Greek banks have closed their doors to depositors. Actually, they’ve closed their doors to “withdrawers” there aren’t any depositors. Banks have been shut down for over a week and only ATM withdrawals have been allowed, and those are limited to less than $100 per day.
The Greek government will be seizing deposits in the very near future according to The Financial Times .
The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.
A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers’ funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000.
It would be implemented as part of a recapitalisation of Greek banks that would be agreed with the country’s creditors — the European Commission, International Monetary Fund and European Central Bank.
The “NO” vote on Sunday may have thrown a temporary monkey wrench into the seizure since Greek voters basically stuck their thumb in the eye of the EC, the IMF, and the ECB. But that won’t last long. This is literally what Greece looks like today.
That man had gone from ATM to ATM trying to withdraw his retirement money for food. He got nothing. The tears and the fear on his face are real.
Greece is flat broke, they’ve been living on other peoples’ money for too long and they’re about to discover the very high price of Socialism.
Could it happen here in the US? Yes it could if we continue to refuse to eliminate entitlements like Medicare and Social Security, they’re currently underfunded by $107 trillion. Trillion. Dollars.
Don’t plan on retiring if you’re planning on spending your “social security contributions,” they weren’t “contributions” and they’re not yours.