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Save Piraeus Bank!

by John Kountouris
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By birdflu666.wordpress.com, 11 Nov. 2015

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Piraeus Bank, the bank which has been most reluctant to foreclose on businesses in Greece, is the one which is most in danger of being shut down under the perverse third bailout bank recapitalisation terms, according to the Financial Times.


This is unacceptable. The banks should be doing all they can to help businesses n Greece.

Piraeus should be rewarded for its role in doing a little bit to help stem the tidal wave of unemployment and business closures.

But the banker puppets Angela Merkel and Jean Claude Juncker have inverted the system of rewards. Those banks who do most to help real businesses and create real jobs, will be punished most harshly under bailout rules. Those bank who do most to destroy real businesses and jobs, will be rewarded the most. These banks will get yet more tax payer money thrown at them under so called bank recapitalization rules.

Let us be clear about the so called bank recapitalization rules. They are just a pretext to give the private banks anther ten billion more of tax payers’ money.

The solvency of even private banks, as anyone familiar with the fractional reserve banking system knows, can be ensured by changing mere rules on paper. Banks have no capital, no collateral. They create money out of thin air as a book keeping entry. Under the fractional reserve banking system, they need capital reserves of only 3% or far less. It all depends on whatever rules the local financial regulators set.

It is to be hoped that European governments who will have to pay the costs if Greece implodes stop the thrid bailout and prepare for an orderly return to a sovereign Drachma.

Germany’s Financial Minister’s Wolfgang Schauble’s plan for a five year Grexit followed by a re entry into the euro system will help assuage justified fears in Greece that any new Drachma is vulnerable to being destroyed by a corrupt elite.

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