Greek banks prepare plan to raid deposits to avert collapse

by Kerin Hope |  |  published on July 4, 2015

Greek-ATMGreek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday.

The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.

A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers’ funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000.

  • Tammy Dorsey Berthaut

    time to hide your $$ under the mattress again!

  • SAY, my fellow Americans….does this sound familiar???…it is something proposed by our potus with regard to failing banks in the USA!!..I recall an article I read of late that we depositors of funds in our banks are considered share holders and as such responsible for the failure of our banks with our funds being confiscated to save the bank…..COMING TO AMERICA…soon!!!

    • vladilyich

      Once you deposit money into a bank in the U.S., by federal law it becomes 100% the property of the bank. FDIC at the moment has a reserve of less than 10% of all “insured” deposits. Multiple banks fail and you’re broke with no recourse.

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