ECB Proposes End To Deposit Protection

“Savers should be looking for means in which they can keep their money within instant reach and their reach only.

Protect Your Savings With Gold: ECB Propose End To Deposit Protection:

– Protect Your Savings With Gold: ECB Propose End To Deposit Protection
– New ECB paper proposes ‘covered deposits’ should be replaced to allow for more flexibility
– Fear covered deposits may lead to a run on the banks
– Savers should be reminded that a bank’s word is never its bond and to reduce counterparty exposure
– Physical gold enable savers to stay out of banking system and reduce exposure to bail-ins

It is the ‘opinion of the European Central Bank‘ that the deposit protection scheme is no longer necessary:

‘covered deposits and claims under investor compensation schemes should be replaced by limited discretionary exemptions to be granted by the competent authority in order to retain a degree of flexibility.’

To translate the legalese jargon of the ECB bureaucrats this could mean that the current €100,000 (£85,000) deposit level currently protected in the event of a bail-in may soon be no more. But worry not fellow savers, as the ECB is fully aware of the uproar this may cause so they have been kind enough to propose that:

“…during a transitional period, depositors should have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request.”

So that’s a relief, you’ll only need to wait five days for some ‘competent authority’ to deem what is an ‘appropriate amount’ of your own money for you to have access to in order eat, pay bills and get to work.

Read moreECB Proposes End To Deposit Protection

The Bailout Legislation Begins Before The System Collapses – First Power Grid Drill, Now A Biological Attack Drill, What’s Next?

H/t reader squodgy:

“The positive bubbling of activity is palpable, unsustainable, ethereal and really worrying. People are spending, especially as Christmas approaches.
The employment facts, core inflation and general economy truths are being successfully hidden.
But in my humble opinion, it only serves to fog up the coming train wreck which only makes it worse for when it happens.

By hiding the reality, the Rothschilds and their obedient mainstream media are herding the sheep over the cliff, which will simply prove their empathy for the suffering their massive debt bomb is creating.”

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Italy’s Monte Paschi Told To “Prepare For State Bailout”

Italy’s Monte Paschi Told To “Prepare For State Bailout”:

Bankers are running out of private-sector solutions for Monte dei Paschi di Siena and have told the Italian lender to prepare for a state bailout this weekend after prime minister Matteo Renzi was felled by a referendum defeat.

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Handelsblatt: “Deutsche Bank May Ultimately Need A State Bailout”

And again …

Deutsche is to big to save, thanks to former CEO, Bilderberg & Rothschild puppet Josef Ackermann.

Josef Ackermannjosef-ackermann

Continue to prepare for collapse, the greatest financial/economic collapse in world history, accompanied by hyperinflation, civil war and revolution.


“Deutsche Bank May Ultimately Need A State Bailout” – Handelsblatt:

While the most recent set of troubles plaguing Deutsche Bank have been duly documented here, most recently yesterday when the stock price tumbled once again just shy of all time lows over fears the bank’s multi-billion DOJ settlement could severely impact its liquidity and/or solvency, this may be the first time we have heard the “n“-word tossed around in an official German publication: as Germany’s top financial newspaper, Handelsblatt said, “German financial officials reacted with shock and dismay to the leaking of a U.S. government demand for a $14 billion fine against Deutsche Bank, which may ultimately need a state bailout to pay the bill.

Some more details from the article titled “Deutsche Bank in New Existential Crisis“:

Read moreHandelsblatt: “Deutsche Bank May Ultimately Need A State Bailout”

First Italy, Now Portuguese Banks “Unexpectedly” Need A Taxpayer Bailout

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First Italy, Now Portuguese Banks “Unexpectedly” Need A Taxpayer Bailout:

Portuguese banks, already undercapitalised and loaded with bad debt, are bracing for heavy losses from Lisbon’s so far unsuccessful attempts to sell Novo Banco, the lender salvaged from the collapse of Banco Espírito Santo.

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Italy Granted “Extraordinary ” €150 BILLION Bank Bailout Program To Prevent “Panic, Run On Deposits”

Italy

“Needless to say, for Italy’s Prime Minister to be contemplating how to avoid “investor panic” and prevent a “run on deposits“, then Italian banks must truly be on the verge of collapse.”


Italy Granted “Extraordinary ” €150BN Bank Bailout Program To Prevent “Panic, Run On Deposits”:

As we noted today, the rumors of an Italian bank bailout, which started on Monday morning, and were promptly shot down by Merkel the next day, got louder today after a Reuters report that the government is considering more creative ways to inject liquidity into Italy’s banks. However that was just an appetizer to a main course, which came later today when as the WSJ reported citing a spokeswoman for the European Union’s executive arm that the “European Commission has authorized Italy to use government guarantees to create a precautionary liquidity support program for their banks.”  

How did this happen so quietly under the table and without Merkel’s blessing? WSJ says that the program was approved under the bloc’s “extraordinary crisis rules for state aid.”

And here we thought that Italy’s banks are actually doing so very well.  Oh wait, no we didn’t.

Read moreItaly Granted “Extraordinary ” €150 BILLION Bank Bailout Program To Prevent “Panic, Run On Deposits”

Republicans, Democrats Agree On A Bill To Bailout Puerto Rico

Republicans, Democrats Agree On A Bill To Bailout Puerto Rico

Republicans, Democrats Agree On A Bill To Bailout Puerto Rico:

It turns out that Puerto Rico’s plan to default on its debt and beg congress for help is working out as planned.

After a slight delay, House Republicans have reached an agreement with the Obama administration to provide a path to restructure Puerto Rico’s $70 billion debt load. The bill would offer the island a legal out similar to bankruptcy and wouldn’t commit any federal money according to the WSJ.

Read moreRepublicans, Democrats Agree On A Bill To Bailout Puerto Rico

No deal: Greece-EU bailout talks break down, Athens given 1 week ultimatum

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No deal: Greece-EU bailout talks break down, Athens given 1 week ultimatum (RT, Feb 16, 2015):

The eurozone has given Greece an ultimatum of one week to request an extension of its bailout deal, as Athens turned down the offer dubbing it “absurd” and “unreasonable”. Greece’s finance minister said they were ready to sign – but something different.

But despite not reaching a deal, Greece Finance Minister Varoufakis insisted Athens is “ready and willing” to reach a deal and that he is confident of reaching one in 2 days, he said in statement after the talks.

“We were offering to refrain effectively from implementing our own program for a period of six months and all we were getting back was a nebulous promise of some flexibility that was never specified,” Varoufakis said.

Read moreNo deal: Greece-EU bailout talks break down, Athens given 1 week ultimatum

Italy Unveils Most Bizarre Bank Bailout Yet

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Italy Unveils Most Bizarre Bank Bailout Yet (ZeroHedge, Feb 1, 2014):

The biggest problem facing European banks – one we highlighted most recently yesterday when we showed the latest 20% surge in Spanish Banco Popular Non-Performing Loans to a fresh record – and one we have been covering since 2010, which as of 2012 amounted to some $4.5 trillion that needs to be “remedied” – is the staggering amount of bad debt on the books of Europe’s numerous banks, the bulk of which especially in the periphery are cojoined with their sovereign host in an unbreakable bond which despite Europe’s theatrical attempts to sever, only keeps getting stronger.

Read moreItaly Unveils Most Bizarre Bank Bailout Yet