Secret European Cash Limits in Place

Some of you might remember the recent scandal where #HSBC tried to impose cash withdraw limits on their accounts:

Well it turns out that was just a trial balloon, to see how the public might react to withdraw limits being public knowledge. Limits that are already in place!

Let me tell you what my sources are telling me.

Webmaster's Commentary: 

When the ECB announced their negative interest rates, I predicted there would have to be some form of capital controls to prevent people from emptying their accounts.

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Ness

The measure just taken by the ECB concerns a negative rate on assets of banks-only, not individuals' bank accounts, and is meant to force banks to loan out more to the public (well, that's the excuse).

If the charge was on individuals' bank accounts i am quite sure a bank run would follow. There are indeed cash limits in Italy and some other countries, Portugal and Greece, maybe more.

All in all, banks are simply not the safest places for cash anymore. Next move in EU will be to get rid of cash altogether of course, and THEN start charging individual bank-accounts.

+++MELON MELON MELON+++
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+++quote Terry Pratchett:HEX+++

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