Any of you guys paying attention to whats going on over there ? Apparently, their government and bankers decided it was ok for them to just take between 7-10 percent of individual bank accounts. Worries that this could spread to Spain and Italy too. Couple years ago that would have been considered a wacko conspiracy theory. This is suppose to be the EU version of a bank bailout I guess.
People started taking their money out of the banks so what did the banks do ? They closed them. Now I don't think this is actual law...yet, but in anticipation of it coming to fruitation they had a run on the banks. Understandable in my book, what did they expect to happen. Crazy frickin world we live in today.
Maybe they should follow Icelands idea.
Instead of bailing out bankers, Iceland arrested them. Instead of targeting its population with brutal austerity measures, Iceland paid off people’s underwater mortgages. Iceland also allowed people to pay off debts in foreign currency, which were declared illegal, with the devalued krona.
The result was that Icelanders had more money in their pocket, reinvested it into the economy and now the country has enjoyed a miracle financial turnaround.
Go figure, you mean when people have more money in their pockets.....they spend it ? What an awakening !!