After the unseemly bankruptcy of the Espirito Santo
Group and the associated bank, then Portugal’s second biggest (likely a result
of not praying enough, see: “Big Portuguese Bank Gets Into Trouble” and “Fears
Over Banco Espirito Santo Escalate” for the gory details), Portugal’s state-run
deposit insurance fund basically ran out of money. It turns out that Europe’s
new Bank Recovery and Resolution Directive (BRRD for short) came just in time
for Portugal. At the end of 2015, another Portuguese bank bit the dust, the
country’s seventh largest lender by assets, Banif. Portugal’s government once
again decided to bail the bank out, but with strings attached. Subordinated
bondholders and shareholders were essentially wiped out, which is as it should
be. Jan.10 http://www.zerohedge.com/news/2016-01-10/eu-bail-directive-dark-clouds-are-gathering
To understand
this important news coming in from Portugal, I take my readers back to the last
solar eclipse. Notice that it fell prominently on the Ascendant at Lisbon where
Jupiter has just stationed retrograde. This implies that the essence of the
eclipse has been triggered in the last few days.
The following
is an extract from Nick Fiorenza’s post on the solar eclipse of September 13
entitled “Winds of Change & New Beginnings”.
This solar eclipse brings winds of change
that inspire new outward expressions in our lives. The Juno-Makemake North
Lunar Node conjunction at this significant location in the ecliptic indicates
this eclipse prominently effects relationships of all types along with emphasis
on the administration of resources in relationships. (Note: Juno is about “rights” and fairness and enforcement of
fairness especially in money matters [1])…Makemake appears to bring attention
to leadership issues regarding the administration of resources; and in areas
involving economics, ecology and human survival. Makemake may also impel
strategic planning and enterprising action to create environmental conditions
that ensure a healthy, prosperous and abundant life for groups or for the
people in general. Makemake may also act to sort out those who are truly worthy
of being in a leadership role from those who are not.
The Full Moon brings the solar eclipse theme to
its culmination. It brings realization about our need to clear our selves from
any psychic and emotional webs of entrapment and to redefine our focus,
dedication and commitments from this resultant clarity. This is prerequisite to
having the discernment to see through the diversionary commotion occurring in
the world, (Note: especially caused by
blindly following false leaders who do not have the good of the masses
at heart) and to function upon transcendent currents guiding our lives into
newer progressive modalities of living and co-participating in our relations as
we continue into our surely but slowly manifesting new world paradigm [2].
That this
eclipse is about enforcing the rights of the bank depositors who are be stiffed of their
money becomes clear from the foregoing.
The first euro area government that has tried to
subvert the law governing the relations between creditors and borrowers was
that of Austria. It was recently ignominiously stopped from doing so by the
country’s Constitutional Court, which declared the so-called “Hypo Alpe Adria
Special Law” unconstitutional. What the government tried to do in this case was to
stiff certain classes of creditors in spite of the fact that their bonds had
been guaranteed by the now essentially insolvent province of Carinthia. As one
can easily imagine, this decision didn’t go down well with the affected
creditors and they sued the government. Austria’s Constitutional Court rightly
concluded that the government had attempted to subvert essential legal
principles and repealed the law in its entirety.
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