Finally, EU conceives the idea of forcing the costs of bank bailouts to be supported by those who invested in said banks. They took the risk, and risk means sometimes you lose. In US, the rich took the risk and the poor paid for it.
This is a a first step towards a no-bullshit reality facing. Various commentators are rolling their eyes: oh, what a mistake, “public confidence in the financial system is a prerequisite for a healthy economy”. Yes, public confidence is a prerequisite also for gravitation laws to work. Oh, wait, it isn’t.
Then what these people are calling “healthy economy” is really a big made-up shit-loaded bubble expected to float on the belief of the populace, the economy that works exclusively for those which filled it. Well, guys, start putting your money where your mouth is.
I read concerns about investors running with their money. Well, please do, run and never return because you guys are fucking with my life since twenty years ago, and that’s only because communism protected me. Please run on some faraway planet, I never wanted to hear from you, and the losers working for you. YOU are not necessary, your vocabulary stains whatever human dignity is left possible in any society. You and your money centered psychotic existence.
Run. Run on the banks. Take your money and go invest on Jupiter. Nobody will regret you for a few generations.
Once again, cheers to those who will have the guts to mandate bailing the banks with investors/shareholders/stakeholders’ money.
This is a sound basis for a future EU and for its citizens. It’s the first solid sign of sanity from the EU admins. Congratulations this time for the Eurogroup if they will stick with this decision.
A few words about the amounts though: the rational way to do it is to take 0% from those accounts under the limit guaranteed by the State and any amount necessary out of those accounts which are over that covered limit or those accounts which were completely speculative and unguaranteed. What’s up with this tuning, from 40% to 6.6%-9.9% to whatever?