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Farage: Major European bank runs now taking place
Date 26/03/2013 16:45  Author webmaster  Hits 2604  Language Global
“Western civilization hinges on democracy and the rule of law, and what we are seeing is democracy being smashed and the rule of law being treated with contempt... The sooner the whole eurozone breaks up and collapses the better off we will all be - UKIP Leader Nigel Farage MEP.

KWN | UKIP Leader Nigel Farage told King World News (25.03.2013) that what they have done in Cyprus has now sparked major banks runs in Europe: “Even people like me who have spent many long years warning that things are out of control are really, really scared by the events of the past few days.”  Below is what Farage had to say in this extraordinary and exclusive interview:

Eric King:  “The Cyprus deal that’s been brokered here, your thoughts in the aftermath of that?”

Farage:  “Clearly the little man (under €100,000 deposits) has gotten off the hook for the moment.  They were quite prepared to break their own deposit guarantee scheme initially, but they have now gone for a much, much more spectacular coup in terms of the amount of money they are going to steal from big companies, and from bigger savers (deposits over 100,000 euros)...


“I must say the thing I find the shabbiest about it is their insisting that it doesn’t need to be subjected to a vote in the Cypriot Parliament.  I very much hope that the members of the Cypriot Parliament say, ‘To hell with that, we demand another vote.’

“It’s funny isn’t it, the Germans are going to have a vote on it in their Parliament, but the Cypriots are being told that they shouldn’t have a vote on it.  If that’s not moving into a German dominated Europe, I don’t know what is.

“I said last week that I felt any savers who had money in other eurozone banks, particularly in the Southern eurozone countries, really ought to think seriously about getting their money out.  Well, this afternoon something far more serious has happened.  The Dutch Finance Minister, about an hour and a half ago, said that he saw the Cyprus eurozone bailout as now being a template of how they intend to act in the future.  So the burden of all of this will now fall on the private sector, and not on the public sector.

“Frankly, what that now says is that anybody that has money, or anybody that has big money sitting in a Spanish or an Italian bank, and particularly if you happen to be a financial officer for a company, it would be criminally negligent of you to now leave your money or a company’s money in a Spanish or an Italian bank.

“I think what they’ve done today is to spark a major run on those banks. I see that some of the banks stocks have fallen 6% this afternoon, and I think in their desperation to keep the eurozone propped-up, I really believe that long-term they have made an absolutely fatal error.  They have now crossed the bounds into one of complete criminality, and from this their reputations will never, ever recover.”

Eric King:  “Nigel, there are so many people around the world that are disturbed by what they have seen in Cyprus, what do you see going forward?”

Farage:  “What I see is a Western political class that has effectively bankrupted countries, firstly by spending far more than we’re earning in order to pander to electorates.  And nobody has had an honest conversation with those people about what a mess countries are in.

“And secondly, I see all of that compounded many times more seriously by the sheer stupidity and lunacy of the eurozone project.  But now there is the total refusal to accept that the best way forward would simply be to break the whole thing up.

“Western civilization hinges on democracy and the rule of law, and what we are seeing is democracy being smashed and the rule of law being treated with contempt.  Even people like me who have spent many long years warning that things are out of control are really, really scared by the events of the past few days.”

Eric King:  “Can the West recover from this going forward?”

Farage:  “The sooner the whole eurozone breaks up and collapses the better off we will all be.  Clearly, any sense of an orderly retreat from the eurozone is now going to be very difficult to achieve.  But the alternative to that is the rise of violence and extremism across the south of Europe.  It’s not pretty whichever way it goes, but as I said, the sooner it breaks up the better.

“The game that is going on now is so big it is really difficult to foretell what’s going to happen.  But I do fear that if the Cypriot banks have suffered the way they have, mostly of course because of their holdings of Greek debt and the haircuts they had to take, I really think the concern now will move toward the Spanish banking sector.

“We need to remember that Spain is a very big country.  To bail out Spain appeared to me to be something that was just too big.  I have said before on King World News that it would mean massive amounts of IMF and American money.  The scale of a Spanish bailout would be a staggering 500 billion to 700 billion euros, but now they have shown they are prepared to steal private money.  I just do not know where we go from here, but it’s very, very difficult to see things getting better.”


kingworldnews.com
www.ukip.org

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