The EU (Euronazi) bureaucrats have come up with a splendid new scheme to fill the hole in the EU budget that is already threatening the future of the bloc and will go critical after Brexit which will leave Germany as the only net contributor to the budget. They are going to claim that all the money in the EU belongs to the EU. If there is the slightest hint that a government has a problem servicing its debts or a bank, any bank in the EU, does not have enough capital to meet its obligations, you had better get your money out yesterday.
In fact it might be a good idea to get your money out and put it in offshore investment trusts anyway.
Although it’s your money, the EU have decided they have the right to freeze Personal Accounts to prevent financial problems blossoming into crisesfreeze Personal Accounts to prevent financial problems blossoming into crises. And one they have taken control of your accounts, they will also have the right to do what they like with your money.
Or to put it in the anodyne, non scary language bureaucrats prefer:
European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed.
The move is aimed at helping rescue lenders that are deemed failing or likely to fail, but critics say it could hit confidence and might even hasten withdrawals at the first rumors of a bank being in trouble.
The proposal, which has been in the works since the beginning of this year, comes less than two months after a run on deposits at Banco Popular contributed to the collapse of the Spanish lender.
Giving supervisors the power to temporarily block bank accounts at ailing lenders is “a feasible option,” a paper prepared by the Estonian presidency of the EU said, acknowledging that member states were divided on the issue.
EU countries which already allow a moratorium on bank payouts in insolvency procedures at national level, like Germany, support the measure, officials said.
“The desire is to prevent a bank run, so that when a bank is in a critical situation it is not pushed over the edge,” a person familiar with German government’s thinking said.
The Estonian proposal was discussed by EU envoys on July 13 but no decision was made, an EU official said. Discussions were due to continue in September. Approval of EU lawmakers would be required for any final decision.
Under the plan discussed by EU states, pay-outs could be suspended for five working days and the block could be extended to a maximum of 20 days in exceptional circumstances, the Estonian document said.
Charlie Bannister of the Association for Financial Markets in Europe (AFME) says “We strongly believe that this would incentivize depositors to run from a bank at an early stage.” Why Might Customers Want to Run?
Here are a trillion reasons: There are over €1 trillion nonperforming loans (both government and private debt) held by EU commercial and central banks right now and the figure is growing every month. Non performing loans are those on which no interests or less that the contracted rate of interest is being paid.
Italy, Greece, Spain, Portugal, and Ireland have a combined €606 billion in non-performing loans.
The entire European banking system is over-leveraged, under-capitalized, and propped up by QE from the ECB. Simply put, the EU banking system is insolvent.
That the EU has to consider such drastic measures proves the point.
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