SHOCK: Canada Considering Cyprus-Style “Bail-In”Submitted by juano510 on Tue, 05/28/2013 - 16:31
Buried deep in last month’s federal budget is an ambiguously worded section that has roiled parts of the financial world but has so far been largely ignored by the mainstream media.
It boils down to this: Ottawa is contemplating the possibility of a Canadian bank failure — and the same sort of pitiless prescription that was just imposed in Cyprus.
Meaning no bailout by taxpayers, but rather a “bail-in” that would force the bank’s creditors to absorb the staggering losses that such an event would inevitably entail. http://libertyfirewall.com/2013/04/03/shock-canada-consideri... http://www.cbc.ca/news/politics/story/2013/04/02/f-rfa-macdo...