04/09/2015 - Financial Repression Wealth Confiscation: Bailin Ahead for Greece?
“The loans to Greece by the ECB have been increasing, so the ECB has been increasing its credit exposure to that country. Second, the deposit runs that are occurring in the Greek banks have been accelerating over the past three months and they continue as we speak. So you have these two lines converging. The ECB is never going to allow those two lines to cross because if they did the ECB’s credit exposure would be larger than the amount of deposits in the Greek banking system. And if that were to occur, the ECB would never be able to get its loans to Greece repaid. When Cyprus failed, they (Western central planners) said that bank bail-ins were going to be the blueprint for other countries. And we have to look at what happened in Cyprus and apply it to Greece. When those two lines were converging in Cyprus, the ECB, IMF and the EU basically took over and nationalized two of the Cypriot banks — took the deposits out of those Cypriot banks and used those deposits to repay the ECB loans to Cyprus. So the same thing is going to be happening to Greece. The ECB is going to take the deposits out of the Greek banks and use those to repay all of the loans that the ECB has made to Greece. …. I think we should be worrying about whether this is going to be happening over this weekend.”
– James Turk
