Basically it states that bank customers are no longer customers but creditors. This means that your money is not your money, it belongs to the bank and you are allowed some of it to live on. In the event of a bank collapse, you will be allowed to withdraw only a small amount.
If a global banking collapse is generated (wilfully?), banks could then issue a highly devalued currency and tax all cash payments. Getting your money out of the bank in this case would be pointless because it would be worthless. What everyone should be worrying about now is what to do with their savings, and if you thought you wouldn't be affected because you have less than €100,000, think again, because you'll have to pay a penalty tax.
There should have been uproar at this scandal, but it was passed in quasi-silence by the media. Our politicians are merely puppets of the EU and can do nothing without being on the sharp end of a tug on the short and curlies.
I don't know where you can put your money. I have no idea what to do with my meagre savings which I thought were safely tucked away in assurance-vie and some other scheme. The only thing that comes to mind is to spend the lot and be damned. Spend it while you can, while it's still worth something.
| AND FRENCH |
Follow-up here: Imminent bank collapse
In short, thinking that the bailin template is a hastily flung together and somewhat academic exercise is fine if you want to lose the shirt off your back. Otherwise, withdraw such money as you can, and buy any asset that you can. It doesn’t matter if its canned food, gold or a motor bike: just do it – and get a move on.More follow-up here: Regulations can become law without MEP involvement