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SDBs in Greece

GrumpyEdGrumpyEd Posts: 4,749 ✭✭✭
Interesting article.

I know that some US banks say not to keep cash in SDBs and in the 30s they didn't let people keep recalled gold in them.

Now in Greece they said:

"There was confusion Sunday night over the fate of bank safety deposit boxes, with Deputy Finance Minister Nadia Valavani saying people would be allowed to remove items from them, but not cash, and Alternate Finance Minister Dimitris Mardas later said the issue would have to be taken up by lawmakers."


Can't get cash from SDBs
Ed

Comments

  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    Can think of any logical reason to keep cash from it's owner unless the banks think they should be able to confiscate it in a bail in. Unchartered territory since the cash was never "loaned" to the bank in the first place. Don't see where the banks have a legitimate claim to it. If they have a claim on SDB cash they likely have a claim on anything in the box. Gonna learn something new in the war on cash.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • s4nys4ny Posts: 1,569 ✭✭✭
    I would expect that Greeks would not have waited this long to remove
    cash and precious metals from their safety deposit boxes.

    In a crisis banks become tools of the government.
  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭


    << <i>I would HOPE that Greeks would not have waited this long to remove
    cash and precious metals from their safety deposit boxes.

    In a crisis banks become tools of the government. >>



    FIFY!image
    theknowitalltroll;
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭


    << <i>I would expect that Greeks would not have waited this long to remove
    cash and precious metals from their safety deposit boxes.

    In a crisis banks become tools of the government. >>



    That's the first thing we should do if we have a Big Crisis here? Go empty out the SDBs?

    Because it's far more likely that the Government will seize my coin collection and the wife's jewelry, than that I'll be robbed on my way out of the bank, or my home burglarized during the Crisis and the stuff stolen?

    Liberty: Parent of Science & Industry

  • derrybderryb Posts: 36,779 ✭✭✭✭✭


    << <i>That's the first thing we should do if we have a Big Crisis here? Go empty out the SDBs? >>


    Those in Baleyville need only go throw another shrimp on the barbie.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    One more reason I am happy to not have an SDB.... Personal security - professionally done - gives so much peace of mind. Cheers, RickO
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭


    << <i>

    << <i>I would expect that Greeks would not have waited this long to remove
    cash and precious metals from their safety deposit boxes.

    In a crisis banks become tools of the government. >>



    That's the first thing we should do if we have a Big Crisis here? Go empty out the SDBs?

    Because it's far more likely that the Government will seize my coin collection and the wife's jewelry, than that I'll be robbed on my way out of the bank, or my home burglarized during the Crisis and the stuff stolen? >>



    Yeah, I would think it's more likely the govt will rob you than your neighbors. It's called a Bail-In....not the same as a Baley-In.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭


    << <i>

    << <i>I would expect that Greeks would not have waited this long to remove
    cash and precious metals from their safety deposit boxes.

    In a crisis banks become tools of the government. >>



    That's the first thing we should do if we have a Big Crisis here? Go empty out the SDBs?

    Because it's far more likely that the Government will seize my coin collection and the wife's jewelry, than that I'll be robbed on my way out of the bank, or my home burglarized during the Crisis and the stuff stolen? >>



    Kinda like storin yer gold with bulliondirect, LOLOL. If it aint in your hands, you don't own it.
    theknowitalltroll;
  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭
    One thing I haven't heard of coming from Greece is if there has been any up tick in crime. Has anyone seen any reports of this?
  • StaircoinsStaircoins Posts: 2,566 ✭✭✭


    Meet the One Greek Business Profiting From the Run on Banks

    Relevant:
    The Greek government’s desperate push to raise tax revenue has meanwhile made people question the wisdom of storing their money in safety deposit boxes, where the tax police could still seize it. And the fact that people all over Greece are stashing their savings at home has driven an epidemic of burglaries.

    ... and ...

    Greek media have meanwhile reported a change in the burglars’ tactics. If before they would wait until a home was empty before breaking in to ransack the place, they now prefer to have at least one person at home during the robbery to show the intruders where the money is hidden




  • PerryHallPerryHall Posts: 46,106 ✭✭✭✭✭


    << <i>

    << <i>I would expect that Greeks would not have waited this long to remove
    cash and precious metals from their safety deposit boxes.

    In a crisis banks become tools of the government. >>



    That's the first thing we should do if we have a Big Crisis here? Go empty out the SDBs?

    Because it's far more likely that the Government will seize my coin collection and the wife's jewelry, than that I'll be robbed on my way out of the bank, or my home burglarized during the Crisis and the stuff stolen? >>



    The government would never take your gold that you are storing in your SDB. Right?imageimage


    image

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • PerryHallPerryHall Posts: 46,106 ✭✭✭✭✭


    << <i>Meet the One Greek Business Profiting From the Run on Banks

    Relevant:
    The Greek government’s desperate push to raise tax revenue has meanwhile made people question the wisdom of storing their money in safety deposit boxes, where the tax police could still seize it. And the fact that people all over Greece are stashing their savings at home has driven an epidemic of burglaries.

    ... and ...

    Greek media have meanwhile reported a change in the burglars’ tactics. If before they would wait until a home was empty before breaking in to ransack the place, they now prefer to have at least one person at home during the robbery to show the intruders where the money is hidden >>



    This works quite well in countries where the citizens have been disarmed by their government.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • GrumpyEdGrumpyEd Posts: 4,749 ✭✭✭
    Maybe they'll let them have their money but collect unpaid tax on it and worse, they'll return it in their freshly printed volatile new currency that nobody will want. That way the gov gets the euros and the public gets the new currency.
    Ed
  • mariner67mariner67 Posts: 2,746 ✭✭✭
    Part of the problem is that many Greek businesses and citizens do not pay their taxes and enforcement is lax.
    Successful trades/buys/sells with gdavis70, adriana, wondercoin, Weiss, nibanny, IrishMike, commoncents05, pf70collector, kyleknap, barefootjuan, coindeuce, WhiteTornado, Nefprollc, ajw, JamesM, PCcoins, slinc, coindudeonebay,beernuts, and many more
  • StaircoinsStaircoins Posts: 2,566 ✭✭✭

    Another source ... Greeks cannot tap cash in safe deposit boxes under capital controls

    Deputy Finance Minister Nadia Valavani told Alpha TV that ... the government and banks had agreed ... that people would also not be allowed to withdraw cash from safe deposit boxes.



    But it could never happen here, right? image

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭


    << <i>Maybe they'll let them have their money but collect unpaid tax on it and worse, they'll return it in their freshly printed volatile new currency that nobody will want. That way the gov gets the euros and the public gets the new currency. >>



    What's the proof that money in a SDB there is untaxed? Or the Greek Guvmint just assumes it is?
    theknowitalltroll;
  • GrumpyEdGrumpyEd Posts: 4,749 ✭✭✭


    << <i>What's the proof that money in a SDB there is untaxed? Or the Greek Guvmint just assumes it is? >>



    No proof but even in the US if they find someone with over 10K in cash they seem to assume it's from crime or not taxed so in desperate times I would expect them to be even more likely to make the assumption.


    Latest articles are saying they may also take 30% of bank deposits.
    Ed
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