They want their money back, you have only thought it was your money. That you worked and saved for yourself.
On Thursday, EU finance ministers agreed to a shocking new plan that will make every bank account in Europe vulnerable to Cyprus-style bail-ins. In other words, the wealth confiscation that we just witnessed in Cyprus will now be used as a template for future bank failures all over Europe. That means that if you have a bank account in Europe, you could wake up some morning and every penny in that account over 100,000 euros could be gone. That is exactly what happened in Cyprus, and now EU officials plan to do the same thing all over Europe.
For quite a while EU officials insisted that Cyprus was a “special case”, but now we see that was a lie. International outrage over what happened in Cyprus has died down, and now they are pushing forward with what they probably had planned all along. But why have they chosen this specific moment to implement such a plan? Are they anticipating that we will see a wave of bank failures soon? Do they know something that they aren’t telling us?
Amazingly, this announcement received very little notice in the international media. The fact that bank account confiscation will now be a permanent part of the plan to bail out troubled banks in Europe should have made headline news all over the globe. The following is how CNN described the plan…
European Union finance ministers approved a plan Thursday for dealing with future bank bailouts, forcing bondholders and shareholders to take the hit for bank rescues ahead of taxpayers.
The new framework requires bondholders, shareholders and large depositors with over 100,000 euros to be first to suffer losses when banks fail. Depositors with less than 100,000 euros will be protected. Taxpayer funds would be used only as a last resort.
According to this new plan, bondholders will be the first to be required to “contribute” when a bank bailout is necessary. Think GM and how that worked.