I'll bite once more. I'm not negating my own point. First, a digression.
I can't read Greek and haven't read that particular insurance policy's scope. But I've read all of mine, and they all say "insures against <list> and only that". They don't insure me against generic other mishaps, and exclude force majeure.
If the legislature decides to expropriate all or part of someone's property, that act doesn't extend the list of protections afforded by an insurance policy. Perhaps the legislature shouldn't have done what it did, I'm not arguing that point. But a legislature is sovereign, it can do things.
If a bank or someone else tricks, cajoles, persuades the legislature to expropriate all or part of someone's property, that act still doesn't extend the list of protections afforded by any insurance policies.
That they banks could have done other things instead of going to the legislature is entirely correct, but not relevant. Once the legislature acted, the thing that actually happened was out of scope for the deposit insurance, because the legislature's sovereignty is a unique force.
And after that digression, my point is that the original article bends the truth too much. In this case by making it sounds as if an insurance policy was worthless ("poof") because it didn't protect citizen against expropriation ordered by the legislature of the citizens' country, without arguing that what happened was in-scope for that insurance.
He didn't argue either that the legislature was acting beyond its powers, or that the insurance policy covered the what happened. He could have argued, but didn't, he just put words next to other words. The words are spatial connected, not causally, and my point is that that's ugly and misleading.
It sucks for the Greek who lost part of their deposit, but that doesn't license anyone to be bend the truth about what a particular insurance covers.
I can't read Greek and haven't read that particular insurance policy's scope. But I've read all of mine, and they all say "insures against <list> and only that". They don't insure me against generic other mishaps, and exclude force majeure.
If the legislature decides to expropriate all or part of someone's property, that act doesn't extend the list of protections afforded by an insurance policy. Perhaps the legislature shouldn't have done what it did, I'm not arguing that point. But a legislature is sovereign, it can do things.
If a bank or someone else tricks, cajoles, persuades the legislature to expropriate all or part of someone's property, that act still doesn't extend the list of protections afforded by any insurance policies.
That they banks could have done other things instead of going to the legislature is entirely correct, but not relevant. Once the legislature acted, the thing that actually happened was out of scope for the deposit insurance, because the legislature's sovereignty is a unique force.
And after that digression, my point is that the original article bends the truth too much. In this case by making it sounds as if an insurance policy was worthless ("poof") because it didn't protect citizen against expropriation ordered by the legislature of the citizens' country, without arguing that what happened was in-scope for that insurance.
He didn't argue either that the legislature was acting beyond its powers, or that the insurance policy covered the what happened. He could have argued, but didn't, he just put words next to other words. The words are spatial connected, not causally, and my point is that that's ugly and misleading.
It sucks for the Greek who lost part of their deposit, but that doesn't license anyone to be bend the truth about what a particular insurance covers.