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For Greeks The Nightmare Is Just Beginning: Here Come The Depositor Haircuts
With capital controls already imposed on Greece, some have wondered if this is as bad as it gets. Unfortunately, as the Cyprus "template" has already shown us, for Greece the nightmare on Eurozone street is just beginning.
As a reminder, over the past few months there have been recurring rumors that as part of its strong-arming tactics the ECB may eventually move to raise the haircuts the Bank of Greece is required to apply to assets pledged by Greek banks as collateral for ELA. The idea is to ensure the haircuts are representative of both the deteriorating condition of Greece's banking sector and the decreased likelihood that Athens will reach a deal with its creditors.
Flashback to April when, on the heels of a decree by the Greek government that mandated the sweep of “excess” cash balances from local governments to the Bank of Greece’s coffers, Bloomberg reported that the ECB was considering three options for haircuts on ELA collateral posted by Greek banks. “Haircuts could be returned to the level of late last year, before the ECB eased its Greek collateral requirements; set at 75 percent; or set at 90 percent,” Bloomberg wrote, adding that “the latter two options could be applied if Greece is in an ‘orderly default’ under a formal ECB program or a ‘disorderly default.’”
While it’s too early to say just how “orderly” Greece’s default will ultimately be, default they just did if only to the IMF (for now), in the process ending their eligibility under the bailout program and ending any obligation by the European Central Bank to maintain its ELA or its current haircut on Greek collateral, meaning the ECB will once again reconsider their treatment of assets pledged for ELA and as FT reported earlier today, Mario Draghi may look to tighten the screws as early as tomorrow:
When the Eurozone’s central bankers meet in Frankfurt on Wednesday, they could make a decision which some officials fear could push one or more of Greece’s largest banks over the edge.
The European Central Bank’s governing council is poised to impose tougher haircuts on the collateral Greek lenders place in exchange for the emergency loans. If the haircuts are tough enough, it could leave banks struggling to access vital funding.
The ECB on Sunday imposed an €89bn ceiling for so-called emergency liquidity assistance, effectively putting the Greek banking system into hibernation. If, to reflect the increased risk of default, the ECB now applied bigger discounts to the Greek government bonds and government-backed assets which lenders use as collateral, that could leave banks struggling to roll over those emergency overnight loans.
Some on its policy-making governing council feel that Athens’ exit from a programme — notwithstanding its 11th-hour request for an extension and third bailout — leaves the ECB with little choice but to take actions that would, in effect, cut the Bank of Greece’s emergency support to Greek lenders.
Some eurozone officials fear that the position at Greece’s biggest lenders is so tight the ECB could be in danger of pushing some weaker banks over the edge if tougher haircuts are imposed.
Recall that in mid-June, Greek banks were said to have had as much as €32 billion in ELA eligible collateral that served as a buffer going forward. Since then, the ELA cap has been lifted by around €5 billion, meaning that a generous estimate (and we say "generous" because according to JPM, Greek banks ran out of ELA collateral weeks ago) puts the buffer at a little more than €25 billion.
As the haircut rises, that buffer disappears and once the discount applied to the collateral reaches a certain level, an implied depositor haircut materializes. Why? Because by simple balance sheet rules, assets must match liabilities (leaving a token €0.01 for shareholder equity) and once the haircuts eat through the collateral buffer, the implied value of Greece's pledged assets (currently at around €125 billion) will quickly fall below the value of Greek banks' unsecured liabilities which sit at around (but really under) €120 billion as of the date capital controls were imposed in Greece over the weekend. These liabilities are better known as "deposits."
At that point, a depositor haircut is required.
Although the collateral haircuts aren't public, the face value of pledged collateral is (it can be found on the BoG's balance sheet) as is the ELA cap, meaning it's possible to estimate the current haircut and, starting with the assumption that a generous €25 billion buffer remained as of the ECB's Sunday freeze of the ELA ceiling at €89 billion, project the implied depositor bail-in for different collateral haircut assumptions.
Here is the summary sensitivity analysis indicating what a specific ELA haircut translates to in terms of deposit haircut.
Another way of showing this dynamic is presenting the ELA haircut on the X-axis and the corresponding deposit haircut on the Y-axis once the critical "haircut" threshold of 60% in ELA haircuts is crossed.
As can be seen raising the haircut to 75% implies a €33 billion (or 37%) depositor bail-in or "haircut", while raising the haircut to 90% implies a €67 billion (or 55%) hit.
Note that the latter scenario looks quite familiar to what happened in Cyprus, and indeed that's not at all surprising because if, as Dijsselbloem himself said, Cyrpus is a "template", then the next step after capital controls is a depositor bail-in.
And while we wish we could have some good news for the Greek population, this outcome may have been preordained by none other than Goldman whose Hugh Pill, who on June 28 suggested the following:
The core constituency of the current Greek government -- pensioners and public employees -- has enjoyed the first claim on remaining government cash reserves. Only when those cash reserves are exhausted will that constituency face the direct implications of the liquidity squeeze the political impasse between Greece and its creditors has created. And only then will the alignment of domestic political interests within Greece change to allow a way forward.
And as Goldman's former employee and current head of the ECB is about to have his way, the pensioners and public employees will be the first to suffer - first with capital controls and then with ever increasing haircuts on their deposits.
In other words, in order for the Troika to finally achieve its goal of either forcing Tsipras to relent or inflicting enough pain on Syriza's "core constituency of pensioners and public sector employees" to compel them to drive the PM from office, after capital controls come the depositor haircuts, first small, then ever greater until Greece collectively Cries Uncle and begs Europe to take it back while presenting Merkel with Tsipras and Varoufakis' heads on a proverbial (and metaphorical, we hope) silver platter.
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Better to be bald.
I need a haircut, it has been 3 months.
The judge said five to ten, but I say double that again
I'm not working for the clampdown
No man born with a living soul
Can be working for the clampdown
Kick over the wall 'cause government's to fall
How can you refuse it?
Let fury have the hour, anger can be power
D'you know that you can use it?
The voices in your head are calling
Stop wasting your time, there's nothing coming
Only a fool would think someone could save you
The men at the factory are old and cunning
You don't owe nothing, so boy get running
It's the best years of your life they want to steal
You grow up and you calm down
You're working for the clampdown
You start wearing the blue and brown
You're working for the clampdown
So you got someone to boss around
It makes you feel big now
You drift until you brutalize
You made your first kill now
In these days of evil presidentes
Working for the clampdown
But lately one or two has fully paid their due
For working for the clampdown
https://www.youtube.com/watch?v=rnliAafBYzU
Hang the Mayor of Athens the slimy fucker George Kaminis for a start.
Listen
I'm tired of folks treating banks as places of worship. Who needs the banks?
A pay-packet direct from employer is satisfactory.
These employers insist they pay your slave wages directly into a bank account.Fuck That!
Just another method of control over the plebs.
You are really gonna lose your shit when Jamie "Cufflinks" Dimon gets cash forever banned
Only drug dealers and fencers use cash. I can see it now. It's probably already enshrined in TPP
I want only the tips a little cut not a full 3 millimeter cut please
You mean just get the split ends, right?
Let the ECB try to strangle them....good.
so that the people of Spain, Italy, France, Portugal, can all see what these mother fuckers r truly about and hopefully say..
"you know what - fuck you mother fuckers....."
Just a trim please.
Adolph Merkel to Draghi
Give those ingrate Greeks the Telly Savalas. Macht schnell
Nice for the Telly Savalas reference.
http://www.hollywoodcultmovies.com/html/telly_savalas.html
Anyone else here hate globalists??
Kodiak Oil of North Dakota is worth more than all of Greece right now.
Point well taken though.
Saw some huge farm tractors for sale if you're interested. Comes with great arable land I might add.
Limit up on corn and wheat today too in case your tired of not getting paid for your crop...
Do bears shit in the woods?
Gold just doesn't seem to give a shit at $1,175!
Stack onward!
JP Morgan Chase is setting the price as they have the Commodity Derivatives Market cornered*.
*Per report from last night on ZH.
Is the paper contract on an underlying banking commodity asset, used for determining financial values in the future, as good as gold?
If so, then there is an ability to assess a price by "affixing a quote", apply arbitrage throughout global markets thereby creating unfair advantages to the otherwise unsuspecting market participants. It would easely provide the opportunity to create follies in finances through true market price discovery suppression.
What Greece is having to face is a masked value of underlying valuations of banking assets effecting everything including future pension benefits...ect.
Needless to say its a game Greeks were consigned to live with and they have a right to abandon it as well. It's called a national boarder whereas trespassers can be prosecuted.
If I were a psychopath without conscience, without feelings for others, tasked with keeping European Union together. I would discourage Spain, Portugal, Italy and France by showing them the horror they will expereince should they too choose to Grexit.
I would do everything in my power to make the people of Greece as miserable as possible, short of turning them into Palestinians.
And then say, "more for YOU with Greece gone."
At least the Greek migrants don't have to make a boat ride flooding into Europe. In six months there won't be anyone under the age of 25 left in Greece
He has a pill for that now, just go to the hospital and yell, "I'm here" and they'll hook you up.
He has a pill for that now, just go to the hospital and yell, "I'm here" and they'll hook you up.
Vladimir Bukovksy, the 63-year old former Soviet dissident, fears that the European Union is on its way to becoming another Soviet Union. In a speech he delivered in Brussels last week Mr Bukovsky called the EU a “monster” that must be destroyed, the sooner the better, before it develops into a fullfledged totalitarian state.
http://www.brusselsjournal.com/node/865
i would not leave one thin dime in any eurozone bank.
I'm amazed greeks have money in the banks yet.
Kind of unfair. Greek govt deposits their pension outlays in bank accounts. Grandma and Grampa Ouzo don't go to the Greek Social Security office for their bag of Euros in a brown paper bag
Ask an American, on Social Security, the last time they got a check in the mail.
Almost 100% of .gov is direct deposit.
Hahaha! You stupid silly goyim. The more we do to destroy you, the more we make you think GOLD is real barometer of so-called economic reality. You kill us with laughter! We will take GOLD under 1000. Make you think all is well. Greece is beta test. Train you stupid goyim think that stealing your wealth it is right thing to do. Make you think stealing your savings is righteous. Turn on your TV and see us tell you what you to think. You stupid cattle are too easy to control. Greece is precedent. Much more to come. Amerika is next in line. Make you want to lick our ass and ask for more. LOL!!! Will the persecution ever end?!!! Oy vey!!!!!
Very bad sign to be talking to yourself and using someone else's voice.
REDRUM REDRUM
Shiksa always vast white Christian wasteland for jewdom taking. Shiska always ready recepticle for jewdom climactic sensual pleasures. The blonder the better. Easy buy with glitter. Stupid white goyim women good for one thing only - selling out their race.
Cyprused bitchez!
The only thing holding up these walls is the people. Just stop.
The ludicrous concept of a single currency across disparate economies was always going to end in disaster and populations across the entire Eurozone, not just Greece, will now pay a heavy price for this EU-inspired idiocy.
My one hope from this whole Greek debacle is that it leads to the overdue collapse of the entire EU and the freeloading mega-bureaucracy that supports it.
“A single currency across disparate economies” is nothing compared to disparate races across countries of single white western Christian civilization. We make you think materialism is all that matters. We blind you with baubles. We make you think all races are same. Make you guilty for being white race that brought best humanity has to offer. Jewdom will rule world after we eradicate you stupid white goyim from planet. Oy Oy Oy!!!
Ha ha ha. Israel will take it in the shorts in the next big war, and its survivors will be forced to relocate to a hidden moon 422 light years away. There Israel in Exile will stew in your own juices for many centuries, while you wait for an opportunity to return and reclaim "your" levant.
You are racist and anti-semite. You should be ashamed of yourself. Amerika is the last white western Christian nation that allows your hateful intolerance to persist. Very soon jewdom will be sanctioned to imprison you for your hate-speech. We are watching you very closely. Once we get law passed, you will have nowhere to hide. Goyim blood will soon flow in the streets.
Will still never compare to the haircut I got in my divorce. Bald is beautiful baby!
Aha.
The bag makes more sense now.
I don't get the mechanism by which the haircuts are administered to accounts:
Is not that money in Greek banks, under protection of Greek law?
Or, is the ECB running a reverse intervenuous line, circumventing sovereign law, to reach into the accounts?
Or did Greek banks hand them the control and it is thus not in their control?
I reread the article, still have these questions. Thanks.
The only "law" is this - Good is what is good for jewdom; Bad is what is bad for jewdom. You stupid blind goyim see only what we want you to see. We have you so fooled that you are unble to see clearly. LOL!!!
Your fly is open, rabbi, and according to your schmekel, you're a goyim too.
Heh heh. Rabbi wag weenie in goyim face 24/7. Goyim piss pants be called anti-semite. Make rabbi gasp for air laugh so hard. Make rabbi call for more reperations for persecution by white western Christian culture. Stupid white race believe Judaism: The Greatest Lie Ever Sold! -http://renegadetribune.com/judaism-greatest-lie-ever-sold/
You were a better rabbi when all those 12 year old boys were sitting on your lap. More focused.
Such stupid goyim. So in your face but we make your sold out Christian preachers tell you that we are the ‘Chosen People”. LOL!!!
Sanhedrin 54b - A Jew may have sex with a child as long as the child is less than nine years old.
Kethuboth 11b - When a grown-up man has intercourse with a little girl it is nothing.
Babylonian Talmud States: -"Rabbi Joseph said, 'Come and hear. A maiden aged 3 years and a day may be acquired in marriage by coition.' Mishnah: A girl of the age of 3 years and a day may be betrothed, subject to her father's approval, by sexual intercourse. ...Gemara: Our Rabbis taught: 'A girl of the age of 3 years may be betrothed by sexual intercourse.' "
Just because you were 'Chosen' by Rebbetzin Bliitzstein doesn't mean you were 'Chosen' by God.
As a matter of fact it's just the opposite, isn't it?
"Haircut" sounds so quick and painless. "Decapitation" is probably a more accurate description.
Might I suggest gelding
just a little off the top, circumcision.
The fact that there's any money left in Greek banks for application of the Cyprus "template" only goes to show how absolutely clueless and/or propagandized a significant portion of any population can be. Greeks have had many months to get their Euros out of the country or under their mattresses.
https://youtu.be/23n5icFvqf8
The fate of Greece is the fate of the USA and all other nations under the octopus of bankster criminal debt, fraud and chaos.
Criminal activity must be framed as criminal activity and therefore the solution has to be framed in how do we break the criminal stronghold and bring the criminals to Justice for their conspirator criminal activity and repudiating the criminal debt.
We should be examining how to prosecution the bankster fascist (merger of multinational corporate monopoly with government) criminal cabal and review professors Black, Chossudovsky, Hudson and Gavin Marshall research into the criminal cabal activities.
I am a 71 year old student that has been following the maneuvers of the American bankster fascist most of my life. The EU was designed, financed and implemented by the criminal banksters and their shadow government of the Council on Foreign Relations. The banksters CFR activities are well documented over the last 60 odd years in plotting Treason against the USA and implementing the fascist New World Order. Selling debt as wealth is their weapon.
Do gold bugs really believe that the criminal banksters are going to lose control of the gold market in the USA? Today, the currency is fiat but the BRICS gold backed currency of tomorrow will set a new gold standard. The bankster criminals stole all the USA gold when we went off the Gold Standard. The criminals loot, pillage, burn bridges and destroy as they move forward so that there is no way back. The bankster criminals via Emperor Obama decree will confiscate the gold in your teeth.
In my opinion, it will take a violent revolution to bring the criminals to Justice, until then, we are all victims.
So with the IMF out of the way the ECB now wants to empty the Greek honey pot to save the big EU banks not Greece.
We only have to wait on the ECB default by Greece to get real negations started. This will also get NATO’s attention which will pressure Germany and the ECB to come up with a real solution because looting Greece is exactly the opposite of that whoever does it.
Russia has been the only country offering Greece work and and a sort of light at the end of this dark tunnel. Also the Russian sanctions are biting Europe more than the US and are to no positive effect other than stimulating Russia to find better business partners.
IMF stance and EU threats only will force NATO Greece turn it’s head eastwards which would force NATO to take notice. Again Merkel, Schäuble and even Draghi will be pressured by the U.S. to save Greece or otherwise see Greece’s NATO obligations coming under severe pressure.
Because if there is nobody else there to save Greece but Russia not much imagination is required which way that will go. And a lot of EU countries are fed up with the Russian sanctions with which the Germans partly and the U.S. does business with as if there’s no Ukrainian war and cold war panic going on right now. So if the U.S. and Germany are doing business with Russia why can’t Greece? There simply is no reason for why not.
Russian and China sponsored harbors would lift off the Greek economy together with the new pipelines trough Turkey and Greece. Doing business with Russia is surely a pleasure against the very dark picture painted by the IMF and the ECB and faulty negations trough black-mailing and nasty threats.
NATO should stop the war in Europe and concentrate instead on ISIS.
The ECB already has cut off Greece partly from the monetary union by refusing them, as only country in the EU, to issue it’s own national treasury bonds. This is a form of black mailing Greece indeed. Which side is Draghi on anyways? It’s using QE to save the EU except for Greece.
He save children, but not the British children https://www.youtube.com/watch?v=sbRom1Rz8OA
A "nuclear option" for Greece - "unauthorized counterfeiting"?
What if Greece Just Printed the Euros It Needs?
Euro Pacific Capital, June 15, 2012
http://www.europac.com/voices/what_if_greece_just_printed_euros_it_needs
First, because in case of a clash between Greece and the EU/ECB, the respect of EU rules by Greek politicians may really not be the priority. Especially in a situation of increasing chaos in a country where, for example, a shortage of medicine is taking shape and power cuts are being discussed.
Second, because Greece has the physical means to create any amount of euros it wants. Indeed, by dint of repeating that Greece cannot print its own currency, the politicians and media seem to have been forgotten that the National Bank of Greece does have its own euro printing press – and this in two ways:
On one hand, it can create euros in a few "clicks" under the cover of the opaque Emergency Liquidity Assistance (ELA) program. Greece is already estimated to have created up to 96 billion euros to help its banks using the ELA.
On the other hand, the Greek central bank is able to turn on the printing press the old-fashioned way. As per the EU constitutional texts, printing euro banknotes (and manufacturing coins) has been physically delegated to the national central banks, including the National Bank of Greece. The Mint of Greece (IETA) thus already prints euro banknotes. It has the latest state-of the art printing presses – it just has to keep running them when no one is looking.
Remember, Greece already lied to Europe on the state of its public finances: once in order to enter the eurozone and then again in 2009, triggering the suspicions of investors. Why not lie again about the amount of euros it is creating? The stakes are certainly higher today.
Such illegal money creation recalls what happened in Yugoslavia in the early 1990s, during one of the worst hyperinflations in history when prices increased by the astounding 5 quadrillion percent between October 1993 and January 1994. The Yugoslav equivalent of the ECB at the time had completely lost control over money creation, while central banks in Serbia, Montenegro, Vojvodina, and Kosovo – in a position similar to that of the Bank of Greece – were heavily printing new quantities of Yugoslav currency.
Turning on the euro printing presses in Greece in a similar way would be less painful for the new leftist government than going back to the drachma, as the main effect would be felt abroad. Instead of the government's massive debt balance being paid with Greek savings, it would dilute the purchasing power of the entire eurozone. Although it is impossible to be certain if this is Tsipras' true strategy, it is a risk of which euro investors should be aware.
The Banknote Printing Works of the Bank of Greece (IETA) – The National Mint
http://www.bankofgreece.gr/Pages/en/Bank/Organization/buildings/IETA.aspx
What we really need to know is - what are the ECB's internal controls really like? They could be nothing, or they could be really tight. Only an insider would know. A lot of this will come down to technical mechanics and how their accounting and IT systems work. Is it possible for the Bank of Greece to print billions of Euros without the ECB knowing? Could Greece distribute illegally printed cash without the ECB finding out? One of the problems is that Greece may be more bank dependent than Yugoslavia. It is easier to distribute physical cash if you pay your workers in cash. If you pay be direct deposit it becomes harder to cheat on such a scale.
They can call it " Quantatative Easing" . That has a nice ring to it, and I'm told it doesn't matter. Makes things better, actually.
it would be much shorter to write and easier to say if you just called something like.....uhh...QE perhaps?
The nightmare is just beginning for Greece.
Makes me wonder if nightmares are contagious and the EU is going to get the runs too?
I guess that's why God invented popcorn.
When a government borrows wealth or issues bonds it's pledging its people's assets as colllateral. A bail-in shouldn't come as a surprise.
DEAR Greeks, go all Icelandic and arrest and hang these fuckers....now! while the opportunity exitists....
Poor bastards.
The BoJ printed billions and billions of Yens for QE, as did the US and at last the ECB, (wich printed as much as 1 trillion euro's), why can't Greece just print a couple of trillion Drachmes to stimulate the economy. After all, when everybody is doing it..............;)
The government employees et al were the primary beneficiaries of the EU largese .... now all Greeks have to deal with it .... kind of like paying taxes .... so retired government workers live high on the hog .... with no worries .... isn't it ?
Next month's payment due is almost 3 imes this month's.
Here is the starting point.
http://michaelekelley.com/2015/04/28/next-recession-will-start-with-this-country/
Here are some more signs of a coming recession.
http://michaelekelley.com/2015/05/29/mergers-and-acquisitions-set-record...
http://michaelekelley.com/2015/02/20/fed-warns-of-two-bubbles/
http://michaelekelley.com/2015/02/24/would-you-pay-39-more-than-asked/
Here is how to prepare.
http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/
Here is how to get your mind off this stuff.
http://michaelekelley.com/category/humor/
Good luck!
Here is what I don't get. What mechanisms does the ECB have to force the Bank of Greece to obey its orders? What will stop the Bank of Greece from printing $120B in Euro banknotes and giving all the depositors cash? What will stop the Bank of Greece from extending more ELA illegally? By what schemes could the leftist Greek Government scheme to cheat the ECB out of massive numbers of Euros without them finding out until it is too late? Does the ECB have spies and assassins in the field as enforcers? Does the ECB control the serial numbering of euro notes? I'd like someone from the inside to answer and tell us what the internal controls of the Eurosystem are really like, and where the holes are.
A drone strike or two.
We could drop the G in piigs nations now, who is next? I do see a Greek orgy i see Mario Draghi taking it up the tailpipe by Ms. Lagarde dildo
LMAO! Tyler is right the nightmare is just about to begin....
Coming soon to the former USA...that means you too Texas. Sorry
WE could take the G out of the PIIGS nations now.. I Do see a greek orgy on the horizon, Mario Draghi taking it up the tail pipe by Cristine Lagarde Dildo
LMAO! TYLER IS RIGHT this nightmare is about to begin!
without Greece, we are left with PIIS
Shankster I hate to say it your right but TEXAS will not be easy
So. hmm. I decide austarty on my own life, you know, peronsal responsilbility, and it's bad to impose such a thing on irresponsible people? Starting to rething this entire thing.
Hurt the people, then rinse and repeat till they "fall into line" and the rich get richer and their jollies are satisfied...very sick people who really believe they are superior.
Which is why they sell the Evolutionary lie with dishonest "scientists" as the "experts"...because in the end of that theory's logical conclusion is a few real smart people need to make "tough decisions" to purge the sheep in order to make mankind continue forward and save or appease their goddess named "Mother Nature". God is true and every man a liar. Why do you think that eugenics and genocide is the history of mankind because Darwin wasn't the first to have the "theory" or put it into action.
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Consider the truth and rid yourselves of the lie: For You formed my inward parts; You covered me in my mother's womb. I will praise You, for I am fearfully and wonderfully made; Marvelous are Your works, And that my soul knows very well. My frame was not hidden from You, When I was made in secret, And skillfully wrought in the lowest parts of the earth. Your eyes saw my substance, being yet unformed. And in Your book they all were written, The days fashioned for me, When as yet there were none of them. How precious also are Your thoughts to me, O God! How great is the sum of them!
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May the Lord have mercy on the people of Greece in spite of themselves and all people everywhere.
Little do you realize that this thing that you worship is the root cause of the anglo-zio empire.
The perversion of Opera & Theater, the nightmare, the horror:
Shave and a Haircut, Honk Honk!
Really good show, Germany. Force Greece into the hands of the Russians rather than simply recognize that their bailouts and austerity are a complete failure, and start over. Spain, Italy and France are next in line for the Death March.
What a joke!
Central planning muppets chasing Central financial control muppets.
How more comical can this become?
If they steal a private individual's money. someone who has nothing to do with the government debt, I would have Greece use their military and get it back or ask Russia to set up a base in its territory.
Remember, the giant squid takes no prisoners and needs to be fed with the meat and blood of pensioners and others at the bottom. However, the Greek know how to grill squid.
So many comments revolve around the "Bank Accounts" taking a hair cut. How about brokerage accounts, as I keep very little in the bank but everything in brokerage accounts.
You're talking about a "Corzine" not a "Haircut"
Your seeing the future of the US.
The Squid and JPM would have no problem seizing acounts. They are property of the banks.
Phuck the "depositors'.......as well as the pensioners.... They bought the bullshit thinking they actually owned their money
Ha.
Too phucking funny. Sukkerz
I am surprised that the Greek military has been so quiet thru this period.Afraid of a mutiny?
The last time that GS was in trouble the FED bailed out AIG so their derivatives would pay off to GS.
Think that GS will lose money over Greece defaulting? Or another Geithner type "Blood and tanks in the streets to steamroller
Congress" approach? Bankers make me puke.Where is risk and moral hazard? Now the shit has hit the fan with Puerto Rico.......
Everyone wants high yield with low risk (no risk).Okay let's change the rules and let them go Chapter 9 BK.Think that there won't be a million lawsuits over this?
I am starting to think they allowed Lehman to go under on purpose to show who was in charge...Bernanke admitted to
Congress that 70% of the bailout money went to prop up foreign banks in trouble.I think that is beyond the FED's mandate.
It should be declared a criminal organization and closed down.Moot point now.
If they didn't get their money out after 5 years of seeing the train coming down the tracks I can find no pity. I scratch my head.
There is not enough money in existence for them to have taken their money out. Do you ridicule the person who ends up without chairs when you play musical chairs?
Boy oh boy, you can just feel it in the air. No, it's not the SF or london fog, nor is it the constant radiation that is causing the slow kill and neutralizing of all biological life on the planet. It is not the smog, or any of the host contaminants that are spewed into the earth's atmosphere every day. It is the coming event that will be used to trigger the war on everything in the world act. Or, the babylonian govt authorization for war on isis/al-CIA-duh/isrealli paid for mercenary army of the us/isreal puppet criminal leadership. Another false flagged excuse/lie to use to go after innocent Assad. Well, he may not be perfect, but he is not going around the world like nazi germany did invading other countries for their resources and bankster control of govts using the money god to do exactly that like britan and isreal and the us govts are today. Everything that happens is a distraction from the planned crash.
http://patriotrising.com/2015/06/30/ron-paul-says-the-stock-market-crash-could-cause-an-economic-collapse/
Yes, one can easily see what is coming simply because evil is so predictable. It is like the apartheid country isreal that was only bankster created to manifest chaos, and never any sort of peace. They keep committing the worst of atrocities and crimes against humanity and always, always come out of it smelling like a rose. Yeah, a black rose of hell. It will always be known in the history books that may or not be written that isreal was the most evil and vile country to ever be created by the evil satanic banksters in the entire history of the world. That is why they will constantly keep doing all the false flag events to create fear and havoc to further their masters agenda of world domination, and population ELIMINATION. Stupid is because it is evil.
So here they come. For some real considerations. Isreal always attacks or pulls off the false flag event on American Holidays. See the history book kids. Also, isreal is in big doo-doo with the un and criminal courts and they know the real hounds of justice that they can not bribe or blackmail will do their jobs of seeing to these atrocious crimes by this apartheid govt of isreal.
There are good jewish folks, and there are zionist/satanist puppets of the rothschild bankster puppet masters that created isreal for the big reason of being the matchstick that lights the fire that kills off every soul on the planet. They are doing a great job of that so far when you consider charlie heb, fuckushima, Palestine, 9/11, attack on the USS Liberty, Lavon affair, blackmailing of every congress critter and senate toad or any other puppet to control, own all the lame stream lying dying dinosaur media, and the list goes on and on. The history of this evil country is well documented, and yet they still continue to commit these crimes.
But now it is time for what, a dirty bomb or chemical thingy somewhere in the US? When, isreal? We see in many reports these same vibrations trickling all abouts and being echoed in the chattering Internet of true lightbrigaders. What is it you seek? The LIGHT!! The light is the truth. Embrace it, or go away profane. The isreally criminals of mosad and other evil things that are involved have been practicing blowing up dirty bombs in their desert. Why?
http://www.middleeasteye.net/news/israel-tests-dirty-bombs-negev-desert-958819943
They are horny pigs on the attack of Syria or Iran mode and may do something stupid soon. They need almost any real excuse to do that. Maybe on the fourth, maybe in August when congress goes on vacation, or who knows when? They are NOT making peace, they are contriving reasons and excuses for war. They want the authorization for moar war, so they need a false flag event to trigger the fear and control mechanisms used so well to mind control the nation of what was once a proud country called, America. They are going to stamped the sheeple into the corrals. They want to profit from moar war! Here are some of those dirty low down scumbags now:
http://www.blacklistednews.com/List_of_Sixty_Traitors_in_U.S._Senate_Who_Voted_to_Advance_Obama%27s_Secret_TPP/44729/0/38/38/Y/M.html
You see, when one studies the govt conspiracy patterns to commit more fraud, murder, mayhem, and horrendous crimes of treason against these united States of America, it becomes all so easy to see this third grade evil mentality at work spreading the disinfo and setting up the pieces to fall. Everybody should be ultra vigilant now. Not in fear, but at the ready. The hoopla and chatter around a fourth of July or before event sponsored by isreal and the corrupted blackmailed criminal evil US govt not officials at all is so intense now, there is as everybody knows no chance of a surprise attack at all happening. When, or if God forbid something does happen, all eyes will focus on isreal and the shitty mess they leave after such false flag events occur.
http://prophecyinthemaking.blogspot.com/2015/06/july-2015-poised-to-be-historic.html
Only isreal and the us govt are responsible for ALL terrorism in the world today. They are however, only puppets and tools of the bankster elitist scum above that shits out the globalist orders for them to suck up every day. Even now, there are catttawallowing fear chants by the fbi/homeland gestapo liars about a possible event happening on the fourth. Fear, fear, FEAR!!!
http://www.usatoday.com/story/news/nation/2015/06/27/homeland-security-fbi-warn--possible-july-4-attacks/29389963/
http://pamelageller.com/2015/06/us-officials-warn-of-isis-attacks-on-july-4.html/
We also heard this report below from a reporter EVERYBODY should be listening closely to now. They are even contriving lies and deceit around Assad making his last stand with some boogie-man rhetoric about a chemical weapon, or something. All BS and beeswax. No two shoots about it. More bankster owned govt isrealli/zionist/satanist dis/mis-information by the worlds greatest propagandists. The liars inc of America, called the lame stream media hoaxers, and great pretenders. Never before in the history of journalism has there ever been such a great cadre of scallions, skuzzards, and asshat blowhards spewing the worst garbbly muck ever on to the gullible eat em up populace. Heck, what else do they know besides the spoon fed lies and horse-wash of the us yellow journalists?
https://www.youtube.com/watch?v=FpdAidU-i-8
Heads up all and pray for the world peace to come to the fore, rather than the evil of more war for profits and population elimination agendas of the pigs of war. We are headed into false flag territory and there is no real law enforcement left in America. They are all to chicken to stand up to the babylonian war pigs.
https://www.youtube.com/watch?v=IDJgwUeW7_k
This collapse will pit young vs. old. The old have bank deposits, the young do not. The young are jobless and have little to lose by tearing down the broken system. The old will cling to the broken system. This plays out over and over again. Russia post Soviet Union comes to mind. The young will win. The old will be broken except for those who have distributed assets and can go where life suits them better.
This is not a Greece thing. Who will be next? When will this Perfect Storm of the Greatest Debt Bubble (GDB, eerily close to GDP) wash ashore here with full force? If you've got bank deposits and your wealth is all in one country...
But if the Greeks nationalize the banks, liquidate the Central Bank, put a new Central Bank up the next day, and move deposits into the new bank, their liabilities (i.e. deposits) will be protected.Like I said in a previous post, the French go through this excercize every 40 years or so since their revolution, and depositors have never been impaired. The Government can also legistlate that deposits can not be used to satisy any Central Bank obligations (liabilities) to the Eurosystem. And finally, Greece still has a standing Army. And this Army is larger than then the German Army. If push comes to shove,... Yugoslavia 2.0. All in all, the ball in in the hands of the Greeks, and I would rather be in their shoes than those of Drahgi and the Germans.
lol 55% deposit cut. That's what you get when you trust a bank!
"it back while presenting Merkel with Tsipras and Varoufakis' heads on a proverbial (and metaphorical, we hope) silver platter"
Well I'd prefer to have all the heads on a proverbial (and maybe not so metaphorical) silver platter. Gold would do fine also. Anyway before they chop of all our heads, I'd prefer to have theirs falling before any of the non-politicians. That counts or would cound as just for me.
The whole problem is actually the western white race.
They are so stupid to fight for nothing. Like for example, King richard the so called "lion Heart" coming all the way to Arab Jeruselam to fight for the Jews. Alexander came all the way to India to get fucked by elephants.
That white stupidity has still not stopped. Americans fighting against Hitler or Russia benefitted only the Jews.
Today, Americans created and operate the ISIS also to benefit the one master Jews.
You dont see ISIS in Japan, or China or India. or Russia. Because people in the region are not stupid. they will not allow characters like ISIS appear. Even Muslim nation Indonesia kicked out ISIS elements very quickly.
The more you go west, the more stupid you see, Americans today lead in licking the boots of Jews.
In the old days, Jews sold the idea of God, heaven, Holy place and Chisen people.
Today they sell papers in return for loss of freedom to make even your own food.
I personellay have nothing against the Jews. They are just normal people looking to maximize the use of their brains. Good luck.
It is the stupid western white race that makes me mad. Wake up guys. you are increasingly making all of us suffer. Please
I understand what the author of this article claims. Math is math.
However, on another level it is total bullshit. The thing
with debt-money is that the rules can be rewritten any time and, infinite money can be created and destroyed. The entire debt-money system is capricious and arbitrary. Giving all of that power to self-serving parasitic psychopaths is a recipe for hell on earth.
Show me a greek that has more than 500€ in the bank.
Just who is it going to hurt?
You would think most of the general public have already withdrawn most of their money.
Only thing to get to would be the wages payments, not so much.
So whose money in these banks is it that will get haircuts?
ALSO - I don't think the game is over. Would they go all this way to suddenly give up, and produce a result no better?
AND whats the FUCKING hell with the sound that comes out of these pages, but cant find what fucking video it comes from.
Jesus, trying to listen something else and that non stop advertising shit is going on in the backgrround.
And whats these adds that appear when you click to go to the next page.
And, wtf it turns the sound back on after I have turned it off?
ZH has gone overboard, and will make the site unwatchable.
Now i have to turn the sound off altogether and listen to music through my phone.
Yea, Tyler is goona fuck up and let the fucks that rip you off advertize on the site and fuck it up!
That goddamn Ransquak shit taking up 1/2 he fucking page of Banzi everytime I open one of his contributions, fucking weird music popping up in the back ground.. WTF TYLER!!!
Please don't let a few bucks from these leeches ruin this site, please!
Truthfully, I do not understand why banks are so important. All they do is push pencils and play on keyboards. They have zero productionality. They hardly even exist. They are usually made out of big stones, when they should operate out of trailer parks.
Greece has been chugging along quietly (mostly) for thousands of years. So what has changed?
Maybe they have computers now? What has all this "technology" done for us? Now we have nukes. Plus Fukushima. Ain't progress great!
Me no deposit, me no get haircut duh!. Just think of the possibilities a Government has with a cashless society. To reach into your smartphone and make "purchases" taxes for you. I'm sure everything bartered or traded must also be registered.
So, do the Greeks have an equivalent to the FDIC insurance? Anyone know?
yes and yes. but since there is no "banking union" in the EU, they are national affairs
meaning that accounts on Greek banks aren't covered by a French or German equivalent of the FDIC insurance, but by the Greek national equivalent
The beatings will continue until morale improves.
Excellent article, thank you.