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Greek Banks Considering 30% Haircut On Deposits Over €8,000: FT
Last week in "For Greeks, The Nightmare Is Just Beginning: Here Come The Depositor Haircuts," we warned that a Cyprus-style bail-in of Greek depositors may be imminent given the acute cash crunch that has brought the Greek banking sector to its knees and forced the Greek government to implement capital controls in a futile attempt to stem the flow.
The depositor "haircut" would be a function of the staggered ELA haircut that the ECB could impose to escalate the rhetoric between the two sides, and could take place with as little as a 10% increase in the ELA collateral haircut from its current 50% level.
Unfortunately for Greeks, the ECB has frozen the ELA cap, meaning that as of last Sunday, Greek banks were no longer able to meet deposit outflows by tapping emergency liquidity from the Bank of Greece.
Now, with ATM liquidity expected to run out by Monday and with the country's future in the Eurozone still undecided, it appears as though Alexis Tsipras' promise that "deposits are safe" may be proven wrong.
According to FT, Greek banks are considering a depositor bail-in that could see deposits above €8,000 haircut by "at least" 30%.
Via FT:
Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears
The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.
A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers’ funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000.
It would be implemented as part of a recapitalisation of Greek banks that would be agreed with the country’s creditors — the European Commission, International Monetary Fund and European Central Bank.
“It [the haircut] would take place in the context of an overall restructuring of the bank sector once Greece is back in a bailout programme,” said one person following the issue. “This is not something that is going to happen immediately.”
Greek deposits are guaranteed up to €100,000, in line with EU banking directives, but the country’s deposit insurance fund amounts to only €3bn, which would not be enough to cover demand in case of a bank collapse.
With few deposits over €100,000 left in the banks after six months of capital flight, “it makes sense for the banks to consider imposing a haircut on small depositors as part of a recapitalisation. . . It could even be flagged as a one-off tax,” said one analyst.
Earlier, via Bloomberg:
Liquidity for Greek bank ATMs after Monday will depend on the ECB decision, National Bank of Greece Chair Louka Katseli tells reporters in Athens.
Meanwhile, Yanis Varoufakis swears this is nothing but a "malicious rumor":
FT report of a Gk Bank Bail In is a malicious rumour that the Head of the Greek Banks Association denied this morning http://t.co/3xtnQvpS7R
— Yanis Varoufakis (@yanisvaroufakis) July 3, 2015
And moments ago Bloomberg reported that according to an emailed statement by the Greek finance ministry, the "FT report on deposits bail in is outright lie, provocative, and targets undermining July 5 referendum" and as a result the "finance ministry demands Financial Times to retract report."
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Considering? Consider it a done deal. This massive fraud and theft will continue until there are public hangings of the criminals.
That would require Greeks prosecuting fellow Greeks, something that just isn't done.
FT's owners don't want NO to win.
Although bail-ins coming to all of Europe and N.Amer.
Now watch gold and silver.
Who in the hell still has money in a greek bank??????
You mean bank deposits aren’t safe!?!? Wait all learned that 80 years ago, countless times before that, and have been reminded in isolated incidents many times since. It looks like the whole western world has to relearn that little lesson for good measure.
only 8k euros? wow, they arent even trying to go with the standard "this will only be asking the wealthiest among us to pay their fair share" anymore. Of course anyone with more than what they need to pay a month or twos worth of bills in a greek checking account needs their head examined anyway.
"Who could have seen this coming?"
After years of this who would still have their cash in Greek banks? 8k is probably as high as they could go. Anyway, interesting timing on this haircut and what's the source?
Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday.
>>> After years of this who would still have their cash in Greek banks?
Businesses that operate in Greece. Hotels, importers, car dealers, retailers, ferries, you name it. All likely to be bankrupted if the vote goes Nai.
Any fool who still has more than a token amount left in a Greek bank deserves to have it taken. Stupidity should be painful.
Hell, that's no haicut, that a fuckin' shave right down to the bone! With some mighty ugly nicks to go with it. But your right N.B., the only guy who would have that kind of cash in a Greek bank would be a small business guy, and we knew long ago that that guy was screwed.
It would suck to have 10.000 euros and lose 1/3 of it.
That's why silver is going to be such an important store of value. And gold of course too.
;)
Coming soon to a bank near you! You've been warned; Cyprus, now Greece. Get any substantial cash out of the bank. There's no interest paid anymore. Why keep it there? It will only be taken from you.
Oh, I'll venture to say that by the time it all gets said and done, these "haircuts" will be much, much closer to home. They're already talking about limiting the amount of money that can come out of your retirement money market accounts, (on its way to your checking account). See, if it can't escape your retirement account, they don't have to worry about bank runs. Who said these bastards weren't slick?
eurocrats/troika are choking greece with both hands and everybody is just calmly looking at it like it's no big deal? this is the telltale sign what's waiting those who don't tow the line of the european "solidarity".
< ECB haircut is coming.
< ISIS headcut is coming.
Can we cut the poop and call this what it is?
When a united governmental entity takes actions deliberately designed to destroy not only another county's government, but also its entire society, that is war.
This is war - plain and simple - between the country of Banksters aka the ECB/IMF/EU/Brussels/Berlin axis - and Greece.
It is time for Greece to admit that they are at war with this governmental entity, and declare they will do whatever is necessary to destroy the attacker. That includes killing off the attacking governmental entity's leadership to the degree necessary to stop the attack, and regain the safety necessary for a society to function productively.
ZH posted another article along these lines earlier today - and this is the reality of Greece's situation. What we have here is an unelected leadership serving the constituency of Banksters and their Owner-Oligarchs, and not the general population waging a war to take possession of everything Greek. The Greek people either fight back - using Special Forces to conduct raids on the Bankster/Oligarch leadership and bureaucrats to kill them, and destroy their Command and Control infrastructure to the point where they surrender, and using popular uprisings that include attacks on the supporting member governments who allow this war to be waged against Greece, or the Greeks capitulate and become debt slaves and peasants.
This is the real End Game - Them or Us. Only one will survive. The Greeks better make sure they understand that nationality is now meaningless beyond defining the geographic area under attack; the true war is the 99.9% against the .1% and their stooge Deep State.
Everything else is just poop.
-30-
Why aren't sovereign nations arresting and prosecuting bankers which are stealing their citizen's life earnings?
Greek banking president says: FT is lying.
European propaganda
http://www.skai.gr/player/tv/?mmid=261090
That seals it then. They are going to steal the depositors money.
Whether a Greek bail-in (or anywhere else) is true or not right now doesn't matter. Yes, it may be a scare tactic now...at this point...in an attempt to conjure up a "yes" vote. But hopefully the Greek people don't fall for it and will still vote "no" while also understanding very fucking well that a bail-in is still going to happen to them either way in the very near future.
Just like it's going to happen to the sheeple in every other country at some point in time whether anyone else knows about it or believes it or not.
It will happen to everyone who is still in the banskster system, who still hold stocks, bonds, safety deposit boxes, checking/savings accounts, 401k's, IRA's, etc. etc. etc.
It's just a matter of time. Just like invisible taxes occur by way of inflation due to devaluation of all fiat paper/digital currency. IT FUCKING HAPPENS EVERY DAY ALL FUCKING DAY LONG!
Why do you think all the laws have now been created in every country around the world over the last few years to include bail-ins as a means to "save" the fucking banksters?????????????????????????????????????????????????????
Those laws were created BECAUSE THEY'RE GOING TO FUCKING DO IT!!!!!!!!!!!!
So it doesn't matter one fucking bit who doesn't think bail-ins will happen...but go ahead and you let those people think that aaaaaaaaaaaaaaaaaaaall they fucking want to.
You just walk away from those people at this point and PREPARE YOUR FUCKING ASSES OFF, because anything and everything NOT IN YOUR OWN PHYSICAL POSSESSION IS GOING TO BE CONFISCATED!!!!!!!!!!!!
And even shit in your own possession could eventually be confiscated unless you're willing to fight and die to keep it, right??????????????!!!!!!!!!!!
Is my fucking point clear enough to anyone who was on the fence about this shit????????
And don't forget to keep all that in mind on this fine and glorious "independence" day, bitchez
It's a shakedown by the mob protection racketeers.
'Remember what happened in Cyprus? You wouldn't want that to happen to Greece, would you?'
'It's such a nice store you have. It'd be a shame if there was a fire some day... perhaps you should buy some insurance, you know, just in case...'
shitheadssheeps.. nothing to try understand, a masse is an idiotic amorphic herd obeying to structures & systems by nature because from birth we are formated to follow the rules, and the system do not allow any form of rebellion/resistence, it just breaks you to kneel you.
there will never be any form or global riot in europ it is too late, tv is the main totalitarian system that indoctrinates the masse and people have by nature to train about resistence, confrontation to the orders given by the system, the rules/the law/ are the normals, if you out of normals you are rejected, you apply idioticly what the system tells you to do.
did you know that after sleeping,the second human time consuming activity ( lifetime ) is watching TV ?
if it tells you vote yes, you will vote yes. prolly not every one, but the global result comes from tv.
All Greece has to do is quit asking for money. Live within its means.
Had they done that they would not be in this situation.
Berlin axis? Germany is still ocupado.
Double post. Sorry about that!
-30-
There SHOULD be massive civil unrest if this happens. They should st least do a "Sweden" and Nationalise all the Banks, fire the Managements, wipe out the Shareholders, then the Bondholders and see what remains before touching depositors funds. Then either rebuild what part remains viable (The "Good Bank") and either IPO it or keep it as a Public Bank to really add some value to society and assist in re-building the Greek economy.
public banks, ha, run by moar public elected sociopaths. the money system has to be tyed to something tangible and limited in quantity. until that happens - repeat of history...
No disagreement with that, and it isn't inconsistent with what I said.
Look Ukraine, you too can join the Euro and since you are so much more solvent than Greece, you can look forward to this great new life of no work and all play. What a fucking shit show. I expect a Frexit.
Debt is always paid. If it is written off then it is paid in economic losses.
'coz everyone knows that the way to "fix"* an economy is to steal people's money and then lend it back to them...
... and then "repossess" their stuff when they can't make the repayments on the money you lent to them to make up for the money you stole from them ...
* "Fix", as in, "You mean it is rigged like in wrestling? I thought it was fixed like in boxing!"
"I have this problem. People want to lend me money, even though I know and they know full well that I cannot pay them back..."
THEFT, ROBBERY, SKULLDUGGERY.
No more euphamisms please.
No more soft words for acts of treachery.
And no doubt the wealthy have no doposits (there) so it will be the saving working class that takes the loss at the expense of all other classes either side of them, sounds familiar. A microcosm of things to come...elsewhere, maybe everywhere.
"THEFT, ROBBERY, SKULLDUGGERY.
No more euphemisms please.
No more soft words for acts of treachery."
Yes, dear ebworthen, that's exactly why Syriza is asking for a OXI/NO vote on Sunday. In other words:
"Down With This Sort Of Thing"
Just got back from a swim.
Yep, all still there...no haircut in the forecast ;-)
A blind man made a mistake and walked into a brothel instead of the barber which was next door.
Upon entry he was asked what was his pleasure today.
He replied with "just a trim".
Once the service was provided he thought that even though the price has increased the experience was definitely worth it.
Of course he still had no idea that he walked through the wrong door.
>>>> Any fool who still has more than a token amount left in a Greek bank deserves to have it taken.
People who operate businesses are not fools, but nowadays it is very hard (and getting harder) to operate a strictly cash business using no banks. Impossible if it is a large business. If you are a REALLY large business then part of your business needs to be a bank so you can offshore money easily when you see trouble.
Don't run your business in a bankrupt communist country, leave.
I agree!
The CONUS is NOT the place to be running a business.
OOPS, wrong bankrupt communist country...
Forget the retail banking, it is boring, check the National Bank of Greece stock (NBG), there is a slow stochastics buy signal with a strong support at 1.05. Nevermind the penetration down to 0.90 couple of days ago, it was just a fluke.
> Liquidity for Greek bank ATMs after Monday will depend on the ECB decision, National Bank of Greece Chair Louka Katseli tells reporters in Athens.
Oh, wait... why would "National Bank of Greece Chair" be a choosenite with a typical last name KATZ (ELI or EL is another name for Saturn)?
Something tells me the Greeks were fucked long ago, by design. Don't forget that EVERY central bank in EVERY "country" (read "colonial territory") is a branch of FRS.
If it's all in euros, why do they need to keep it in a Greek bank in order to pay the bills? They could make payroll and expenses by electronic transfers. Cash sales should be deposited in a local bank and immediately trasferred to a foreign EU bank.
At first I felt outrage but once I was told it'd be "flagged as a one-off tax" I felt okay about it. Gotta pay your fair share for roads and shit.
if you're Greek and you have €8000 in the bank...you are rich !
Correction: You WERE rich!
Huh?
To the President of the European Commission
Mr. Jean Claude Juncker
To the President of the European Central Bank
Mr. Mario Draghi
To the Managing Director of the IMF
Ms Christine Lagarde
Dear Managing Director, dear Presidents,I am writing to inform you on the position of the
Hellenic Republic towards the list of Prior Actions of the Staff Level Agreement
as publishedon the European Commission website on June 28th 2015. The Hellenic
Republic is prepared to accept this Staff Level Agreement subject to the following
amendments, additions or clarifications, as part of anextension of the expiring EFSF
program and the new ESM Loan Agreement for which a request was submitted today,
Tuesday June 30th 2015. As you will note, our amendments are concrete and they fully
respect the robustness and credibility of the design of the overall program.
...
http://armstrongeconomics-wp.s3.amazonaws.com/2015/07/Greek-Letter-6-30-...
I think 8k is conservative, with all the smart capital taken flight already, I think they will take it all. After all the dummies who left their money in the bank are the least likely to put up a fight. They will moan but the trucheon will take care of that.
Oil traders would appear...
Yeah they should get the Darwin award.
Who in the hell still has money in a greek bank?
Exactly, and if you still do and you lose from 30-100% -- fuck you! Pay attention next time. Say, who won that Werld Cup with that football? LOL
Who in the hell still has money in a greek bank?
folks who received payments from various sources over the last week or two and havent had the opportunity to withdraw given bank closures, ATM lines etc
modern economy - its hard to avoid using a bank account - not if you want to participate. I can pay cash for all my utilities, but doing so means trips to the shops, inlcuding petrol costs. paying thru a card with direct debit the utility companies give me 10-20% cheaper - plus i thereby avoid 'late payment fees etc
when it all goes to shit i wont lament the loss of its 'convenience' at all because i know it is an attempt to make me dependent. but ill probably still use bank accounts with small amounts less than a few thousand as a utility right up to the collapse.
My lifes savings? not a fucking chance will that come anywhere near the digital or banking systems of wealth
have a credit card balance at the same bank your checking/savings account is at that is higher than your cash balance. If the bank bails in the cash, tell them to take your credit card payments out of the bailed in account, otherwise, go suck wind. Hint - you can buy silver on a credit card.
Greek tourism companies, which are getting paid now.
Who in the hell still has money in a greek bank?
Millions of Greeks, that's who.
If or when the haircuts come to Greece, the rest of europe may wake up and pull all their money out of the banks. Sooner or later as the haircuts travel from country to country the sheeple will eventually wake up.
Second largest bank of Cyprus got Cyprused in March 2013, I was getting worried banks will never fail....but we had the largest bank go bankrupt in Portugal in Nov 2014....though it was due to fraud....finally, we have a banking collapse staring at us in Greece...thanks to the ninkampoop mandarins of ECB!
If it happens across all Greek banks, it will again be a first, where millions across various banks will lose 30% of their money in a bail in of depositors, rules for which have been placed from Australia to Canada to across all EU banks and today Singapore did the same too.
Money will flow so easily from the hands of poor to the hands of the rich!
I was hoping Tspiras will fight for the poor but the song and dance of a referendum distracted everyone and the reality has now already started coming out that the 'fight' between Syriza and the troika was just a big farce!
The banksters rule them all!
Singapore bail-in proposals make senior bond holders breathe easyAside from buying gold and silver, wonder what should normal people do?
Allocate 2% to bitcoin.
normal people should insure that they are not dependent on the 'just in time' food delivery system we have in the US and the rest of the developed world. Most people don't more than 3 days or so worth of food in their homes. Make sure that you have enough to take care of you and yours without venturing out into the crowds. Just 10-20$ a month worth of canned foods a month will be a great start.
Better yet, buy enough rice and beans to fill several 5G paiks each, and seal that in large mylar bags together with food grade oxygen absorbers. This would provide cheap complete protein, carbs and fiber. Buy a year worth of multivitamins and rotate through them FIFO style. Have water filtration and purification means. Just a few hundred dollars could stretch for months.
Greenskeeper - Forget the canned goods, buy $20 a month in beans and add a few tubs of butter flavored Crisco for fat content and trade. Then get a gallon of bleach for water purification. 100 lbs of beans can keep a family of four alive for a quite a long time.
I also have a bug out bag with means to make a crude camp, start a fire, hunt and fish. I really hope I never need this!
Last weapons for home defense and hunting. For a $1,000 you can survive almost anything. I like PM's but not everyone can afford them. I look at them more as savings than anything else.
The state of NH did an indirect bail-in in 2011. They said I owed $7k from people on unemployment. When I called and said I never missed a UI payment they said they changed the law retroactively. When I demanded a hearing they wiretapped the funds out of my bank that day. Getting it back would have cost as much as what was taken. So for some of you don't think it cant happen here. NH went bankrupt in 2011. They cut police and fire pensioneers. Few know this as the media kept it hush-hush.
Your best hedge is always your health. Get to that gym a couple times a week. If you cant walk a few miles to a more remote location if need be none of the other hedges will help much if the worst case scenerios unfold.
I study lots of cycles, believe the worst will be behind us by 2021 but now we'll see things happening faster than the last several years.
Shit I was talking about allocating some personal wealth over to bitcoin not some psycho prepper camp meetout. But I will make allowances , if the human race is to survive at all we all really do need you guys , but we will still absolutely require energy structure , otherwise we will have several hundred Fukishima's on our hands. I have a much better suggestions for you preppers: How about you guys start studying High Voltage Grid Systems ? Power Plant Management under adverse conditions ? how to keep a nuclear plant operational for months (or even years) at a time whilst off-grid during a crisis ? These skills will actually help us all stay alive , rather than bugging out in a remote forest , dying from radiation poisoning from all these plant's spent fuel pool's going up in flames ?
Butter flavored Crisco? Fuck that--Crisco is poison. Olive oil or coconut oil will do the same thing, without killing you.
Re. Butter flavored Crisco. Thanks REG. You beat me to it. Gross! Then he talks about health and getting to the gym. Confused?
In The Tropics, the food is always fresh. In the countryside, it is everywhere.
Also, something like this, http://www.lifesaversystems.com/lifesaver-products/lifesaver-jerrycan is better than the chlorine.
Conscious - I was referring to bugout supplies, not how I currently eat. And I was addressing Greekeeper Karl's budget of allocating $20 a month in preps which is a very low budget and how to make that go a long way in a major survival setting. Canned food is very heavy to carry if one has to get out of dodge and beans are a lot cheaper and healthier. Out in the woods a where one will need to be very active a tableapoon of Crisco won't hurt you pal and dollar for dollar goes a lot further than olive or coconut oil.
So in your bugout bag you have lots of room for coconut oil, heck probably room for a whole healthfood store right? Shedup...
You get fit now because it is a common hedge against any kind of daily challenge but if you HAD to hump at a decent pace say thirty miles with a heavy backpack could you?
@greenskeeper carl A lot of cultures prefer fresh food. Especially if they live in sun-drecnched climates.
Ever seen what Icelanders, Greenlanders, Laplanders eat? I don't think you'd like it much and I'm the certain Greeks couldn't even consider swallowing most of it. North eats what it must, South eats what it prefers.
Greeks know how to eat. They live to be very old, in general. Each culture has its dietary regimes according to the seasons etc - except the USA which serves up disgusting garbage coast to coast no matter the climate, no matter the seasons. Please don't even begin to advise European cultures on what to eat. You haven't the right.
wow. first off, i am not trying to start some "psycho prepper meet out" or whatver you said. Nor am I tryingto suggest that all those cultures quit eating whatever the fuck they eat in favor of canned soup. I am an american, and was speaking to other americans(or those of a similar culture) when responding to the above poster about what he should do other than buying gold and silver. buy some food that requires little to no preperation, it can be eaten out of the can without even heating it up. buy a little at a time, each time you go grocery shopping, it will add up quick. its not real healthy, or that tasty. but it is cheap, and it will kep you alive. Not advising you fuckheads on what you should eat, so fuck off. that is all
I hear what you are saying Carl, but all that eating out of a can nonsense makes a lot of people want to barf. If you live the right way, in the right place, excellent food is not a problem. (As long as they don't HAARP away the rain and the radiation clouds stay away, in which case, I guess you are stuck with the can.)
It is HARD as hell to grow enough food to sustain a family. Having canned food and dried beans is a gooood thing! Anyway both of you are right. GC is speaking of taking first steps and CB is speaking of making the long haul.
but apparently no better than anyone else at accounting.
...Buy moar and store in a very safe place looks like. However, those Asian nations do not seem to like bail-ins much and prefer bail outs instead. From your article:
This means senior unsecured debt, legacy subordinated debt and deposits will be excluded from the bail-in regime.
This is in contrast to other existing and planned bank resolution regimes in the rest of the world. In Hong Kong, the bail-in proposals from Hong Kong Monetary Authority are more aligned with regimes seen in Europe and the US, in that only customer deposits are immune from bail-in rules.
However, seems like the EU and North America may do the bail-in approach instead. Everyone needs to keep a close eye on his own country/economy and be prepared to act. The Greeks actually had a long time to get out and many of the wealthy ones did and buy gold and store it in Northern Europe or move to Bulgaria ... from what I read.
Thanks for pointing that out.
Asian nations still have reserves unllike EU, US and Japan who have loads of debt. That must be the reason that bail ins have not yet been introduced in Asia but only subordinated debt has been included.
I believe the best way to find out which country's banks are safe to park money would be the ones whose Govts still have positive cash reserves versus those that have loads of debt instead!
If this bail-in were to occur, we might see China & Putin riding to the rescue
Putin is just waiting for the perfect opportunity to give the EU the hard one
Oh, that reminds me, do you remember what they used to call a “Bank Bail-In” prior to Cyprus? A bank in default.
You remember what they called deposits held by a bank in default? The Bank’s debt obligations.
There is no money in any deposit account in all of westernized banking.
They are all "Credited Accounts" which is a euphemism for, the banks stole your money at the moment of deposit and credited your account with the amount stolen (assuming you deposited actual money).
With the exception of the illgal drug trade and day labor, almost all of westernized commerce is conducted in bank debt, not money.
http://carl-random-thoughts.blogspot.com/
the Frog
Exactly, the FT is just a BULLSHIT mouthpiece for the Fascist EUrocrats. Bail-ins may come but I doubt it at this point. Russia, China and Turkey will come in and surprise these Troika criminals.
Elites use their mouthpiece to scare the NO voters.
Who said anything about prosecuting?
Otherwise known as the "you were too fucking dumb to withdrawal your money in the last 4 years" tax. Eat it dummies!
I bet anyone that monday we will see gold smacked down because when we have bail in's who in thier right mind would want gold
-
+1 for brevity ;-)
If there is a YES vote it probably will happen. Varoufakis said he'd rather cut off his arm than sign the latest European Troika deal.
Watch your crap propaganda Tylers. Watch it. Nobody needs your crap one-liners at the moment."Connie Francis Raped By Flying Saucers!" Get the picture?
You aren't scooping - you're pooping, Tylers.
I can't to see that happen in America!
No,
I can't figure out who the dumbest fuck is.
First , the haircut will be closer to 60%, loss on real estate over 30%.
Second , when they devalue , add another immediate 30% off , and 100% more in three years .
Third, then the Greeks grow.
Yesterday you had 8,000 euros, now you have 5,600!!! Ouch...
no. FT is speculating 30% haircut on anything you have over 8000.
So if you had exactly 8000, no haircut
If you had 9000, haircut = 300 and you now have 8700 euro.
Fuck sake, man. What'cha doing reading all them words and shit? Panic from the headline is the way of it.
Why the fuck would anyone deposit any money, much less $8000 Euro, in a Greek bank? Guess you can't fix stupid
Does your boss cut you paper checks (which Europe doesn't even use anymore), or direct deposit your paycheck into a BANK account?
Where does the money for the company payroll necessarily reside before being distributed?
it stays in my account for like 3 minutes
spent it before I got it, if I don't get paid then no one does.
maybe you don't recall this episode of south Park...
https://www.youtube.com/watch?v=-DT7bX-B1Mg
He doesn't know what it's like to make more than $250 a week.
Ass holes
after all, Greek is synonymous with taking it in the pooper....
And this will ensure that all businesses in Greece shut down for good.
Good night and good luck with your Euro bitchez.
This mandatory crowdfunding ccould really take off.
I'll be using this term in the future. So much more to the point than "bail-in".
"mandatory crowdfunding"...the best term coined in this shitfest !
solidarity contributions, comrade !
Meh. They saw it happen in Cyprus.
And...It's gone!
I think it should be more like this: Aaaaaaaannd ... it's gone ! Please step aside for someone with actual money
Arrest the asswipe that said that shit. Drag his ass out and parade it down at the square.
bitcoin user not affected!
yet...
Price will blow up again soon ,,,,
See you at 1200$ and being millionaire (with a hot Chinese girl in my arms) !
It will blow right through 1200 to maybe 3800 and then crash back to 1200 , following sideways downtrend for a year to 550 , then the big one to 10k when Italy / Portugal default. After that sky's the limit. Hopefully we will be around long enough to see some of the real price action . 100 Satoshi will equal 1 dollar in todays money in year 2140 .....
Interesting clip from RT, on YouTube of Max Keiser interviewing Kim DotCom on an encrypted replacement for the internet based on block chains. All transactions in bitcoin. Calling it MegaNet.
They barely touch on captured hardware and/or OS, but don't say what to do about it.
Part 1
You're such a pessimist. 99% of the btc will be mined by 2040 and god know how many lost by then ;)
The question is today: will it scale?
2016 will be an interesting year.
Of course it will scale.
Same thing was said about the Internet in 1994 , this thing will never scale.
Bitcoin , like TCP/IP is a protocol , there are no speed or volume restrictions on a protocol.
The first implementation of bitcoin had no block size limitation.
Its seems like every last Bitcoin user has to pump for Bitcoin. Why can't you asswipe Bitcoin shills just keep your yammer shut and keep your fingers crossed?
The answer is, you're not confident in the scheme, therefore like a used car salesman selling a junker, you have to do whatever it takes to keep the Ponzi afloat.
SCREW YOU, NO SALE. If you don't PHYSICALLY POSSESS it, you don't own it. That lesson should have been well learned by now. Hell, you can't even learn from the above example.
Network effect. If something is awesome people tend to be enthusiastic about it.
We only offer you the pills. It depends on you to choose. ;)
I don't care if any of you buy it, only you should educate yourself about it before spewing shit.
a broader issue is how the depositor psychology is now going to be affected in Spain, Italy and Portugal ( for starters! ). If you cant spot a trend here then there's no hope for you ! The " thinking" money in those 3 countries SHOULD be making arrangements NOW. Lets watch the funds flows. Once there is a small leak in the dike, there's no stopping the eventual collapse.
Yep! Southern Europe bank run. If they have any sense.
vamos a la caixa, amigos!
THIS FOR SURE!!!! fucking idiots...
You would think they'd be buying hard assets they can carry as fast as possible. The Jews who carried their gold, art work, etc out of Germany were able to survive and save a substantial portion of their wealth, for example. RE is a bad choice since you know 100% chance of that being confiscated or taxed at the extreme rates and it's something they can't hide.
Brainwallet
Their populations could be equally brainwashed, conditioned and ignorant as ours. Besides the point has been made, how can businesses do business without banks.
Here in the US if you deal in cash, authorities will steal it from you, whether its the IRS or regular police with civil forfeiture. Here in the US we'd probably be caught as flatfooted as over there since ALL government payments have slowly been converted to automatic deposit.
A Greek bail-in will put an end to the myth that the Cyprus was a one off. ECB will have to actually print physical to replace deposit runs EU wide. Guarantees will be meaningless to average joe.
I thought that after Cyprus.
Seems you actually have to chase the sheep with a pole ax, and skewers to
get them to stampede.
Aaaand it's GONE!
If the currency itself continues to inflate away...
The wise Greek would have been investing in Silver, Gold, canned-food and Shotguns...anyone who had any money left in the system are proof of Darwin's wisdom.
And in a cashless society, the haircut will be 100% of anything over 0.00.
And it will simply disappear, as will you, if you dont like it.
Thats not a haircut - thats a Brazilian Wax
30% is more like a scalping than a haircut!
Technically a trepan or Lecter cut.
wrong , i got 33%< back > on my Argentine bonds, and i was lucky .
Sack, back and crack wax. Greeks, Italians and Arabs need that sort of thing. Lots of hair
Forget the paltry size of what's going on in this instance. This is another major precedent being set.
It's nice for the illusion to be broken sometimes, and to realize our digital savings accounts are not safe. We gave them our currency, and they took care of it. They will even give it a haircut. It's just so hilarious and bizarre. I am beginning to care less and less about schmucks gullible enough to trust in organizations that fist them, tell them they're mistaken, fist them again, then equivocate or become forgetful. At some stage I must call it. Some people like to get fucked over. Cyprus, Greece, who will be the next suckers to be haircut? I am quickly running out of sympathy. You wanna beleive you are safe, fine. I may actually start taking pleasure from this
Financial Times = Lying Fuckin Toadies
fear mongering right ahead of the referendum .... just as expected
fucking EU criminals
if they do that in greece - the next day all banks in all southern europe WILL BE SHUT DOWN FOR GOOD
What's going on? Taking something that doesn't belong to you? Isn't that theft? I know, I know...read the fine print - the money in your safety deposit account BELONGS to the bank the day you opened the account and signed the papers....SUCKS to find that out NOW!...
I got an idea, grow government bigger and double down on leftist policies. Yep, that'll do it.
Gotta love "debt" based money.
LOL
Do they now? Can't be one of the 4 large "well capitalised, ECB guaranted" ones can it?
The narrative is simple - Greek state IOUs were unlikely to be honoured, banks -greek, european and global- were likely to go lehman brothers way exactly at the wrong point in time - just when the US & UK through QE printed enough to avert the banking collapse - the EU stepped in and magiced the Greek debt to banks into debt to the euro taxpayer - with the banks walking away not only without losses but with profits that covered their exposure in other bad debt. The EU refused to do QE (the germans objected) until recently thus as far as greece was concerned the bailout was real money. So the EU used the greek bailout to bailout -up to a point- the euro area banks. Right now the greek state's IOUs are to european taxpayers with the position of the greek government (and the IMF as of today as well as the rest of EU people privately) that a debt forgiveness is necessary, i.e. the EU taxpayer will have to share the cost of their bank bailout (that was called greek bailout). The EU leaders, being politicians, will not admit to that and will try to the end (of their careers) to kick the can down the road through a Yes vote, by trying to imply that it is a EU stay in or leave referendum, while the (current) greek government wants to get on with governing rather than being told what to do by - often conflicting - eurocrats. Greeks being Greeks will polarise and shout and muddy the waters and take the vote down to the wire.
A One-Off Capital Levy?
- IMF quarterly report titled "Taxing Times" from 2013
link below, pg 49 -
https://www.imf.org/external/pubs/ft/fm/2013/02/pdf/fm1302.pdf
I think we should donate rope to help the people.
This is Sparta!
https://instagram.com/p/4nByaPFRKm/
I'm not a rocket scientist, but who on Earth is stupid enough to still have a single euro in a Greek bank? I mean, seriously. Even I saw this coming long ago. Sheesh.
Companies , small businesses , people making property purchases ..... etc.
Take that 30 pct out of the payroll accounts and there will be a doubling of the unemployment rate. That's for the first week.
or a 30% hit on salaries and suppliers not being paid. If you have a tax bill to pay who gets the money first the bank or the .gov ?
"the sources said."
There goes the NO vote.
Dirty Tricks Inc.