Australia Plans Cyprus-Style “Bail-In” Of Banks In 2013-14 Budget…(Get Out Of The Banks!!!)
July 10, 2013
I found it.
As predicted. Apologies it took so long.
Unsurprisingly, the evidence was fairly well buried. Naturally, the government does not want you to know what they are doing.
Just like the Canadian government did in March, and just as Europe, the USA and the UK have now done, the Australian government too is now beginning to make good on its 2010 G20 commitment to implement the Goldman Sachs-chaired, internationalist Financial Stability Board’s new regime for bailing out the banks using depositors’ money.
On page 134 of the Australian Government Budget 2013-14 Portfolio Budget Statements, under the section for the Australian Prudential Regulation Authority, we find the first of APRA’s main strategic objectives for 2013-14. It can be effectively summarised as “business as usual”.