EU makes bank creditors bear losses as Cyprus bail-in becomes blue-print

http://www.blacklistednews.com/EU_makes_bank_creditors_bear_losses_as_Cyprus_bail-in_becomes_blue-print_for_rescues/26996/0/0/0/Y/M.html


EU makes bank creditors bear losses as Cyprus bail-in becomes blue-print for rescues
June 29, 2013
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Soruce: telegraph.co.uk



The new guidelines have the aim of ensuring that taxpayers are no longer the first in line to take on the burden of banking failures following a European sovereign debt crisis driven by multi-trillion government bailouts and guarantees for the financial sector since 2008.

Jeroen Dijsselbloem, the chairman of the Eurogroup of finance ministers, hailed the agreement as a major step towards a “banking union” and away from state funded aid to recapitalise or bailout troubled banks across Europe.

“For the first time, we agreed on a significant bail-in to shield taxpayers, to break the vicious circle of sovereigns and banks, and to induce banks to behave more responsibly,” he said early on Thursday morning.

Mentioned it in another thread, but we wonder why Cyprus lets the Russians use their island to defend Syria. It was a forgone conclusion after the EU dimwits cuffed Cypriot deposits well exceeding the "bail-out/in". Liars & Damn liars one and all. As an EU nation we have Russia utilizing a NATO asset.

It will be interesting to see if time will reveal just how badly Cyprus was robbed in the event. I've heard & read 200 to 500% more than necessary was seized from Cypriot banks. We'll never know. Much like here in the US when they seize a portion of deposits there will never be an objective accounting of what was done. I.e. the fed seizes 10 trillion to bail in the $, the taxpayer is told all cash seized amounted to 2 trillion; no one is the wiser.

Ironically, and I could be wrong, but the only time I recall from reading, Jesus Christ was notably very angry was when he was overturning the money changers tables.