Is This Serious? Switzerland to Allow Bail-in Deposit Confiscations, Cyprus Ordering A Vote In Its Parliament On The Terms of The EU-IMF Troika Bailout, And The Latest Eurozone’s ‘Growth’ Agenda Focused On Austerity, Having Banks Lending Money Less, Depressing Wages, Laying Off Public Employees, And Privatizing State Businesses…
April 20th, 2013
Switzerland Revises 1934 Banking Act to Allow Bail-in Deposit Confiscations!
The Swiss Financial Market Supervisory Authority (FINMA) has quietly joined the growing parade of western nations who have quietly re-written banking laws to allow depositor bail-ins upon the next banking crisis.
If Switzerland, the once ultimate safe haven for banking deposits across the world is preparing to confiscate depositors funds, there truly is no protection anywhere other than physical gold and silver in your own possession! In the event that a bank is failing or where its capitalization is no longer adequate, the Swiss Financial Market Supervisory Authority (“FINMA”) may take measures to improve such bank’s financial viability rather than liquidating it. “Loss absorption” and “bail-in” are important instruments to support any such measures.
Fitch Downgrades UK to AA+!
The Fitch credit ratings agency has downgraded the UK to AA+ owing to a weakened economic outlook.
The move, after Moody’s downgrade in February, came as Chancellor George Osborne defended the government’s austerity plan.
Fitch said its downgrade primarily reflected a weaker economic and fiscal outlook.
Cyprus Ordering A Vote In Its Parliament On The Terms of The EU-IMF Troika Bailout