Europe Strikes Deal To Push Cost of Bank Failure On Investors – Cyprus Again Now In 27 Countries…(Get Out Of The Banks!!)
Investmentwatchblog.com
June 27th, 2013
The other shoe just dropped. Cyprus all over Europe where money is looted by the banks from those who save and keep their money in the bank.
The European Union agreed on Thursday to force investors and wealthy savers to share the costs of future bank failures, moving closer to drawing a line under years of taxpayer-funded bailouts that have prompted public outrage.
After seven hours of late-night talks, finance ministers from the bloc’s 27 countries emerged with a blueprint to close or salvage banks in trouble. The plan stipulates that shareholders, bondholders and depositors with more than 100,000 euros ($132,000) should share the burden of saving a bank.
http://ncrenegade.com/editorial/europe-strikes-deal-to-push-cost-of-bank-failure-on-investors/
Europe Make Cyprus “Bail-In” Regime Continental Template
Turns out that for Europe, Cyprus was a “bail-in” template after all, and following an agreement reached early this morning, Europe now has a joint failed-bank resolution mechanism. Several hours ago, EU finance ministers announced that they had reached agreement on the principles governing the imposition of losses on creditors in bank ‘bail ins’. Having already agreed to establish “depositor preference” in the pecking order of creditors at risk, the stumbling block to agreement was the availability of flexibility at the national level to complement the bail in with injections of funds from other sources. Under the compromise achieved overnight, once a bail in equivalent to 8% of total liabilities has been implemented, support from other sources can be used (up to 5% of total liabilities) with approval from Brussels.
The Rest…HERE
