Thursday, August 8, 2013

Game On! - EU to Limit Cash Withdrawals to 100 - 200 Euro during failure

From deutsche-wirtschafts-nachrichten.de

Article link

Translated from German by Google:

Largely unnoticed by the public, the EU is pushing forward the concrete steps in the event of a banking collapse. A few weeks ago it was decided to carry out banking bailouts surprise attack on a weekend ( here ) and savers over 100,000 euros and shareholders and holders of bonds with a compulsory levy on the banking bailout to participate ( here ).

Now the Lithuanian Presidency presented the first details of how a bank bailout will actually look like.

It is extremely unpleasant for those savers who now predominate because of the deposit insurance in safety and believe it will only make "the rich", ie those investors who have more than 100,000 euros.

The Lithuanian proposal shows that if a bank goes bankrupt, get the small depositors their money not immediately up to four weeks - 20 working days - the savers will have to make do with just the bare necessities., You may withdraw 100 to 200 euros a day - no more. The EU Council under the direction of your chosen anyone in Europe President Herman Van Rompuy originally had proposed to let the saver wait four weeks for their money.

The Parliament was then but this time a little long, demanding deposits of 100,000 euros should be paid within five days.

However, because the technology is not possible - no bank has so much real money - is the compromise now look like this: 20 days wait for that you get daily 100 to a maximum of 200 Euros from the ATM.