Monday, May 13, 2013

Canada is the new Cyprus ~ David Quintieri

Jim Flaherty's Cyprus-style bank rescue plan: Walkom
Be prepared. If you hold the wrong kind of bank accounts, Jim Flaherty may have your savings in his cross-hairs.

That's the message from the finance department, which has been set the unwelcome task of having to explain the government's latest attempt to prevent a Cyprus-style financial meltdown in Canada.
Two weeks ago, Flaherty quietly served notice in his budget that Ottawa is preparing a new set of what it called bail-in rules that it could impose should one of the country's big banks face collapse.