Reuters 28 May 2015: The European Commission on Thursday gave France, Italy and nine other EU countries two months to adopt new EU rules on propping up failed banks or face legal action.
The rules, known as the bank recovery and resolution directive (BRRD), seek to shield taxpayers from having to bail out troubled lenders, forcing creditors (savers) and shareholders to contribute to the rescue in a process known as “bail-in”.
The Commission drafted the rules in response to the financial crisis which started in 2008, giving the 28 countries in the European Union until the end of last year to apply them.
The paper said Bulgaria, the Czech Republic, France, Italy, Lithuania, Luxembourg, the Netherlands, Malta, Poland, Romania and Sweden had yet to fall in line.
This is the Cyprus model of stealing people´s savings above 100.000 euros now being translated into legislation. It increases the suspicion that something very big is going to happen after August of this year, the Central Banks planning to abolish cash – to prevent people from exchanging their money to other currencies.
Furthermore, The giant Jade Helm exercises point in that direction.
It coincides with dramatic developments in Syria and the Ukraine.
The notice within 2 months is unsually short in a bereaucratic EU.
My advice: Spread your savings to several “safe” banks and hope that the state will guarantee up to 100.000 Euros is true. Or buy a house or something durable.