Thread: Greece hit by strikes, clashes over austerity plan

Greek Authorities Planning to Raid Deposits of Citizens to Cope with Financial Collapse
July 6, 2015 Greg Campbell

As the world watches Greece crack under the weight of decades of irresponsibility, Americans should take note and remember that this is precisely where the United States is heading.

The Mediterranean country has thrown-up their hands in desperation, unable to repay their debt and, seemingly, unwilling to deviate from their socialist policies that delivered them unto their current fiscal troubles.

However, while this news is troubling, the country’s response is even more frightening as their “Plan B” for financing their failed economy is to rob from those who dared to save for themselves.

Greece is reportedly looking to skim from deposits made by citizens in order to recapitalize Greece’s banks.

The Financial Times reports on the ludicrous plan: http://www.ft.com/intl/cms/s/9963b74...#axzz3evGUWSWc

Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday.

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.

What such a policy demonstrates is the relentlessness with which the left pursues their warped understanding of economics.

For decades, Greece has made poor choices that center on funding the poor while excessively taxing the rich. Now that they are on the brink of collapse, Greek authorities are, once again, looking at the producers of their society to save the collapsing financial structures.

While we in the U.S. might scoff and believe that such a thing could never happen on our soil, it should be noted that this mindset is revisited constantly: as we encounter crisis after crisis, the left crusades for us to turn back to the well of cash provided by taxpayers. With such calls as demanding that the “wealthy pay their fair share,” America’s top liberal lawmakers echo the sentiments of the failing Greece and still, rampant spending continues with the assurance that should the U.S. find themselves in dire straits, the “rich” will surely bail us out.

http://politistick.com/greek-authori...cial-collapse/


In the crash of 2008, the US government didn't have the legal authority to seize bank accounts, pension funds, IRAs, 401K's, etc. NOW they do.

New laws gives our government authority to conduct a BAIL-In. That allows the government to just seizes a certain percentage of your account. Keep extra groceries (rice, beans, water, etc.) along with CASH on hand. Keep the gas tank and extra gas cans filled.

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ATMs have been limited to only €60 cash withdrawals per day. This is what happens to a socialist country that continues out-of-control spending the country can no longer afford with high taxes alone; it turns to raiding the private funds of its citizens. Watch closely U.S., at the rate we’re going with the tax-and-spend policies of Democrats like Obama running the country, we’ll be there next in a few years.