{"id":6716,"date":"2015-03-22T08:05:24","date_gmt":"2015-03-22T13:05:24","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6716"},"modified":"2015-03-22T08:05:24","modified_gmt":"2015-03-22T13:05:24","slug":"rich-mans-bank-hit-by-bank-run-collapse-bail-in","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6716","title":{"rendered":"Rich Man\u2019s Bank Hit by Bank Run, Collapse, \u201cBail-In\u201d"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2015\/03\/21\/don-quijones-rich-mans-bank-run-spain-andorra-bail-in-seizure-of-deposits\/\" target=\"_blank\">Rich Man\u2019s Bank Hit by Bank Run, Collapse, \u201cBail-In\u201d<\/a><\/h3>\n<p>In Europe nary a day seems to go by without some mention or rumor of a bank run or bank closure. Ground Zero of the current troubles is Greece, whose broken financial system is now wholly dependent on regular infusions of euros from the ECB. The moment those infusions stop \u2013 something the ECB has warned could happen at any time \u2013 the country\u2019s banking system collapses. On Wednesday Greek banks saw deposit outflows of \u20ac300 million, the\u00a0<a href=\"http:\/\/www.reuters.com\/article\/2015\/03\/19\/eurozone-greece-deposits-idUSL6N0WL2D120150319\" target=\"_blank\">highest in a single day<\/a>\u00a0since a February deal with the euro zone that staved off a banking collapse.<\/p>\n<p>But it\u2019s not just on Europe\u2019s periphery that banks are experiencing problems. At the beginning of this month, Austria sent shockwaves throughout the old continent\u2019s financial markets when the Austrian government refused to grant the scandal-tarnished, \u201cbottomless pit\u201d bank Hypo Alde another taxpayer-funded bailout. Instead, bondholders, even those with bonds guaranteed by the Austrian state of Carinthia,\u00a0were made to eat the losses in one of the first cases of bank bail-ins since sweeping changes to EU-wide legislation last year [It was a\u00a0\u201clong-yearned-for shock of liberation\u201d for taxpayers; read\u2026\u00a0<a href=\"http:\/\/wolfstreet.com\/2015\/03\/04\/austria-pulls-ripcord-on-bailouts-lets-bottomless-pit-hypo-alpe-bank-drag-state-of-carinthia-into-bankruptcy\/\">Austria \u2018Pulls Ripcord\u2019 on Bailouts, Lets \u2018Bottomless Pit\u2019 Hypo Alpe Bank Drag State of Carinthia into Bankruptcy]<\/a>.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p><b>\u00a0<\/b><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rich Man\u2019s Bank Hit by Bank Run, Collapse, \u201cBail-In\u201d In Europe nary a day seems to go by without some mention or rumor of a bank run or bank closure. Ground Zero of the current troubles is Greece, whose broken financial system is now wholly dependent on regular infusions of euros from the ECB. The [&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":[42,2015,233,279,282,284,1167,4334,743],"class_list":["post-6716","post","type-post","status-publish","format-standard","hentry","category-economics","tag-austria","tag-bailout","tag-ecb","tag-eu","tag-european-central-bank","tag-european-union","tag-greece","tag-hypo-alpe","tag-spain"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6716","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=6716"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6716\/revisions"}],"predecessor-version":[{"id":6717,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6716\/revisions\/6717"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}