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Goldman’s Man Draghi Claims Cyprus is ‘No template’ for Future Bail-Outs – Do YOU Believe Him?

by Szu Ping Chan, The Telegraph:

Mario Draghi’s comments were designed to ease market fears that all bank deposits would be at risk in future if international lenders were called-in to rescue struggling eurozone countries.

He was also scathing about Cyprus’s initial plan to impose a levy on insured as well as uninsured bank depositors. The country had initially sought to raid the savings of all depositors, even though they had a bank deposit guarantee. This was later changed to only include depositors with savings of more than €100,000 (£85,000).

The move triggered a wave of concern in financial markets, fearing that investors elsewhere would start a bank run. “That was not smart, to say the least, and it was quickly corrected the day after in a Eurogroup teleconference,” said Mr Draghi. “You have a pecking order, and ideally uninsured depositors should be the very last category to be touched.

Read More @ Telegraph.co.uk

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2 comments to Goldman’s Man Draghi Claims Cyprus is ‘No template’ for Future Bail-Outs – Do YOU Believe Him?

  • Ed_B

    “said Mr Draghi. “You have a pecking order, and ideally uninsured depositors should be the very last category to be touched.””

    Yes, there IS a pecking order and it is run by unelected peckers like Draghi and other EU, IMF, and ECB “technocrats”. There is only one goal here, people, and that is to absolutely loot and pillage the wealth of the entire planet. If successful, this will result in a new form of feudalism where one is either a prince or a pauper. There will be thousands of paupers for each prince. Princes will have gold, silver, and land. What will you have?

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