The Bail-Ins Begins: Banco Popular (the 6th largest bank in all of Spain) Bought Out For One €!
Yep, you read that correctly one stingy Euro!
This is both funny and a tragedy.
You should have heard the alarming news already, but the details are much worse and the contagion may already be spreading to other corporations.
The Global systemically important financial institutions (G-SIFI or SIFI) are protected by the new rules and this is the most recent demonstration of the protection racket!
Banco Popular: 1st Bank Collapse In The History Of The E.U.
Banco Popular’s stock fell from more than 30 Euros in 2007 to less than 33 cents this year, while the depositors scrambled to withdraw their deposits causing a bank-run.
Banco Santander acquired the collapsed bank for one Euro!
Tens of Billions of Euros are invested in stocks and bonds along with assets and properties in Banco…
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