Thursday, July 2, 2015

With Greek default, ECB may invoke ‘Cyprus option’ and induce bank bail-in on depositors

As the final day arrives for Greece to either pay, or default on their IMF obligations, the European Central Bank (ECB) is threatening a two-fold scenario that proves once again that the technocracy that is the European Union is interested only in protecting banks at the expense of the people.  And besides the given option of shutting off liquidity through their Emergency Liquidity Assistance (ELA) to Greek banks, the ECB is also threatening to invoke the ‘Cyprus option’ and demand depositor bail-ins at a time when the Greek banks are closed during a week long holiday.

Read more on this article here...


Post a Comment