Sunday, July 30, 2017

BREAKING The European Union Explores Bank Account Cash Withdrawal Freezes

The European Union is considering measures which would allow members to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed.

The proposal, which has been in the works since the beginning of this year, comes less than two months after a run on deposits at Banco Popular contributed to the collapse of the Spanish lender.

Giving supervisors the power to temporarily block bank accounts at ailing lenders is "a feasible option," a paper prepared by the Estonian presidency of the EU said, acknowledging that member states were divided on the issue.

EU countries which already allow a moratorium on bank payouts in insolvency procedures at national level, like Germany, support the measure, officials told Reuters.

Under the plan discussed by EU states, pay-outs could be suspended for five working days and the block could be extended to a maximum of 20 days in exceptional circumstances, the Estonian document said.

This should be a warning to individuals anywhere on the planet, keep some funds "under your mattress." During such a freeze cash will be king.


1 comment:

  1. On your marks... Get set... GO GET YOUR MONEY OUT NOW!