Savers will be raided to save euro in future crises, says Euro-zone chief

[Heath]

http://www.telegraph.co.uk/finance/...uro-in-future-crises-says-eurozone-chief.html

The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.
The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, told the FT and Reuters that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.
"If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?'," he said.
"If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders."
Ditching a three-year-old policy of protecting senior bondholders and large depositors, over €100,000, in banks, Mr Dijsselbloem argued that the lack of market contagion surrounding Cyprus showed that private investors could now be hit to pay for bad banking debts.

"If we want to have a healthy, sound financial sector, the only way is to say, 'Look, there where you take on the risks, you must deal with them, and if you can't deal with them, then you shouldn't have taken them on,'" he said.
"The consequences may be that it's the end of story, and that is an approach that I think, now that we are out of the heat of the crisis, we should take."
The announcement is highly significant as it signals the mothballing of the euro's €700bn bailout fund, the European Stability Mechanism (ESM), which Spain and Ireland wants to be used to recapitalise their troubled banks.
"We should aim at a situation where we will never need to even consider direct recapitalisation," he said.
"If we have even more instruments in terms of bail-in and how far we can go on bail-in, the need for direct recap will become smaller and smaller."

 

[Tango]

I was just reading about this on another site.



It started off with Cyprus
http://www.globalresearch.ca/new-ph...-eu-summit-sparks-run-on-cyprus-banks/5327198


[ame]http://www.youtube.com/watch?v=bv-TfBXEOAc[/ame]

 

[To0]

This shit is ridiculous!

Never ever will this happen here in America!!!!

This is the definition of corruption! Shoot the bank tellers if this happens to you. Burn down executive bankers mansions. Take their fucking families hostage! Don't be a pawn my fellow Europeans! It's your hard earned money and you better stand up for what rightfully yours!

 

[l0calh0st]

This shit is ridiculous!

Never ever will this happen here in America!!!!

This is the definition of corruption! Shoot the bank tellers if this happens to you. Burn down executive bankers mansions. Take their fucking families hostage! Don't be a pawn my fellow Europeans! It's your hard earned money and you better stand up for what rightfully yours!

America is bankrupt. EU not YET. The EU is shit. Thank god Turkey will never get into the EU.

I'm the The Netherlands btw.