{"id":509,"date":"2014-04-01T15:48:41","date_gmt":"2014-04-01T15:48:41","guid":{"rendered":"http:\/\/republicirelandbank.com\/?p=509"},"modified":"2022-10-14T13:12:16","modified_gmt":"2022-10-14T13:12:16","slug":"banking-union-time-bomb-eurocrats-authorize-bailouts-and-bail-ins-by-ellen-brown","status":"publish","type":"post","link":"https:\/\/republicirelandbank.com\/?p=509","title":{"rendered":"Banking Union Time Bomb: Eurocrats Authorize Bailouts AND Bail-Ins by Ellen Brown"},"content":{"rendered":"

Read full article on Common Dreams\u00a0website<\/a><\/strong><\/p>\n

On March 20, 2014, European Union officials\u00a0reached an historic agreement<\/a>\u00a0to 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\u00a0both<\/em>\u00a0bailouts and \u201cbail-ins\u201d \u2013 the confiscation of depositor funds. The deal involves multiple concessions to different countries and\u00a0may be illegal<\/a>\u00a0under 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)<\/p>\n

The bail-in provisions were agreed to last summer.According to Bruno Waterfield<\/a>, writing in the UK Telegraph in June 2013:<\/p>\n