WHAT WILL YOU DO WHEN THE BANKS IN THIS COUNTRY BLOCKS YOUR ACCOUNTS?

What will you do when the banks in this country blocks your accounts?
Posted on June 12, 2015 by David

What will you do when the banks in this country blocks your accounts? What if the bank limits your withdrawals to $300 per day as is being discussed? Most people do not understand the law: you do not own the money once it is deposited in a bank. Did you ever hear the terms “bail-in”, “ZIRP”, “NIRP” or “haircut” in regard to people’s bank accounts in the past?
And why do you have money in fiat currency that is paying 0.1% interest? Convert to hard assets that you can eat, shoot, read or barter.
David DeGerolamo
The bank runs (and capital controls) begin. Macedonia Central Bank Governor Bogov states:

• *GREEK BANKS IN MACEDONIA CAN’T WITHDRAW CASH: BOGOV
  
• *MACEDONIAN BANKS PROTECTED IN CASE OF GREXIT: BOGOV
  

How long before the rest of Europe follows suit and a bank holiday is declared Monday to “Cyprus” depositors?
He further added:

• *MACEDONIAN CENTRAL BANK SEES MAJOR RISKS FROM POLITICAL CRISIS
  

Just to be clear, this withdrawal halt is protection against a worst case scenario… BUT, by imposing capital controls you are ASSURING a worst case scenario occurs!!
Source

• EU Readies for Default as Tsipras Drives Greek Finances to Brink (BBG)
  
• Greece Can’t Plan a Barbecue, Let Alone a Currency, Nielsen Says (BBG)
  
• IMF quits Greece talks amid ‘air of unreality’ as deal unravels (FT)
  
• Greece Counts Cost of One Man’s Gamble (BBG)
  
• Merkel urges Greece and creditors to keep pushing for deal (Reuters)
  
• Fearful ECB starts countdown on Greek funding lifeline (Reuters)
  
• Greek stocks suffer further pummelling (FT)
  

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