The "bail-in" era has now begun in earnest.*
- Cyprus was a useful beta-test and model.
Austria's first "bail-in" of "bad bank" HETA will see bond holders clipped.
- But 'new' laws put EUro bank deposits at risk of confiscation as well.
A very broke SYRIZA-run Greece will raid cash reserves in pension funds and its public sector entities to cover its immediate funding needs.
*For "progressives" and other cognition-challenged types:
- "Bail-out" meant the taxpayer got hosed.
- "Bail-in" means the bond holders and depositors get hosed.
1 comment:
They can only do so with the cooperation of "Law Enforcement". Do you know where they live in YOUR neighborhood? And have you made plans to deal with them appropriately when the time comes???
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