“But
Lucas my dear, if you run out of poor people, you can always steal
from the sick”
Examples of Sovereign State Overnight Expropriations variously termed a theft, embezzlement, raid, robbery, expropriation, et al.
Summary Table - All Expropriations
In the following table the (?) indicates unsourced speculation.
|
Expropriation |
Amount and Type |
What Depositors were Told the Next Day |
Ultimate Resolution |
|
Italy 1992 |
0.6% of Demand Deposits held by the Central Bank |
This is a one-time tax (?) TBD |
TBD |
|
Greece 2012 |
"on average 70% of public utility funds in various large, interest-bearing accounts at the Bank of Greece were raided. These included most of the state's regional hospital budgets, various universities, and (it is alleged) at least one utility company." ref: http://www.freerepublic.com/focus/f-news/2864233/posts |
This is only a temporary hold on your funds until... The 70% will be renegotiated lower in hardship cases. (?) TBD |
TBD |
|
Cyprus “Green Monday” March 16, 2013 |
Cyprus Bank Holiday Extended Through Tuesday As Confusion Spreads -Tyler Durden on 03/17/2013 |
|
March 26, 2013 After one of the most fabulous verbal faux pas in recent history was committed yesterday, in which the truth briefly escaped the lips of the new Eurogroup head who still has to learn from his masterful "when it becomes serious you have to lie" predecessor and ever since both he and all of uber-incompetent Europe have been desperate to put the genie back into the bottle to no avail, everyone has been caught in a great debate: to template, or not to template? |
Example: Greece, March 7-8, 2012
Summary:
The event occurred just before midnight on March 8, 2012.
It immediately preceded the Private Sector Involvement (PSI) deadline of the Greek Debt Restructuring done on the evening of March 9, 2012.
Greece used Collective Action Clauses (CACs) (applied even to bonds issued before the CACs had become law) in order to ensure 100% participation among debt holders governed by Greek law (covering some EUR 177bn of EUR 206bn of Greek debt held in private hands).
On March 7, PSI Investors who held Greek bonds governed by foreign (non-Greek) laws were balking at "voluntary" debt forgiveness. The bonds governed by foreign law had to be voted on by each individual, and the investors appeared to have blocked restructuring in 20 of the 36 cases. Altogether, there was about $26.8 billion at stake. Of this amount, $15.3 billion appears to have been resolved through debt forgiveness. That left about $11.5 billion as a sticking point.
One estimate of the amount taken expropriated overnight was 1.4 billion euros.
When asked, the Bank of Greece later claimed to know nothing.
"on average 70% of public utility funds in various large, interest-bearing accounts at the Bank of Greece were raided. These included most of the state's regional hospital budgets, various universities, and (it is alleged) at least one utility company." ref: http://www.freerepublic.com/focus/f-news/2864233/posts
Sources:
“But
Lucas my dear, if you run out of poor people, you can always steal
from the sick”
Bank of Greece complicit in broadscale embezzlement revealed by respectable Greek health site
The illegally denied default of Greece entered a dramatic new phase this afternoon with the revelation by mainstream Greek public health website Health News [http://www.ygeianews.gr/section/ugeia-politiki/content/exafanisan-ta-xrimata-ton-nosokomeion-gia-listeia-kanoun-logo-oi-giat ] [See English translation, below.] that, shortly before midnight on March 8th – the eve of Greece’s psi completion on Friday March 9th – on average 70% of public utility funds in varous large, interest-bearing accounts at the Bank of Greece were raided. These included most of the State’s regional hospital budgets, various universities and (it is alleged) at least one utility company.
The shortfalls came to light late last week and this morning as various hospital purchasing cheques in particular began to bounce. The monies – estimated by one source to total some 1.4 billion euros – appear to have been used to pay off the tiny minority of private sovereign creditors who, under the original terms of their bond purchase, were entitled come what may to full payment of the bond’s yield entitlement.
Setting aside the amoral audacity of this act, it does yet again raise the issue of a Greece so utterly lacking in any real funds in the real world, that to pay off a minute proportion of the bondholders it had to resort to such a desperate measure.
“The Greek government used this money in order to purchase government bonds from various bondholders without getting permission from the bank account owners,” one reliable Athens source told The Slog in commenting on the story, “hospitals and universities have been robbed of hundreds of millions of Euros, absolutely essential for their core functionality.”
On being pointed at the Health News site, The Slog immediately contacted another of many Athens sources who have flocked to this website in recent weeks. This informant in turn offered access to a senior administrator in a major teaching hospital. The person thus contacted told me: “There can be no doubt about this. It isn’t even very subtle. All the monies were withdrawn over a brief period of time on March 8th after normal banking hours. I have spoken to teaching contacts at Universities over the weekend, and it has been confirmed that they too have the same embarrassment. These people are criminals who should be brought to justice. But in the Greece of today, it will not happen”.
One final source told me shortly before posting, “The Bank of Greece is naked in this matter. We ask them for the reasons why this has happened, and they claim to have no knowledge of such things. This is ridiculous. This could not have been done without their cooperation. There is nobody now in Greece we can trust”.
Equally, nobody should be surprised that senior politicians and government officials have conspired to do such a thing. The Venizelos elite has shown itself to be without ethics or remorse in many ways already. The European Central Bank, Brussels, the IMF and even Berlin have also shown a compliant willingness to look the other way or simply ignore the Law if it suits them so to do. But now, I think institutions around the world – and their stakeholders – need to look at what’s happening in southern Europe and ask themselves, ‘Is this really right? Is any cause worth this amount of depravity and deprivation?’
The article, in greek, above is translated into english, below.
Money disappeared hospitals. For robbery, the doctors speak
Commanders were astonished many hospitals, university rectors and other organizations responsible government when found to have disappeared in 70% of the money interest-bearing accounts maintained with the Bank of Greece. These accounts had nothing to do with bonds, interest bearing bank accounts was who "entered" grants [deposits?] and "coming out" drawings [withdrawals?] for the costs of organizations.
As it became known by clinicians "the day" closed "the PSI [See PSI reference, above.] and probably a little before midnight, government and governor of the Bank of Greece purchased by holders of bonds with this money, without asking the depositors of the Treasury accounts!
The "bondholders" are thus spared the haircut, while robbed hundreds of million from hospitals, universities and other organizations needed to completely maintain the basic function. "
The seizure is 70% deposit of Hospitals, which led to more complete economic crunch. Simultaneously, the checks issued by the hospital the last week uncovered a sealed, which will be generalized in the coming period.
"Ultimately the government Papademos follow the same practice with German occupation forces, which in 1941, except for the requisition of the property of the Greeks, seized and transported to Germany and the gold kept in the Treasury of the Greek state.
We call those nuggets Administration Hospitals maintain dignity to turn directly against the government, claiming that their property was confiscated and inhumanely depriving hospitals of valuable resources for the care of people, "says a statement of the Federation of Hospital Doctors.
By Emma Rowley 6:00PM BST 02 Apr 2012 http://www.telegraph.co.uk/finance/financialcrisis/9181636/Greek-talks-with-international-law-debt-holders-hit-impasse.html
The Greek government said it held a series of meetings last week with investors holding bonds under foreign law with a face value of about €20bn, in an effort to bring them into the deal. The bondholders were asked to vote [“vote” -- this is apparently the retroactive (and, almost-certainly, totally illegal) part] on whether a majority of investors should be allowed to enforce the losses on a minority by activating "collective action clauses", which were deployed in the wider debt restructuring deal.
At 20 of the 36 meetings, the bondholders refused the proposal, adjourned the discussions or did not meet the necessary quorum, the Greek finance ministry said in a statement on Monday.
Thomas Costerg, an economist at Standard Chartered bank, said Athens now has three choices as to how it can deal with those holding out: pay up in full, continue talks to reach a compromise, or refuse to pay up at all.
"Paying up in full would raise the issue of fairness regarding the domestic-law bondholders, while a hard default would make litigation likely," Mr Costerg told Bloomberg.
......
Among those holding out at the meetings were the holders of a €450m note due to be redeemed on May 15. These investors did not pass the motion.
Eurozone finance ministers have hinted that they will back the Greek government if it fails to make payments on these foreign law bonds.
Example: Italy, 1992
In 1992 and under "desperate conditions" the Italian State confiscated overnight
0.6% of funds from all bank giro accounts of their (private) citizens
Now has come the moment to envisage such actions again...
Some links below for those of you who speak Italian + German
The German daily "Frankfurter Allgemeine Zeitung" wrote
that the tax had been "recklessly" applied :
------------------------------------------------------------------------
http://www.cadoinpiedi.it/2011/03/02/la_patrimoniale.html
Una tassa sui patrimoni per tamponare crisi e debito pubblico. Col grande rischio che, considerati i magheggi italiani, a pagare saranno soltanto gli onesti che non evadono
--------------------------------
http://pardonuovo.myblog.it/archive/2011/08/02/la-patrimoniale.html
LA PATRIMONIALE
Si
intende correntemente per patrimoniale il trasferimento coattivo allo
Stato di alcuni beni posseduti dai privati.
------------------------------
1992 in Italien: 0,6 % Vermögensabgabe über Nacht von allen Konten eingezogen
Zudem blieb damals selbst dem zaudernden Ministerpräsidenten Giuliano Amato keine andere Wahl, als ein drakonisches Sparprogramm von mehr als 46 Milliarden Euro beschließen zu lassen.
Ein Detail davon ist noch immer in schlechter Erinnerung: „La Patrimoniale“, die Vermögensabgabe, die damals rücksichtslos gehandhabt wurde. Über Nacht zog die italienische Regierung von allen Girokonten bei italienischen Banken 6 Promille des aktuellen Kontostandes ein. Nun wird wieder geredet über die „Patrimoniale“.
------------------------------
Overnight, six parts per thousand of the account balance of all checking accounts
The turmoil in financial markets brought the idea back to Italy in the troubled times of 1992. After the summer time were needed to the doubts and speculations about Italy has become so large that the Italians eventually eliminated from the former system and devalue their currency lira. Moreover, even at that time was the vacillating prime minister Giuliano Amato no choice as to the adoption of a draconian austerity program of more than 46 billion €.
A detail of it is still bad memories, "La Patrimonial", the property tax that was then being handled recklessly. Overnight, the Italian government withdrew from all checking accounts at Italian banks 6 per thousand of a current account balance. Now, again talked about the "Patrimonial".
The view of the recent crisis shows parallels Italy and crucial differences. ..............
Example: Cyprus, March 15, 1993