21st Century Wire says…
On the heals of yesterday’s snap elections by Syriza leader Alex Tspiras, the new government in Athens must quickly come to grips with what Brussels is getting ready to do.
In a desperate bid to pave over the fraud of the Eurozone, Brussels banksters and cleptocrats are hoping that Greek banks will be able to skim money off of their customers’ bank accounts in order to “pay back” some of the endless compound interest against their junk bonds and dodgy loansharking packages which banking leeches claim they are owed.
Sparks may indeed fly in Athens if banksters insist on putting Greek depositors in the firing line with demands of a bail-in. If they do, only “senior debt bondholders”, and not depositors, will be asked to bear the costs of any “bail-in”.
Greek authorities may try to shield its depositors in 2016, but banking predators are already protesting, claiming that, “This will be politically unpalatable to some of the stakeholders”.
Like banksters really need the money – after they’ve just printed it out of thin air.
More from Athens…
Mehreen Khan
Telegraph
Greece’s battered banks are set to provide the first major test for the eurozone’s new “bail-in” rules as authorities race to avoid depositors footing a €15bn bill to get the country back on its feet.
With Greeks heading to the polls on Sunday, private sector creditors face uncertainty over whether they will be forced to suffer losses to keep the banking system afloat after months of economic turmoil.
Brussels has earmarked around €25bn to recapitalise the country’s four biggest banks, but only €10bn is immediately available to Athens under the terms of its new bail-out package.
Bank resolution will become more complicated after January 1, when new eurozone rules will force depositors to face the costs of rescue programmes.
Under the EU’s Bank Recovery and Resolution Directive (BRRD), shareholders and depositors will have to take a hit worth 8pc of their total liabilities before lenders receive official sector aid.
The rules have been designed to prevent the taxpayer bail-outs which imperiled governments in Spain and Ireland in the wake of the financial crisis. Deposits under €100,000 will still be protected under the new regime.
But the BRRD could well be flouted as soon as it comes into force at the start of the year…
Continue this article at Telegraph
READ MORE GREECE NEWS AT: 21st Century Wire Greek Files
