Sinks to a write-off if not adhered to

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Elie Ferzli wrote inNews“: The draft Capital Control Law is ready. It is true that the law will not meet the aspirations of depositors and they will legalize the restrictions on their money, but, in return, the door will be opened, even late, to prevent discretionary discretion by banks. The law also allows for 10 million liras to be withdrawn from accounts in foreign currencies at a rate close to the market rate. The most important thing is that it places severe penalties on violating banks that may reach the point of being written off from the list of banks. This is just a draft. But the banks are mobilizing their energy to confront them. They do not want to finance exceptions to the law (about 350 million dollars), do not agree to the ceiling of withdrawals, and they reject any mechanism to compel them to implement. They simply want to enjoy the huge profits achieved by their owners, as if they are not concerned with the crisis, In exchange for blaming the depositors with all the losses, and above all, she has full confidence that the Bank’s party in Parliament will not let her down..

The final draft came out of the Capital Control Law proposal that was implemented by the subcommittee emanating from the Finance Committee, and includes representatives from all parliamentary blocs. The draft, which was reviewed by Al-Akhbar, is supposed to be discussed in the committee next week. Until then, however, banks began a counter-campaign to eliminate what committee members deem “the best possible”, given the current reality.

An observing legal person says, how is it possible for depositors to go bankrupt while banks want to continue as if nothing happened? In short, if banks are not accountable to their customers, it is inconceivable that the depositor alone should bear the consequences of dishonesty by banks. Before him, she must bear the responsibility. For any company that cannot fulfill its obligations, bankruptcy is its natural destiny, so that its properties and assets, regardless of their value, will be distributed to its customers, so that they know at that time the percentage of what they have actually lost. This fate is precisely what banks, in cooperation with their customers, partners and political owners, have sought to keep it away from them. Therefore, the government recovery plan, whose capital carried part of the losses, thwarted and sought to transfer these losses to the shoulders of the state and depositors..

If the deputies believed this time and did not betray their constituents again, the passage of the Capital Control Law may clarify the reality of the current banks. Which of them is able to continue and which of them has turned into a zombie, it must be liquidated, after it turned into a burden on the economy.

Source: News





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