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"At no point is it possible to bail-in depositors below €100K, now or in the future,"...

"At no point is it possible to bail-in depositors below €100K, now or in the future," Reuters reports an EU Commission statement as saying (never mind this is precisely what was attempted in Cyprus last week). It's not our job to evaluate Dijsselbloem's comments on Cyprus, the EU adds. "Dijsselbloem was wrong," says the ECB's Benoit Coeure. "Cyprus isn't a model."
Comments (9)
  • volosgirl
    , contributor
    Comments (20) | Send Message
     
    You think all those central/north Euro banks will have to "Save Themselves" like Mr. Diselboom says? Hell no, they'd force the taxpayers to suck it up. It's the Banksters first policy.
    26 Mar 2013, 07:48 AM Reply Like
  • Padawan learner
    , contributor
    Comments (60) | Send Message
     
    Volosgirl,
    As a society we have decided and chosen to subsidize risk to a greater and greater extent. The consequences of those actions are producing negative effects and has been promoting riskier decisions across the board. Your banking industry example is a good example but it is just one example. Others are as equally detrimental and costly, they include but are not limited to; disaster relief where owners are subsidized to build/rebuild in risky (high probability of flood areas and high probability of significant hurricane damage {just off the beach}). Healthcare is another example where rising societal costs in part due to poor decisions regarding calorie intake and food choices has prompted increased calls to legislate both because society is paying the bill. There are a good many more examples but hopefully you get the point.
    I would prefer for society to start removing away from subsidizing risk as it promotes riskier behavior, but that is just my opinion.
    26 Mar 2013, 09:40 AM Reply Like
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
     
    "Dijsselbloem screwed up and gave a truthful answer about Cyprus," says the ECB's Benoit Coeure. "Telling the truth is not part of his job, and he knows that, so forget you ever heard it. Cyprus isn't a model until, well, until it is. It's nothing to worry about. We'll let depositors know when it's okay for them to use their own money."

     

    There. Fixed it for you.
    26 Mar 2013, 07:54 AM Reply Like
  • divinecomedy
    , contributor
    Comments (466) | Send Message
     
    I called this yesterday i.e. somebody else's gonna refute the original statement. Someone needed to short yesterday and buy back end of the day. Made a boatload yesterday.

     

    Back in the real world, I can't imagine there wouldn't be a bank run in Cyprus the moment the banks open. I certainly would withdraw everything, just in case these clowns go back on their word again.
    26 Mar 2013, 08:57 AM Reply Like
  • NF7
    , contributor
    Comments (17) | Send Message
     
    Funny. Latvia (another offshore for Russians) was advised not to accept russian funds from Cyprus. (or ECB will block entering eurozone for LV)
    Freedom!
    26 Mar 2013, 09:15 AM Reply Like
  • Macro Investor
    , contributor
    Comments (9050) | Send Message
     
    After the Cyprus fiasco, LV will be far better off if it doesn't join the EU.
    26 Mar 2013, 12:10 PM Reply Like
  • minecanary
    , contributor
    Comments (480) | Send Message
     
    The real message is that they need your funds to stay in place so they can be stolen, when needed
    26 Mar 2013, 09:55 AM Reply Like
  • june1234
    , contributor
    Comments (2650) | Send Message
     
    Portugal's Finance Minister Says Cyprus Deal Sets Euro Precedent for Deposit Protection. He too has since retracted that statement part of the foot to mouth disease going around in the continent's finance ministries these days.
    26 Mar 2013, 12:09 PM Reply Like
  • Hendershott
    , contributor
    Comments (1583) | Send Message
     
    No rogue, money laundering, tax haven beggar thy neighbor banking allowed in the Euro.
    26 Mar 2013, 08:58 PM Reply Like
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