Cyprus Was a “Unique” Case…Could NEVEEEEER Here…

5 Apr

Because it was so small…the rest are bigger…

Global Deposit Confiscation Called For By Influential CEO Of Italy’s Largest Bank

The CEO of Unicredit Federico Ghizzoni said yesterday that it is “acceptable to confiscate savings to save banks.” He said that the savings which are not guaranteed by any protection or insurance could be used in the future to contribute to the rescue of banks who fail and that uninsured deposits could be used in future bank failures provided global policy makers agree on a common approach.

The.Banks.Must.Be.Saved…

Meanwhile, on the “it could NEVER happen here” front…

Canada’s “ Economic Action Plan”… pg 144…

The Government proposes to implement a bail in regime for
systemically important banks. This regime will be designed to ensure that,
in the unlikely event that a systemically important bank depletes its
capital, the bank can be recapitalized and returned to viability through the
very rapid conversion of certain bank liabilities into regulatory capital.

.The Government will consult stakeholders on how best to implement a bail – in regime in Canada

Systemically important banks will continue to be subject to existing risk
management requirements, including enhanced supervision and
recovery and resolution plans.
Right….
By “certain liabilites” they mean “your money” and by  “stakeholders” they mean” bankers”…
Zero Hedge
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