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Tag Archives: deposits

How the ECB plunders Pension Funds and Deposits

Are you one of the few chosen ones with euro savings at the bank? Are you shocked every time you go get your “profit” from the interest rates to see a handful of coins landing in your purse?  You complain to the bank and get the standard answer “There is …

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Switzerland turns down Greece’s wish to retroactively tax Greeks’ bank deposits

Swiss Finance Minister Eveline Widmer-Schlumpf turned down the proposal of her Greek counterpart Yiannis Stournaras to impose taxes on Greeks’ bank accounts and transfer the money to Athens. Currently in the Greek capital, Widmer-Schlumpf told Stournaras that Switzerland does not do such deals any more, focusing instead on automatic information …

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National Bank – Eurobank merger stopped; shares plunge -30%

The news fell like a bomb on Sunday night: that the much praised National Bank (NBG) – Eurobank merger was stopped by Greece’s international lenders, the Troika of EU, IMF and ECB representatives. Greek media reported that the Troika had objections about the size of the new bank to have emerged from …

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Greek newspapers: how safe are Greek deposits?

When five Sunday newspapers speak about the safety of savers’ deposits  in their front pages, I think, it’s time we should start make thoughts about “how secured are deposits in Greece?” The Cyprus example might be “a template”, after all, as eurogroup head Jeroen Dijsselbloem recently said. Deposits in Greek …

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Bank of Cyprus depositors may face 60% haircut

Deposits haircut in the Bank of Cyprus can be much higher than expected. While the real haircut may be at least 37.5% for deposits over 100,000 euro, another 22.5% may be ‘frozen’ and land on a special fund for an unspecified time. “Wealthy depositors in the Bank of Cyprus could face …

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Cyprus president as “Figaro”: the crisis needs a leader (parody video)

Crisis of any kind can be eventually very inspiring. How much more when it comes to money and “poetic’ economic terminology like ‘haircut’.  OK, president Nicos Anastasiades may be not solely responsible for the crisis as he came to office end of February. But his negotiation skills with the Troika could …

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Greeks Withdrew estim. 6 Billion Euro after May 6 Elections

Political instability and potential euro exit have increased fears among Greeks who withdrew some 6 billion euro from bank accounts in the last 15-20 days. Panicked citizens believe it is ‘safer’ to have euro bank notes at home, than to let savings at the banks exposing them to the danger …

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EU Commissioner, UK Money Printing Co: Playing Greece-Euro-Exit Games

What a day! Amid a barrage of warnings and threats for a Greek euro exit and UK companies making even offers to Athens to print there …Drachmas, a EU Commissioner puts the icing on top of  the euro cake. EU Trade Commissioner, Belgian Karel de Gucht claimed that the European Central Bank and the European commission …

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Greek Bank Deposits Fell 2.7% in February 2012

Greek bank deposits fell 2.7% in February, data from the central bank showed Thursday, as households continued to use their cash reserves to make ends meet. Total deposits held by domestic residents and companies fell by EUR4.6 billion to EUR164.38 billion in February. The 2.7% decline on the month comes …

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Greeks Withdrew €4.9 bn from Bank Deposits in May

The withdrawal of bank deposits continued unabated in May and according to reports, households and enterprises got 4.9 billion euro from their private or business accounts. The reasons are multiple: Partly is the panic about the Greek economy as in May the 5th loan-tranche was very much hanging on an uncertain …

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Greeks worry about their savings – 9 billion euros withdrawn in 1Q 2011

More and more Greeks turn to local banks and withdraw their deposits out of fear of  a possible bankruptcy leads people to withdraw their deposits from banks. News portal news247  has a very good report on the issue, a report that coincides with the fears of my friends and relatives. The …

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