Are You Ready? The Perfect Storm Is Coming: Eurozone Is Tapping Into Bank Accounts To Bail Out Banks,‘Spanish And Italian Banks Could Face Similar Levies’, Copper Is Slipping Into A Full-Fledged Bear Market, New Regulations On Derivatives Goes Into Effect, And For The First Time, A Mainland Chinese Company Has Defaulted On Its Bonds
Investmentwatchblog.com
March 18th, 2013
World from Berlin – ‘Last Euro-Crisis Taboo Broken’
“The unique exceptions have begun piling up in Europe. That will do little to strengthen foreign investors’ faith in Europe.”
The business daily Handelsblatt writes:”The currency union has committed a breach of trust. It weighs especially heavy because the euro states have already secretly been rehabilitating their economies at the expense of depositors. Low interest rate policies help bring down the national debt, but at the same time they gradually deplete the balances of savings and money market accounts. The pensions of many citizens are also dwindling.”
“Anyone who now believes they shouldn’t be interested in the fate of individual depositors on a remote Mediterranean island is mistaken. Cyprus sets a precedent. What happens there can also happen elsewhere. In Spain and Ireland, bank bailouts have allowed the national debt to explode to an unsustainable level. There, the euro zone could see tapping into bank accounts as the next step. In principle, no European depositor can remain assured that their bank balance will remain untouched — even in Germany.”
– Charly Wilder
The Rest…HERE
