The letter (left) from Cyprus Bank’s George Georgiou to Laika Bank CEO Takis Phedias appears to be genuine. It’s dated February 11th 2013, and suggests very strongly that Laiki Bank was mulling a depositor haircut long before the final mid-March announcement by Djisellbloem’s eurogroup.
It also shows clearly that the Central Banker Georgiou expressed his opinion that any confiscation of customer ‘property’ by an EU bank would contravene Article 1 of Protocol 1 of the EHRC.
The idea then seems to have been dropped by Laiki…who almost certainly evoked the Cyprus Bank letter in order to put off the suggestions of the eurogroup that there should be a depositor haircut. But the Merkeschäuble disagreed with Georgiou’s ruling. Technically, they were right. Here is the Article concerned – my emphases:
‘Every natural or legal person is entitled to the peaceful enjoyment of his possessions. No one shall be deprived of his possessions except in the public interest and subject to the conditions provided for by law and by the general principles of international law.
The preceding provisions shall not, however, in any way impair the right of a State to enforce such laws as it deems necessary to control the use of property in accordance with the general interest or to secure the payment of taxes or other contributions or penalties.’
On that basis, the EHRC isn’t worth the paper it’s printed on. As so often with the Controllers, the public interest, the State’s rights, the general interest, taxes, penalties and a million other exceptions allow those in charge to do WTF they want. Despite the perceived strength of the Weimar Republic’s citizen protection clauses, from 1933-35 Hitler was able to establish a One Party Dictatorship without breaking a single clause in the constitution.
Note also that the word used by both the EHRC and Georgiou is ‘property’ – not ‘savings’ or ‘deposits’. This allows any bank at any time to remove cars, houses, boats etc from the customer in the public interest.
And of course, if the public isn’t interested, the public interest can be invoked without the slightest opposition.
Wherever you live, this clean-out theft is coming your way. Remain vigilant, and stay tuned.