Frenzied Wombat
Potato del Grande
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James Angelos book reveals how Greece cheated itself to ruin?*amid bailout talks | Daily Mail Online
And tzatziki on French fries is divine.
And tzatziki on French fries is divine.
Greece - A New Hope
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
This place is for Austrian/Chicago neo-liberalism. The markets will sort you out, socialist.
Lithose
Buzzfeed Editor
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Some of the corruption is pretty wild, just stuff I've read over the last few months. There was actually an entire Greek health department that literally did not exist, just money directly into a few people's back accounts. The place is so corrupt, even now, it's 1000 times better than it was in 08? And it's still super corrupt. They've started, what, two task forces? Both ended in failure, they even resorted to public shaming their wealthy people who are avoiding taxes, but said wealthy people wore that shit like a badge of honor. Just such an odd cultural mix, socialism plus an aversion to taxation that rivals the U.S.
Wingz
Being Poor Sucks.
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http://www.ft.com/intl/cms/s/0/9963b...#axzz3esncHid1
And it starts....
Crap sorry didn't realize it needed to be logged into:
Greek banks prepare plan to raid deposits to avert collapse
Greek banks are preparing contingency plans for a possible "bail-in" of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday.
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."
Eurozone officials said no decision had been taken to wind up any Greek banks or initiate a bail-in of depositors, a process that would be started by the ECB declaring the banks insolvent or pulling emergency loans.
Greece's banks have been closed since Monday, when capital controls were imposed to prevent a bank run following the leftwing Syriza-led government's call for a referendum on a bailout plan it had earlier rejected. Greece's highest court rejected an appeal by two citizens on Friday who had asked for the referendum to be declared unconstitutional.
Depositors can withdraw only ?60 a day from bank ATM cash machines, while requests to transfer funds abroad have to be approved by a special finance ministry committee in co-operation with the Greek central bank.
Two senior Athens bankers said the country had only enough cash to keep ATMs supplied until the middle of next week. This followed the ECB's decision this week not to increase Greece's allocation of emergency liquidity assistance after the bailout programme ended on June 30.
The outcome of Sunday's referendum will determine how quickly Greece wraps up a new bailout agreement with creditors, a top Greek banker said.
"The solvency of Greek banks is not currently an issue, but obviously the banks will be affected by how soon the country enters a new programme," the same banker said.
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.
Yanis Varoufakis, Greece's finance minister, on Saturday accused the country's creditors of trying to "terrorise" Greeks into accepting austerity.
"What they're doing with Greece has a name: terrorism," he told Spanish newspaper El Mundo. "Why have they forced us to close the banks? To frighten people."
And it starts....
Crap sorry didn't realize it needed to be logged into:
Greek banks prepare plan to raid deposits to avert collapse
Greek banks are preparing contingency plans for a possible "bail-in" of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday.
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."
Eurozone officials said no decision had been taken to wind up any Greek banks or initiate a bail-in of depositors, a process that would be started by the ECB declaring the banks insolvent or pulling emergency loans.
Greece's banks have been closed since Monday, when capital controls were imposed to prevent a bank run following the leftwing Syriza-led government's call for a referendum on a bailout plan it had earlier rejected. Greece's highest court rejected an appeal by two citizens on Friday who had asked for the referendum to be declared unconstitutional.
Depositors can withdraw only ?60 a day from bank ATM cash machines, while requests to transfer funds abroad have to be approved by a special finance ministry committee in co-operation with the Greek central bank.
Two senior Athens bankers said the country had only enough cash to keep ATMs supplied until the middle of next week. This followed the ECB's decision this week not to increase Greece's allocation of emergency liquidity assistance after the bailout programme ended on June 30.
The outcome of Sunday's referendum will determine how quickly Greece wraps up a new bailout agreement with creditors, a top Greek banker said.
"The solvency of Greek banks is not currently an issue, but obviously the banks will be affected by how soon the country enters a new programme," the same banker said.
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.
Yanis Varoufakis, Greece's finance minister, on Saturday accused the country's creditors of trying to "terrorise" Greeks into accepting austerity.
"What they're doing with Greece has a name: terrorism," he told Spanish newspaper El Mundo. "Why have they forced us to close the banks? To frighten people."
Headline says
Greek banks prepare plan to raid deposits
'Haircut' of 30% considered on customers' funds above ?8,000
Greek banks prepare plan to raid deposits
'Haircut' of 30% considered on customers' funds above ?8,000
khorum
Murder Apologist
- 24,338
- 81,363
Reuters has their central bank denying it.They also admit to running out of funds some time next week so its not like raiding anything is gonna make a difference.
This is a different article.
http://www.zerohedge.com/news/2015-0...000-ft-reports
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.
http://www.zerohedge.com/news/2015-0...000-ft-reports
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.
I stand to lose a lot financially, i am beyond caring at this point. This is bigger than money.
The sooner the inevitable collapse happens, the better. Let's blow this thing up and start again.
The sooner the inevitable collapse happens, the better. Let's blow this thing up and start again.
Goldman and the other global investment banking firms need to be taken apart and dissolved. That hierarchy, that web of elite interest, needs broken. For the benefit of every sovereign state and the citizens in them.
Strifen
Molten Core Raider
- 309
- 1,588
Eh, I wouldn't put all the blame on the Greek public for not paying 'nough taxes.
The European banks knew exactly what they were getting into lending to a shady country like Greece. Lending money to Greece over the past decade has been a money making machine for European banks but it was a massive ponzi scheme that reached the tipping point of unserviceable interest payments. At the end of the day it will be the public getting fleeced to protect the bottom line of the banks.
The European banks knew exactly what they were getting into lending to a shady country like Greece. Lending money to Greece over the past decade has been a money making machine for European banks but it was a massive ponzi scheme that reached the tipping point of unserviceable interest payments. At the end of the day it will be the public getting fleeced to protect the bottom line of the banks.
Ahh the shit show begins. They are in for some pain either way but holy shit its going to get bad there.
Greeks defy Europe with overwhelming referendum - Yahoo News
Greeks defy Europe with overwhelming referendum - Yahoo News