STOCK MARKET WATCH -- Monday, 17 August 2015

[Demeter]

7. EU aims to lure Greek deposits back to banks with bail-in shield

PUT YOUR EUROS IN OUR BANKS--AND WE PROMISE NOT TO CONFISCATE THEM!

SUCH A DEAL! DO THEY THINK WE ARE IDIOTS?

http://www.ekathimerini.com/200585/article/ekathimerini/business/eu-aims-to-lure-greek-deposits-back-to-banks-with-bail-in-shield

Euro-area finance ministers shielded Greek bank depositors from any losses resulting from the restructuring of the nation’s financial system, as part of Friday’s deal on an 86 billion-euro ($96 billion) bailout.

Senior bank bondholders will be in the crosshairs if Greek lenders tap into any of the financial stability funds set aside in the new bailout. Euro-area finance ministers agreed to a deal that would next week place 10 billion euros in Greece’s bank recapitalization fund, with another 15 billion euros available if needed.

“Bail-in of depositors will be explicitly excluded” from European Union rules to make private investors share the cost of fixing troubled banks, Eurogroup President and Dutch Finance Minister Jeroen Dijsselbloem told reporters after the six-hour meeting in Brussels.

By shielding all depositors, the euro area will protect small and medium-sized enterprises who have more than 100,000 euros in their accounts and aren’t covered by government deposit insurance, Dijsselbloem said. This prevents “a blow to the Greek economy” that ministers wanted to avoid, he said. Instead, the focus will turn to bond investors.

“When so much money must be invested in banks, in the first place, banks must take part of the risks,” Dijsselbloem said....

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