Will this happen in America one day? Greek banks prepare plan to raid deposits to avert collapse

Will this happen in America one day? Greek banks prepare plan to raid deposits to avert collapse

Greek bankUnder the misspending policies of left-wing leadership, Greece is fast spiraling into financial collapse. On Monday, the banks were closed and plans made to start seizing large portions of customers’ deposits.

According to The Financial Times,

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.

It would be implemented as part of a recapitalisation of Greek banks that would be agreed with the country’s creditors — the European Commission, International Monetary Fund and European Central Bank.

ATMs have been limited to only €60 cash withdrawals per day. This is what happens to a socialist country that continues out-of-control spending the country can no longer afford with high taxes alone; it turns to raiding the private funds of its citizens. Watch closely U.S., at the rate we’re going with the tax-and-spend policies of Democrats like Obama running the country, we’ll be there next in a few years.

Rachel Alexander

Rachel Alexander

Rachel Alexander is the editor of Intellectual Conservative. She is a senior editor at The Stream, and is a regular contributor to Townhall, the Selous Foundation for Public Policy Research, and The Christian Post, and provides weekend news items for Right Wing News. She frequently appears on TV and news radio as a conservative commentator. She is a recovering attorney and former gun magazine editor. She previously served as a former Assistant Attorney General for the State of Arizona, corporate attorney for Go Daddy Software, and Special Assistant/Deputy County Attorney for the Maricopa County Attorney's Office. As co-president of the UW Political Science Honor Society, she obtained degrees in Political Science and History from the University of Washington, followed by a law degree from Boston College and the University of Arizona. She was ranked by Right Wing News as one of the 50 Best Conservative Columnists from 2011-2016.

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