Brussels forcing Greek money in Switzerland back to Greece

Bruce Krasting

A move is being made in Brussels to “force” the Swiss government/ banks to transfer all of the assets of Greek citizens back to the Greek banks. For a Greek this means that your money is hostage. It has been functionally expropriated. It will be transferred into a banking system that is fraught with risk

Instead, he continues, the only real way to prevent capital flight is to fix the underlying financial problems in the country. In such insane circumstances, governments banning ownership of gold is a real possibility. Spain and Italy are next, and their residents have huge amounts of money out of their countries too. The safe haven will probably end up being the US, and the coming chaos and fury at Brussels will destabilize things even more.

Those officials in Brussels have no idea what they are unleashing.