Savers need saviour

In Belgium, savings deposits are guaranteed up to 20000 €. That is a crying bloody shame, but no one talked about it : banks couldn't go bust anyway. Now the federation of banks wants to raise that amount to 60000 €. The proposal is presented as a kind of noble gesture. It still a bloody shame, and mostly to the benefit of the banks.

By the way, the rescue operations of Fortis and Dexia were presented as being needed to guarantee the savings of the clients of those banks. The government now has been courageous enough to say that the danger to the banks is not over yet, and that the protection of the savers is their first preocuppation. Or words to that effect. No guarantee at all there.

Mark my words, if and when a significant loss on savings were required to get the big banks out of the woods, that loss would most probably be acceptable to the government. At least if it happens when no immediate elections are in view.

Fortunately, we have elections all the time in this country.

As we say in Flemish : "een geluk bij een ongeluk".