{"id":15744,"date":"2015-12-29T12:04:19","date_gmt":"2015-12-29T17:04:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15744"},"modified":"2015-12-29T12:07:55","modified_gmt":"2015-12-29T17:07:55","slug":"january-1-2016-the-new-bank-bail-in-system-goes-into-effect-in-europe","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15744","title":{"rendered":"January 1, 2016: The New Bank Bail-In System Goes Into Effect In Europe"},"content":{"rendered":"<div class=\"post-headline\">\n<h3><a href=\"http:\/\/theeconomiccollapseblog.com\/archives\/january-1-2016-the-new-bank-bail-in-system-goes-into-effect-in-europe\" target=\"_blank\">January 1, 2016: The New Bank Bail-In System Goes Into Effect In Europe<\/a><\/h3>\n<\/div>\n<div class=\"post-bodycopy clearfix\">\n<p><a href=\"http:\/\/theeconomiccollapseblog.com\/archives\/january-1-2016-the-new-bank-bail-in-system-goes-into-effect-in-europe\/2016-sign-public-domain\" rel=\"attachment wp-att-9630\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-9630\" src=\"http:\/\/theeconomiccollapseblog.com\/wp-content\/uploads\/2015\/12\/2016-Sign-Public-Domain-460x397.png\" alt=\"2016 Sign - Public Domain\" width=\"460\" height=\"397\" \/><\/a>If you have a bank account anywhere in Europe, you need to read this article.\u00a0 On January 1st, 2016, a new bail-in system will go into effect for all European banks.\u00a0 This new system is based on the Cyprus bank bail-ins that we witnessed a few years ago.\u00a0 If you will remember, money was grabbed from anyone that had more than 100,000 euros in their bank accounts in order to bail out the banks.\u00a0 Now the exact same principles that were used in Cyprus are going to apply to all of Europe.\u00a0 And with the entire global financial system\u00a0<a title=\"teetering on the brink of chaos\" href=\"http:\/\/theeconomiccollapseblog.com\/archives\/this-is-what-a-financial-crisis-looks-like\">teetering on the brink of chaos<\/a>, that is not good news for those that have large amounts of money stashed in shaky European banks.<\/p>\n<p>Below, I have shared part of an announcement about this new bail-in system that comes directly from\u00a0<a title=\"the official website of the European Parliament\" href=\"http:\/\/www.europarl.europa.eu\/news\/en\/news-room\/20131212IPR30702\/Deal-reached-on-bank-%E2%80%9Cbail-in-directive%E2%80%9D\" target=\"_blank\">the official website of the European Parliament<\/a>.\u00a0 I want you to notice that they explicitly say that \u201cunsecured depositors would be affected last\u201d.\u00a0 What they really mean is that any time a bank in Europe fails, they are going to come after private bank accounts once the shareholders and bond holders have been wiped out.\u00a0 So if you have more than 100,000 euros in a European bank right now, you are potentially on the hook when that bank goes under\u2026<\/p>\n<blockquote><p>The directive\u00a0<strong>establishes a bail-in system<\/strong>\u00a0which will ensure that taxpayers will be last in the line to the pay the bills of a struggling bank. In a bail-in, creditors, according to a pre-defined hierarchy, forfeit some or all of their holdings to keep the bank alive.\u00a0<strong>The bail-in system will apply from 1 January 2016<\/strong>.<\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>January 1, 2016: The New Bank Bail-In System Goes Into Effect In Europe If you have a bank account anywhere in Europe, you need to read this article.\u00a0 On January 1st, 2016, a new bail-in system will go into effect for all European banks.\u00a0 This new system is based on the Cyprus bank bail-ins that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2291,11287,52,11288,11289,11290,63,5983,6792,8814,6532,6061,6063,1603,11291,4901,536],"class_list":["post-15744","post","type-post","status-publish","format-standard","hentry","category-economics","tag-2291","tag-bail-out-the-banks","tag-bank","tag-bank-account","tag-bank-bail-in","tag-bank-bail-ins","tag-banks","tag-economiccollapseblog","tag-european","tag-european-banks","tag-euros","tag-financial","tag-global","tag-global-financial-system","tag-large-amounts-of-money","tag-michael-snyder","tag-money"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15744"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15744\/revisions"}],"predecessor-version":[{"id":15746,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15744\/revisions\/15746"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}