks.

In other words the Cyprus solution is the template going forward.

His mistake is thinking that the crisis is past and that the financial system is healthy enough to allow the cancellation of unsecured bank debt.

Thus from the economic perspective, I think he as imbibed the optimism coolaid. With the economy dependent upon sovereign debt growth, this is way premature.

This policy could trigger the avalanche.

Tue, 03/26/2013 - 10:13 | 3376548 PontifexMaximus
PontifexMaximus's picture

the more Cyprus-Diesel, the higher the markets, hand him over the nobel prize

Tue, 03/26/2013 - 10:14 | 3376549 el Gallinazo
el Gallinazo's picture

"I’ve tried to do so as far as I could in nationalising the SNS bank in the Netherlands. We’ve completely wiped out the shareholders and the junior bondholders. We have to bring down the tab to be picked up by the taxpayers."

Hmmm.  What about the senior bond holders?  Too big to take a loss?  We are on their payroll?  We don't fuck with them.

 

Tue, 03/26/2013 - 14:29 | 3378055 HoaX
HoaX's picture

That wasn´t his fault though, if it was up to him senior bondholders would have paid in the SNS case. The ECB and other parties in Dutch parliament whistled him back on that one though, which of course had nothing to do with immense international pressure.

Tue, 03/26/2013 - 10:23 | 3376599 kaiten
kaiten's picture

If anything, he gained a lot of credibility with this interview. But of course, when one suffers from europhobia, he has blinkers on his eyes and then there´s no help.

Tue, 03/26/2013 - 10:54 | 3376836 CustomersMan
CustomersMan's picture

 

Gained credibility? What? He talks as though the risks are just emerging when they are deeply entrenched and have been for years and deliberately hidden because of their size and scope. To recognize them now means they all fail, their plan fails, and big interests get destroyed, lose control and power. Those in charge won't let that happen as long as they can keep this shit up.

 

Talk is cheap.

Tue, 03/26/2013 - 10:24 | 3376611 ubulord
ubulord's picture

The Euro Crisis Explained To Grannies: For a very simple (and funny) explanation for the euro crisis, just write on your search engine: wordpress blog The euro crisis explained to grannies

Tue, 03/26/2013 - 10:31 | 3376628 FreeNewEnergy
FreeNewEnergy's picture

I'll preface my comment by saying I don't agree with Dijsselbloem when he says that the crisis mentality is dissipating and the markets are more calm. They may appear so by various measures as the VIX or other measures, but these markets are highly contrived, so underneath the surface is where one needs to look.

Below the market calmness, there's an underlying fear, like somebody who acts confident as a mechanism to hide his or her insecurity. It's a mask. The markets are calm right up until there's a crisis.

I do like the tenor of much of what he said, and I would hope that he'd stick to it as a policy going forward, because it is the correct way to wind down bad banks, especially this part:

Maybe it’s inevitable that if you push back the risks, risks will be priced. Because if I finance a bank and I know if the bank will get in trouble I will be hit and I will lose my money, I will put a price on that. I think that’s a sound economic principle. And having cheap money because the risks will be covered by the government and I will always get my money back is not leaving to the right decisions in the financial sector, it’s not leading to the right risk management in the financial sector.

He's openly pushing for honest price discovery. I'll reserve judgement on him until I see that he's doing otherwise. Trying to roll back his comments was unwise and unnecessary. Let the banksters and criminals who have been living off the Fed, ECB, ESM, ZIRP and QE start dealing with reality for a change. If you screw up, you pay, you lose, so price risk accordingly. There has to be an end to all of this. If only we could get the great and glorious Mr. Bernanke to make similar sounds, things might take some small steps toward normalcy.

Crap, I just read what I wrote and it actually makes sense. Time for the painful medicine, folks. A couple of TBTF wipe-outs and a stock market crash - without a backstop by the Fed or .gov - would be the absolute best way to clear the markets.

I know. I'm dreaming.

Tue, 03/26/2013 - 10:44 | 3376738 CustomersMan
CustomersMan's picture

 

Price discovery - and all that goes with it. That's all and well and good for future discussion, implementation, but what about what they have already stolen from the citizens, and the destruction they have caused, in a myriad of ways, should that all be forgotten and now let them try a new approach?

Tue, 03/26/2013 - 13:33 | 3377802 Bob Sacamano
Bob Sacamano's picture

Agreed.  They need to burn through shareholder, debt holder and uninsured depositor capital before they think about government funded recapitalization.   DBoom seems to be directionally correct (not sure why so many here do not embrace what he is saying (skipping the drama around him dialing back his statements)).  Sure it will be painful -- much more so for some than for others -- which is how it should be.  

Also, tangible equity capital requirements for banks should be at least doubled (why should the govt (aka me) backstop deposits at a thinly capitalized entity?).   

Lastly, neither a depositor (lender) nor a borrower be.  That solves a number of issues personally.

Tue, 03/26/2013 - 10:29 | 3376629 glenlloyd
glenlloyd's picture

It's all semantics, levy = tax = bail-in. Using one word over the other matters little unless you use the word tax and then that gets you in to trouble...as they found out.

If you wipe out all the gibberish it's clear now that deposits over the insured max of 100k euro are fair game for confiscation to recap banks. Anyone who leaves greater than 100k euro in a single account stands to lose the difference at a minimum. Should it deemed to be an aledged 'haven' bank as per the scrutiny of these unelected eurotwits then be prepared to lose much more if not all of what you have.

A bank is not a safe place to park cash, they never were. Deposit insurance is nothing more than a lure designed to make a person believe that it is safe. Just as safe deposit boxes are only as safe as the govt wants them to be. In the end they will take from them what they want without a thought.

Tue, 03/26/2013 - 10:29 | 3376630 fijisailor
fijisailor's picture

That was plain enough for me.  Get your money out of bank deposits or suffer the consequences.  You've been warned. 

Tue, 03/26/2013 - 10:30 | 3376641 wEiRdO
wEiRdO's picture

Tom Fairless

Brussels (Dow Jones) - The agreement for the Cypriot rescue was "unique" but the European Union may still offer large depositors to share the burden in future bank bailouts, said European Commission spokesman.

"We put ourselves in a position where taxpayers will end up paying for the mistakes of banks," said the spokesman told reporters during the daily press briefing in the European Commission.

The head of the Eurogroup, Jeroen Dijsselbloem cause turmoil chyes when stressed
  
that the rescue of Cyprus could serve as a model for solving future problems eurozone banks.

The losses suffered by uninsured depositors as part of a rescue deal for Cyprus may need to be repeated anywhere, reportedly said in an interview with the Financial Times and Reuters.

"It is our job to characterize or evaluate the comments made by the President of the Eurogroup», said a spokeswoman for the European Commission. The rescue of Cyprus is not a "perfect model that can be applied at any time in the future, as we are not faced with such examples in the future," he added.

However, even if the "case of Cyprus is unique for several reasons," the commission "does not preclude the rescue of uninsured depositors-those with more than 100,000 euros in deposits in bank-based rules to be proposed during the year" said the spokesman. "Discussions are currently underway," he said.

Insured depositors, those with less than 100,000 euros in the bank, will always be protected for future bailouts, added the spokesman.

Tue, 03/26/2013 - 10:32 | 3376649 JayKitsap
JayKitsap's picture

Wow - I would expect to see stocks up with this, particulary in the EU.  Lots of money migrating from bank accounts to equities.  This guy basically said that funds above the insured level in banks are at similar risk to the bank stocks, but your reward for this is a paltry interest rate.  Why stay there then.

The old priority was Stockholders, Jr Bonds, Sr Bonds, Secured Debt, deposits above insured, insured funds from the agency.  We threw taxpayer bailout in, we take the bailout out, we shift it all around - that's called the hokey pokey.  Only the Friends of the Pols and Sr Bonds seem to have gotten a better spot in the line.

London should do well, possibly enough to cover those loans to Greece.  But Spain, Greece, possibly Italy will have a lot of money moving and being spread around into several countries.  Boy a tax on wealth, best way have wealth disappear.

Tue, 03/26/2013 - 10:32 | 3376650 Herdee
Herdee's picture

When taxpayers foot the bill and continue to take on more burden from governments you can bet that GDP is going to drop.France is a good example.More tax=kill the little guy's spending.And there are more little guys every working day.

Tue, 03/26/2013 - 10:44 | 3376733 Coldfire
Coldfire's picture

Imbecile.

Tue, 03/26/2013 - 10:50 | 3376785 sbenard
sbenard's picture

So we're not calling them "bail-outs" any more. We're calling them bail-INS instead!

But what is abundantly clear from this interview is that 1) banks will NOT be allowed to fail and 2) the public and depositors will be coerced into bailing them IN!

SO as the stock market this morning is reaching fresh all.-time highs, we're being told that this is the next model for big bank bail-INS for the future. This does NOT bode well for financial stability or for fiscal soundness!

Tue, 03/26/2013 - 10:52 | 3376813 Bansters-in-my-...
Bansters-in-my- feces's picture

“What can you do in order to save your own banks?”

Answer = "Hang the Banker"

Tue, 03/26/2013 - 11:03 | 3376922 smacker
smacker's picture

 

Based upon that transcript of Diesel-BOOM's interview, there can be no doubt that D-BOOM now includes depositor funds as one of the buckets of money to dip into to bail out broken banks. None whatsoever. He's simply saying it's for the banks themselves to do the dipping. Arguing whether it's a "new template" or not is a distraction.

And of course this new approach is to reduce the call on EZ taxpayers funds, thereby pleasing Merkel & Baubles in the run-up to their German election.

All that seems reasonable EXCEPT that a vast majority of ordinary people who deposit money in a bank believe it is there for safe-keeping. It often amounts to their life savings. This commonly held view exists because of decades of propaganda telling us that "banks are as safe as houses" and a financial system which has banks at its very centre.

One obvious outcome of this new risk for deposit holders is that they should demand a far higher interest on their deposits, including a substantial risk premium. If large numbers of people remove their funds from banks on account of the new-found risks, it will create a whole new big set of problems for govt.

Tue, 03/26/2013 - 11:11 | 3376983 miker
miker's picture

This guy doesn't know what he's saying.  If bond holders have to bear the risk, they will bail or force rates so high the banks won't be able to stay financed.  The whole Ponzi approach in Europe and here is to quietly backstop the banks so bond holders and shareholders won't bail.  What he is saying will unhinge the whole thing.

Tue, 03/26/2013 - 13:39 | 3377833 Bob Sacamano
Bob Sacamano's picture

How else do you really solve the core problem??  Insulate stockholders and bondholders from pain and consequences of terrible decisions??   Pretend that reality does not exist??  Not for this capitalist. 

Tue, 03/26/2013 - 11:25 | 3377113 PoliticiansDont...
PoliticiansDontThinkLongTerm's picture

So did anybody read the transcript? I think only HoaX did.
The word "template" was used by the journalist, not by Dijsselbloem.

Nonetheless the message is clear before and after this non-issue: no more bail-outs of equity and bond holders. It was about time investors started assuming the risks they are supposed to have analyzed before investing.

Tue, 03/26/2013 - 12:24 | 3377455 Paracelsus
Paracelsus's picture

In the late 70's it was Latin America with their debt bomb that Wall Street was concerned about."Look,we'll just keep giving you loans,you pay the minimum,just don't dare default".

Cyprus loads up on worthless Greek Gov't bonds (debts to Germany.ECB,okay,but really we're talking Germany). The underlying capital being worthless,the Cypriot banks need a bailout to keep from imploding. The bailout comes with strings. But no one says anything about the debts being written off.The money comes from Germany.Does a U-turn,and goes back to Germany. This also goes to core of the ECB and the crap collateral they took for loans. This is why Finland asked for "real" assets as collateral the last time they passed the hat in Northern Europe. The Russian money is a distraction in my view.The Greeks get into hot water by a) the Olympics and b)the Goldman Sachs swaps to meet the Maastricht rules on debt/gdp. The Cypriots tie themselves to a sinking ship,as the Greek economy has imploded and those bonds will never be rising in value. This is the CONTAGION everyone was mentioning and now we have bank runs to boot.

I am no Nobel Prize winner,but I think this is not a "one-off" and this is not the last bailout in the Eurozone area. The future? Rearmament,war. The bankers are cornered,and they need to suspend civil liberties.

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