THOUGHT YOU SHOULD SEE THIS - I TOOK THE NAMES OFF THE ONE ON EUROREALIST

 Bank run?

PL


I spoke with the brother-in-law of one of our committee members this morning who has been living in Spain for the past 11 years. 

He bought a villa for GBP750,000 in Spain 10 years ago and it is now on the market for GBP395,000 but no takers 

He banks with Cam Bank which was sold for one euro two years ago to the much bigger Sabadell Bank with 7 billion in bad loans. 

He has substantial funds tied up in euro-bonds but these have been frozen since the buy out and the bank won't give him access or let him draw upon them. 

So he is stuck with no meaningful cash flow and he has had to sell his beloved Rolls Royce for a peppercorn figure (ah the heart bleeds) 

He can't pay the property taxes which are due in October and if he doesn't pay they will fine him and charge interest. 

Within a year the fines and interest will almost treble the debt and if it remains unpaid for another year the Valencian authorities will confiscate the property and will sell it for whatever they can get. 

This is apparently against federal law but the Valencian authorities say that local law takes precedence. 

So much for the protection of mighty EU law.

One thing is for sure, Europe isn't working and the grand panjandrums of the EU haven't a clue as to what they do to sort out the mess. At this rate it will end in tears if not war!

Regards.

J M


I don’t want to start a bank run, but I received this from a correspondent of mine today:
 
 
I spoke to my banker in Jersey yesterday and they are being inundated by people transfering deposits from Eurozone banks to Jersey. Also, interestingly, one of his clients is the top credit risk guy at HSBC and he is transferring his account out of the UK to RBC in Jersey. He thinks that the UK could get fesperate enough to do the same grab on deposits