Banking Union Time Bomb: Eurocrats Authorize Bailouts AND Bail-Ins by Ellen Brown

Read full article on Common Dreams website

On March 20, 2014, European Union officials reached an historic agreement to create a single agency to handle failing banks. Media attention has focused on the agreement involving the single resolution mechanism (SRM), a uniform system for closing failed banks. But the real story for taxpayers and depositors is the heightened threat to their pocketbooks of a deal that now authorizes both bailouts and “bail-ins” – the confiscation of depositor funds. The deal involves multiple concessions to different countries and may be illegal under the rules of the EU Parliament; but it is being rushed through to lock taxpayer and depositor liability into place before the dire state of Eurozone banks is exposed.(Frederick Florin/AFP/Getty Images)

The bail-in provisions were agreed to last summer.According to Bruno Waterfield, writing in the UK Telegraph in June 2013:

  • What the Eurocrats Don’t Want You to Know
  •  What Happened to Nationalizing Failed Banks?
  • A Third Alternative – Turn the Government Money Tap Back On

Read full article on Common Dreams website



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