Banker Bot would have prevented this

Financial Times: Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday.

The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.

“It [the haircut] would take place in the context of an overall restructuring of the bank sector once Greece is back in a bailout programme,” said one person following the issue. “This is not something that is going to happen immediately.”

Greece’s banks have been closed since Monday, when capital controls were imposed to prevent a bank run following the leftwing Syriza-led government’s call for a referendum on a bailout plan it had earlier rejected. Greece’s highest court rejected an appeal by two citizens on Friday who had asked for the referendum to be declared unconstitutional.

Mish talks about this, he says:

I warned countless times over the last six months that Greek citizens need to pull their deposits before it was too late.

 You were right, Mish, and you are right about robotics. But you missed the greatest bot of them all, Banker Bot, fully functional and in our SmartCards.  Banker bot would have the optimally measured probability distribution of loans/deposits of all the Greek Banks, automatically stored in our cards. Our loans to deposits would have been automatically updated along the way, and the haircut would have been as small as the bot is accurate, nearly zero.