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Mar-26-2013 11:03printcomments

European Union Bank Crisis

The Cypriot government suggested that account holders with deposits of more than $128,500 should expect to lose about 30% of their balances.

The scene at Bank of Cyprus
The scene at Bank of Cyprus. Photo courtesy: rt.com

(PORTLAND, OR) - This seems to make sense, as far as it goes. Wouldn’t it be a better model for the US? Exceprts from BBC report on the Cyprus deal, which links it to a sharp drops in stock markets: bbc.co.uk/news/business-21920574# “In the past, nations such as Ireland have pumped billions of taxpayers' money into propping up their banks, rather than risk upsetting large investors and spooking the financial system.

[A Dutch banking regulator] said the pattern for bank rescues should see (1) shareholders take the first hit, then (2) bond holders, who lend money through financial markets, and only then should (3) depositors with large bank balances be tapped.

The Cypriot government suggested that account holders with deposits of more than $128,500 should expect to lose about 30% of their balances.”

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Portland Tribune photo by L.E. Baskow

Order from Powell's

Michael Munk tries to glean important but overlooked items from the world media on the issues of the day and posts them on an irregular schedule. Although items can overlap, he also maintains separate lists for activists in Portland, Oregon and the Northwest, and special lists for: Labor, Latin America, Israel, Torture Taxis, Korea, and the Czech Republic.

Michael is a highly praised writer from an important generation whose book, the Portland Red Guide, has received high praise.

"City Commissioner Nick Fish gave me a copy. Sat down on my sofa and couldn't put it down until I finished. Fascinating!"
-- Tom Potter, Mayor of Portland 2005-2009

"Whoop! Whoop! I'm impressed by how many names from Portland's past have not made it into our official histories and public memorials. Some were good friends of mine. Local history is too often overlooked. Good work, Mike."
-- Bud Clark, Saloon keeper, Goose Hollow Inn, and Mayor of Portland, 1985–1992

Visit the new photo gallery on Michael's website: www.michaelmunk.com

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D.Gilmore March 26, 2013 6:31 pm (Pacific time)

Not to be arrogant, but I called this 3 years ago, same as I knew about the recession/housing crash 3 years before it happened...Next comes currency wars, martial law, and a possibility of WW3. 3 billion in student loan defaults this year of 2013, and the feds buying mortgage backed securities, with our tax dollars, and they will own all the houses. ie: students that took out loans are slaves, and those who hold a mortgage are slaves, and believe me, when students cant find jobs, and if some do, their credit rating will keep them from getting a job, and those behind in their mortgage payments will be slaves to the bankers...This has happened in history over and over and over...same ol, nothing new under the sun...DHS buys 2 billion rounds of ammo, militarizing the police force, sending them tanks and etc...Too bad people slept while they were being robbed, too bad they slept while their liberties were being taken away, too bad so many fell for what the tv says. too bad people trusted in the indoctrination system they call education etc. We are in for a hard road ahead. Keep Jesus close in your heart, if you have the mind for it. I dont believe in the church that says Jesus will come before problems, in my research we will have to go thru the problems. Be strong, pray for wisdom which is granted to us without reproach.

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