Get Ready to be “Cyprused” at a Bank Near You!

• Get Ready to be “Cyprused” at a Bank Near You! 
  by Christopher Quigley, http://www.financialsense.com/ 
  The banking situation in Europe continues to deteriorate rapidly. As a measure of the ongoing crisis the “ Bail In” option used in Cyprus is actually being made European Commission policy. The following is a recent report from the much respected Irish Times:
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  “Proposals under Irish presidency to deal with European bank collapses likely to ‘bail-in’ large depositors.
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  Deposits of over €100,000 are likely to be hit in the event of future European bank collapses, according to a proposal put forward by the Irish presidency of the European Council ahead of a key meeting of finance ministers next week.
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  Discussions on the controversial bank resolution regime, which is likely to see savers with deposits over €100,000 “bailed in” as part of future bank wind-downs, are due to intensify this week in Brussels, ahead of Tuesday’s meeting, which will be chaired by Minister for Finance, Michael Noonan.
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  “We will try to get some guidance from Ministers about the possible design of the bailout tool,” one EU official said yesterday.
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  read more!

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