Yes, the game is take deposits, and use X% off the top to buy the lousy equity in the banks. It is a forced cash for equities swap. Do the depositors have a say in the matter? Nope. Will see how bank runs happen.
The entire depositor driven banking system violates some principles of ownership and comingling of funds. Individuals pool resources and put all at risk, in one jumbled mess, and are given IOUs in their bank accounts they are supposed to cash out when they decide. But the money isn't in their bank accounts, it is in a general pool of funds lent out, and only a fraction of the money that is left.
So, let's see, Germany forces this, and cause a run on banks everywhere that take down the global banking system, including their own banks.
