Copos: "I am tempted to consider the bail-in as theft" -
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News » January, 2014 » 28 January 2014

Copos: "I am tempted to consider the bail-in as theft"
28.01.2014, 00:00 | Finance-Banks | 760 views

Businessman George Copos describes the "bail-in" mechanism (to save banks using the depositors' money) as an experiment that the European Union is conducting on small patients, whose potential (economic) death would not seriously affect the rest of the Union.

The controversial European directive concerning the "bail-in" will directly affect depositors that have over 100,000 Euros in a bank, starting with January 1st, 2015.

"Thinking like a depositor who is of good-faith, who trusts the honesty of the bank, its managerial ability and, most of all, the determination of the EU member states to abide by the additional right of ownership - currently the right of ownership over the money deposited in banks - I am tempted to describe this mechanism as THEFT", the businessman told us in an interview.


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