Under 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.