Why were Germans told to stockpile food and cash in case of a disaster hitting the country?
Angela Merkel said Deutsche Bank will not be getting a bailout from the European Central Bank, the lender of last resort for European banks.
Tuesday Bundesbank board member Andreas Dombret said in a speech in Vienna, “Political support for the banking sector has to end at last.”
The U.S. Department of Justice recently issued a $14 billion fine to the bank to settle a mortgage-backed securities probe. Merkel also declined to provide help to Deutsche Bank in its legal battle with the DoJ.
All signs point to a bail-in whereby millions of Germans will see their cash confiscated by the government to prop up Deutsche Bank. Is this in part because politics in Germany has swing toward anti-immigration, resulting in Talmudic revenge to punish so-called “Nazis.” There is also a component of feasting on the carcass [see “Deutsche Bank to be the Foil?“], and the German Rothchilds-controlled Bundesbank is on board.
Tuesday, DB CoCo bonds (contingent convertible bonds), which would be priority hit to a bail-in, went to a 30% haircut.
Customer bail-ins are not new. The Bank of Cyprus took almost 40% of depositors’ cash to keep the bank afloat. Deposits were frozen and ATM machines were restricted.