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Time Is Running Out As The ECB Prepares To Steal Greek Bank Deposits
Greetings,
Time Is Running Out As The ECB Prepares To Steal Greek Bank Deposits
Today the man who first predicted Greek bank deposits would be stolen just issued a warning about the crisis in Greece that is threatening the global financial system. He also warns that time is has just about run out to solve the crisis.
James Turk: “Everybody is playing hardball in Greece, Eric. The standoff between the Greek government and its creditors has reached crisis levels. All we can do now is wait to see who will blink first. The Greek government has acknowledged that it has nearly run out of money.
“Greece is unable to borrow more money from the ECB or from Greek banks, which have been instructed by the ECB not to lend more money to the Greek government. The money the Greek government is receiving from taxes is its sole source of cash, and these tax receipts are below what the Greek government has been expecting.
The Troika Is The Problem
On the other side of the stand-off is the so-called “troika” of the EU, ECB and IMF, which refuses to give ground. They are requiring Greece to stick with the terms negotiated by previous Greek governments and repay its debts on schedule. But the only way those debts can be repaid is if the troika loans the next €7.5 billion tranche under its rescue program.
All the troika is doing is piling more debt upon the debt mountain that has already forced Greece to its knees. By giving Greece more loans to repay previous debts, the troika hopes that it can make Greece appear solvent, when it is not. The bottom line is that Greece does not have the financial capacity to repay its debts.
ECB Still Preparing To Snatch Greek Bank Deposits
The ECB has not yet taken the nuclear option by forcing a bail-in of depositor money in Greek banks to repay the ECB’s loans to Greece, but that moment remains close. It is the only way that the ECB will get its money back.
Importantly, ECB president Mario Draghi has confirmed that the ECB’s exposure to Greece is €110 billion, which is one side of the all-important equation that will determine when the Greek banks get nationalized. The other side of the equation is the current level of deposits in Greek banks….more here
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