"Although the bail-in template did not hit the news until it was imposed on Cyprus in March 2013, it is a global model that goes back to a directive from the Financial Stability Board (an arm of the Bank for International Settlements) dated October 2011, endorsed at the G20 summit in December 2011. In 2009, the G20 nations agreed to be regulated by the Financial Stability Board; and bail-in policies have now been established for the US, UK, New Zealand, Australia, and Canada, among other countries." A "bail in" means that instead of using taxpayer money to cover bank losses due to risky gambles gone bad, banks would use the deposits—savings, checking, what have you—of regular depositors. Like you. Note that the US, the UK, Canada and New Zealand are all included in that. That covers most of my FB friends.
Posted on: Tue, 09 Jul 2013 22:56:50 +0000
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