Where is the money going? It is being transferred onto the balance sheets of
bankrupt banks from the taxpayers. Banks then use it hike their salaries repair
their pension funds. Then the attempt to repair and cover up for their
disastrous lending practices.
They starve the real economy of working capital. It was decided in the
European looney union that every banks was too big to fail. Now they have
decided to let whole countries go to the wall because their banking policies
were another disaster. Hans Werner Sinn suddenly copped that the obligations of
the top 6 debtor countries is over 8.3 trillion. The gloves are off and now they
are in confiscatory mode not just hitting bond holders but large depositors who
are going to have to flee very fast if they are to escape with their wealth.Make
you laugh when you see Osborne, in the middle of all this, trying to buy the
next election taking people for complete fools by handing them loans they would
otherwise be able to afford. People should consider that act of treachery as
tantamount to being handed a long length of rope with which to hang themselves
and their families. Forget Osborne and his ilk, keep saving and you will get
them for the price of your savings in due course.
8 comments:
AMSTERDAM (AP) — Three weeks ago, few people outside the Netherlands had heard of Jeroen Dijsselbloem, the Dutch politician instrumental in negotiating Cyprus' bailout.
Now he's being criticized for shaking the confidence of financial markets after he said that investors and depositors, rather than taxpayers, should expect to bear more of the burden of bank bailouts — as in the case of Cyprus.
banks were taking acceptable risks, while less than a third said their banks shared adequate information on its risk, capital and liquidity.
Among the businesses taking part in the survey were the drinks maker, Diageo, Google, the internet search provider, and the energy company, Total, with executives complaining about a lack of transparency from their banks.
“The lingering after-effects of the 2008 financial crisis and the ongoing challenges in the eurozone have forced corporations to focus on the stability of their core banking teams. Counterparty risk and exposure from banks have become heightened concerns for large corporates and, as a result, we predict that banks will have to be more transparent about their risk profiles and portfolio concentration,” said Steven Lewis, a global banking analyst at Ernst & Young.
The Ernst & Young survey found that 35pc of respondents cited the “outdated systems and processes” of their banks as one of their main issues. More than half said the greatest challenge they faced when working with their banks was the lack of consistency in the quality of their services around the world.
In a nod towards the insistence that banking executives continue to place on maintaining global operations, many companies said they expected their lenders to be able to provide them with services across the globe, saying this was preferable to banks offering services through a partnership network.
The findings come as regulators and the Government are putting pressure on major British banks to scale back their operations.
Royal Bank of Scotland has been forced to sell off much of its international network since its £45.5bn taxpayer bail-out in 2008 and is facing further cuts.
Hungary's government will have to take action to avoid running a much larger budget deficit than planned this year, and faces a "considerable risk" that the economy will contract for the second year running, the International Monetary Fund said.
In its annual review of the Hungarian economy's performance, the fund's economists said Friday that the gap between government spending and revenue could be as high as 4.5% of gross domestic product, well above the 2.7% target set by the government
Germany has learnt the hard way that the destruction of the middle classes through currency collapse is a disaster that must be avoided. Modern Germany's hegemony over EU was neither planned or desired but mainly stems from the moral and financial failings of UK/France. The burden of responsibility on today's Germans is unfair but they do still believe in the soziale Marktwirtschaft (abandoned by UK in 1979) and will do the right thing.
No indeed it wasn't, nor was it the Greek people who Germany so loves to blame. I suppose that sort of moralistic rhetoric scores points for Merkel at home but it has had nothing but a negative impact on German/Greek relations.
Sending a goodwill ambassador now, is a bit like closing the gate after the horse has bolted.
On every forum that one visits (on matters concerning the state of the rather tarnished Euro) one has the depressing experience of reading comments which dredge up the events of over 70 years ago.
Why do you do this?
Comments one reads regarding such as a "fourth Reich" and "jackboots" are pathetic and childish.
Cyprus's central bank spelled out the financial damage to big deposit holders at Bank of Cyprus PCL, the country's biggest lender, saying they will lose almost 40% of their deposits as a result of a sweeping restructuring of the lender.
Losses could grow even steeper in the months ahead. In a statement Saturday, Cyprus's central bank said that 37.5% of all deposits over €100,000 ($128,700) will immediately be converted into a special class of shares at the lender as part of its recapitalization plan.
In effect, that cash will immediately disappear from depositors' accounts
Post a Comment