Today the man who first predicted Greek bank deposits would be stolen just issued a second frightening prediction to King World News. This interview takes a second trip down the rabbit hole of Western government lies, deception, theft and eventual collapse.
James Turk: "The 4-day Easter holiday in Western Europe has come and gone without an ECB imposed bail-in on Greek bank depositors, Eric. Greece managed to pay its end of March obligations, but the country is still in a state of suspension. As we discussed in last week’s interview, the real test is yet to come.
Two Greek government Treasury bills totaling €2.4 billion mature on April 14 and April 17. But before then, Greece needs to repay €450 million to the IMF on April 9….
Continue reading the James Turk interview below…
"It is noteworthy that the following day, April 10, Greece begins its 4-day Easter holiday, which the Greek Orthodox Church celebrates one week later than the rest of Europe. This 4-day national holiday is wedged in between these critical payment dates, so it becomes the likely period to expect the bail-in of Greek depositors.
ECB Now Circling Greek Bank Deposits
The Greek government has made it clear that it has nearly run out of money. Just as worrisome, the ECB’s total Greek credit exposure continues to approach total deposits in Greek banks as the bank-run there continues. Following the blueprint it established in Cyprus, the ECB will not allow its credit exposure to Greece to exceed the total deposits in Greek banks, and the ECB is now circling these remaining deposits like a hawk.
For obvious political reasons, the ECB cannot turn to the rest of Europe to ask it to repay the ECB’s loans to Greece. It is not an option. Nor is there any realistic possibility that the ECB can be repaid from Greek sources. The Greek government and that country’s banks do not have the financial capacity to repay the money they owe to the ECB or its other creditors, just like the Cypriot government and banks did not have the financial capacity to repay their debts.
ECB Getting Ready To Steal Greek Bank Deposits
Other than some heaven-sent money from Germany or another unlikely source, which is not likely, a bail-in is the ECB’s only other option to get its money back. So the ECB will confiscate the money on deposit in Greek banks to repay its loans to Greece, repeating what the ECB did in Cyprus when it “bailed-in” to the ECB’s coffers the money of bank depositors in that country in order to repay the loans the ECB had extended to Cypriot banks.
Second Frightening Prediction – ECB Has A License To Steal And Intends To Do It
We need to keep in mind, Eric, the central planners in Europe told us what they would do if other countries fell into the same circumstances as Cyprus. After that country's collapse two years ago, the Cyprus bail-in became the blueprint for other eurozone members that got themselves into dire straits. If their economies were struggling as a consequence of their huge, unmanageable debt burdens, particularly government debt that has accumulated to eye-watering heights because of uncontrolled government spending, the ECB would impose a bail-in.
IMF, Troika And Mainstream Media Coverup
The Greek government and the banks have kept their doors open simply because of the “extend-and-pretend” policy imposed on Greece by the EU, IMF and ECB – the so-called “troika”. By granting new loans and mixing in some cheerleading that was broadcast in the mainstream media, the troika hoped that they would convince people both in and out of Greece that the Greek government and its banks were solvent.
Despite Coverup, Greek Bank Runs Accelerating
It didn’t work, and money continues to flow out of the Greek banking system, which so far has stayed afloat because it is being backstopped by the ECB. It is this throwing good money after bad that has put the ECB in its current predicament. So if the ECB is not going to take a loss on its loans, it needs to pull the plug soon – before its credit exposure to Greece becomes greater than the amount of deposits in Greek banks.
Troika Increasingly Desperate As Endgame Approaches
The troika is pulling out all the stops to keep Greece on a short leash, Eric. As they have done before, these central planners are now meddling in internal Greek politics, which is both a sign of their desperation and also that we are rapidly approaching the endgame.
They are putting prime minister Alexis Tsipras to a test. The troika is holding his feet to the fire by forcing him to make a decision on where his loyalties are. Are they self-serving so that he can remain prime minister, or will he serve the interests of the Greek people who brought his party to power?
Will Tsipras Betray The Greek People?
What’s happening behind the scenes is that the central planners in Brussels and the ECB are trying to change the Greek political structure. They believe that Mr. Tsipras is more interested in being Greek prime minister than serving the will of the people who brought his party to power.
So the eurocrats are trying to get Mr. Tsipras to jettison the far-left of his governing Syriza party and form a new coalition government with parties closer to the center of the political spectrum, which means those parties willing to bend to troika demands and make concessions to eurozone authorities as the Greek government’s cash squeeze worsens.
Tsipras Meeting With Putin
The eurocrats are outwardly hostile to elements of Mr Tsipras’s anti-austerity Syriza party, and they are not willing to listen to his requests for help to undo mistakes made by past Greek governments. So the hardline taken by the eurocrats is having unintended consequences, with Mr Tsipras going to visit Mr. Putin on Wednesday.
Gold And Silver Respond With Price Surge
There is no doubt that the central planners and ECB partisans are putting Greece through the ringer, and the realization that an explosion is imminent is lighting a fire under gold and silver. Friday’s horrific unemployment report is also helping the precious metals as the US economy continues to weaken. The bottom line, Eric, is that the tide is turning in favor of gold and silver. ***ALSO JUST RELEASED: David Stockman – Yes, Western Governments Do Plan To Steal Money As The Financial System Collapses CLICK HERE.
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The audio interviews with James Turk, Rick Rule, Dr. Paul Craig Roberts, Bill Fleckenstein, Dr. Philippa Malmgren, Egon von Greyerz, Eric Sprott, Robert Arnott, Gerald Celente, Michael Pento, David Stockman, Marc Faber, Felix Zulauf, Andrew Maguire, John Mauldin, John Embry and Rick Santelli are available now. Other recent KWN interviews include Jim Grant — to listen CLICK HERE.