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European Union Bank CrisisMichael Munk Salem-News.com
The Cypriot government suggested that account holders with deposits of more than $128,500 should expect to lose about 30% of their balances.
(PORTLAND, OR) - This seems to make sense, as far as it goes. Wouldn’t it be a better model for the US? Exceprts from BBC report on the Cyprus deal, which links it to a sharp drops in stock markets: bbc.co.uk/news/business-21920574# “In the past, nations such as Ireland have pumped billions of taxpayers' money into propping up their banks, rather than risk upsetting large investors and spooking the financial system.
[A Dutch banking regulator] said the pattern for bank rescues should see (1) shareholders take the first hit, then (2) bond holders, who lend money through financial markets, and only then should (3) depositors with large bank balances be tapped.
The Cypriot government suggested that account holders with deposits of more than $128,500 should expect to lose about 30% of their balances.”
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Michael Munk tries to glean important but overlooked items from the world media on the issues of the day and posts them on an irregular schedule. Although items can overlap, he also maintains separate lists for activists in Portland, Oregon and the Northwest, and special lists for: Labor, Latin America, Israel, Torture Taxis, Korea, and the Czech Republic.
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