Skip to comments.New Zealand considers Cyprus-style banking failure solution
Posted on 03/19/2013 12:08:27 PM PDT by Baynative
New Zealand depositors could face a Cyprus-style tax on their bank accounts, as the government is planning to impose a similar strategy on its banks warns the country's Green Party.
New Zealand is facing a similar bank failure to Cyprus, is likely to adopt open bank resolution (OBR), which will see small depositors lose part their savings in favour of a big bank bailout, Green Party co-leader Russel Norman said. The countrys Finance Minister Bill English supports the open bank resolution.
"Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand," said Norman, adding that the Reserve Bank is in the "final stages" of implementing an OBR system.
New Zealand banks depositors will have their savings cut by a certain percentage needed to keep their bank afloat.
(Excerpt) Read more at rt.com ...
>>When Bill Ayers and the rest of Obamas pals talked about destroying the middle class...<<
Under new terms EBT card holders are middle class.
Savers are greedy rich.
I half expect I will have to do so, as the public constantly surprises me with their escalating stupidity in ignoring all these omens.
If this keeps up the price of gold & silver will be soaring and bank runs will become common.
It would be tougher to do with a 401K, unless they instituted some type of X% withdrawal fee. To liquidate accounts would cause the stock market to crash. Again though, this would be great news for holders of gold, silver, etc.
Only half? I fully expect that your prediction will come to nothing.
Even gold will be hurt if inflation goes through the roof and a gallon of milk and loaf of bread costs a quarter of an ounce.
I surely hope so. The greed of the oligarchs is exceeded only by the publics' stupidity - thus the half.
No need to only hope. You can know with complete certainty that you are weak in the area of prediction.
I’ve been wrong in the timing, not in the direction.
I wish I could be oh-so-sure as you are.
Yes you were wrong. You were just as sure as me a couple days ago.
Dunno what your problem is by pursuing this. You’re beating this dead horse too much.