Relevant:
- Moody's cuts bank outlook to 'negative' on Ottawa's bail-in rule
- Banks In Cyprus Could Be Closed For Another Week, ECB Working On 'Insane' Plan; Cypriot Parliament Rejects Plan
- IMF sets terms of Cyprus bailout
- Cyprus, lenders set Bank of Cyprus bail-in at 47.5 percent, sources say
- January 1, 2016: The New Bank Bail-In System Goes Into Effect In Europe
2013-04-01 — www.globalresearch.ca
This new budget actually proposes "to implement a ‘bail-in' regime for systemically important banks" in Canada. "Economic Action Plan 2013″ was submitted on March 21st, which means that this "bail-in regime" was likely being planned long before the crisis in Cyprus ever erupted. So exactly what in the world is going on here? In addition, as you will see below, it is being reported that the European Parliament will soon be voting on a law which would require that large banks be "bailed in" when they fail. In other words, that new law would make Cyprus-style bank account confiscation the law of the land for the entire EU.
I can't even begin to describe how serious all of this is. From now on, when major banks fail they are going to bail them out by grabbing the money that is in your bank accounts. This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the western world.
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