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It’s Official: The Worldwide Bail-ins Are Coming

posted Dec 26, 2014, 4:38 AM by Prep Experts
December 24, 2014
By Mark Nestmann

In case you missed the announcement, Cyprus-style bail-ins are coming to a bank near you.

On November 16, leaders of the G20 Group of Nations – the 20 largest economies – made an important decision. The world’s mega-banks now have official permission to pledge depositor accounts as collateral to make leveraged derivative bets. And if they lose a bet, the counter-party to the contract has first dibs on your money.

The governments of these 20 countries are now supposed to put these arrangements into law. Most, including the US, have already done so.

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