Think Your Money Is Safe In An Insured Bank Account? Think AgainSubmitted by emalvini on Mon, 07/08/2013 - 12:39
Think Your Money Is Safe In An Insured Bank Account? Think Again
Monday, 08 July 2013 10:05
By Ellen Brown, Web of Debt Blog | News Analysis
A trend to shift responsibility for bank losses onto blameless depositors lets banks gamble away your money.
When Dutch Finance Minister Jeroen Dijsselbloem told reporters on March 13, 2013, that the Cyprus deposit confiscation scheme would be the template for future European bank bailouts, the statement caused so much furor that he had to retract it. But the “bail in” of depositor funds is now being made official EU policy. On June 26, 2013, The New York Times reported that EU finance ministers have agreed on a plan that shifts the responsibility for bank losses from governments to bank investors, creditors and uninsured depositors.