The Banksters Are Fully Protected From Bail-In
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Posted June 27th, 2013 at 5:34 PM (CST) by Jim Sinclair & filed under General Editorial.
Dear CIGAs,
Have you protected yourself from the inevitable bail-in? Theft is coherent only to thieves. The banks lost the money. You did not. You can be sure the banksters are fully protected from bail-in.
Will you be at the meetings that I am travelling all over the place to do? Yes, I am planning to go to Europe, and the Middle East.
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France Finance Minister: Including ESM Option in Bail-In Makes Whole Deal Coherent
BRUSSELS–Including the European Stability Mechanism bailout fund in the plans for rescuing banks creates "solidity and solidarity" for the bloc, France’s finance minister Pierre Moscovici said in the early hours of Thursday morning, after EU finance ministers reconvened following inconclusive talks in Luxembourg last week.
"Some countries didn’t think on Friday the ESM should be included, we thought it should, be, it is–and it makes the whole thing coherent," he told reporters after the meeting. "It didn’t seem coherent to me to put in place on the one side a direct mechanism for recapitalization through the ESM, and on the other side, to exclude the ESM from the flexibility."
He said while the deal need to be finalized in the trialogue process, which involves the European Parliament and European Commission, the deal overall is "entirely satisfactory for France."
More…
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Jim Sinclair’s Commentary
This says it directly. You as a depositor are an unsecured lender to the bank. You are screwed.
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EU makes bank creditors bear losses as Cyprus bail-in becomes blue-print for rescues
New European Union “bail-in” rules to impose the losses of failed banks on shareholders, bondholders and some large depositors were agreed early this morning by Europe’s finance ministers.
By Bruno Waterfield, Brussels
9:38AM BST 27 Jun 2013
The new guidelines have the aim of ensuring that taxpayers are no longer the first in line to take on the burden of banking failures following a European sovereign debt crisis driven by multi-trillion government bailouts and guarantees for the financial sector since 2008.
Jeroen Dijsselbloem, the chairman of the Eurogroup of finance ministers, hailed the agreement as a major step towards a “banking union” and away from state funded aid to recapitalise or bailout troubled banks across Europe.
“For the first time, we agreed on a significant bail-in to shield taxpayers, to break the vicious circle of sovereigns and banks, and to induce banks to behave more responsibly,” he said early on Thursday morning.
“This is a clear signal to the markets and citizens, and another major step forward towards a banking union. If a bank gets in trouble we will now, throughout Europe, have one set of rules on who pays the bill. The financial sector itself will now to a very, very large extent become responsible for dealing with its own problems.”
In March, he said that the heavy losses inflicted on depositors in Cyprus would be the template for future baking crises across Europe.
More…
Dear CIGAs,
Have you protected yourself from the inevitable bail-in? Theft is coherent only to thieves. The banks lost the money. You did not. You can be sure the banksters are fully protected from bail-in.
Will you be at the meetings that I am travelling all over the place to do? Yes, I am planning to go to Europe, and the Middle East.
--------------------------------------------------------------------------------------------------------------------
France Finance Minister: Including ESM Option in Bail-In Makes Whole Deal Coherent
BRUSSELS–Including the European Stability Mechanism bailout fund in the plans for rescuing banks creates "solidity and solidarity" for the bloc, France’s finance minister Pierre Moscovici said in the early hours of Thursday morning, after EU finance ministers reconvened following inconclusive talks in Luxembourg last week.
"Some countries didn’t think on Friday the ESM should be included, we thought it should, be, it is–and it makes the whole thing coherent," he told reporters after the meeting. "It didn’t seem coherent to me to put in place on the one side a direct mechanism for recapitalization through the ESM, and on the other side, to exclude the ESM from the flexibility."
He said while the deal need to be finalized in the trialogue process, which involves the European Parliament and European Commission, the deal overall is "entirely satisfactory for France."
More…
===========================================================
Jim Sinclair’s Commentary
This says it directly. You as a depositor are an unsecured lender to the bank. You are screwed.
-------------------------------------------------------------------------------------------------------------------
EU makes bank creditors bear losses as Cyprus bail-in becomes blue-print for rescues
New European Union “bail-in” rules to impose the losses of failed banks on shareholders, bondholders and some large depositors were agreed early this morning by Europe’s finance ministers.
By Bruno Waterfield, Brussels
9:38AM BST 27 Jun 2013
The new guidelines have the aim of ensuring that taxpayers are no longer the first in line to take on the burden of banking failures following a European sovereign debt crisis driven by multi-trillion government bailouts and guarantees for the financial sector since 2008.
Jeroen Dijsselbloem, the chairman of the Eurogroup of finance ministers, hailed the agreement as a major step towards a “banking union” and away from state funded aid to recapitalise or bailout troubled banks across Europe.
“For the first time, we agreed on a significant bail-in to shield taxpayers, to break the vicious circle of sovereigns and banks, and to induce banks to behave more responsibly,” he said early on Thursday morning.
“This is a clear signal to the markets and citizens, and another major step forward towards a banking union. If a bank gets in trouble we will now, throughout Europe, have one set of rules on who pays the bill. The financial sector itself will now to a very, very large extent become responsible for dealing with its own problems.”
In March, he said that the heavy losses inflicted on depositors in Cyprus would be the template for future baking crises across Europe.
More…