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In late February, ECB Executive Board member Benoit Coeure suggested raiding depositor accounts for bail-ins, saying:
"There needs to be an appropriate burden-sharing".because we need to achieve debt sustainability."
At the time, he suggested not doing it across the board. Whether he meant it isn't clear.
He added that he doesn't "pre-judge any instruments because the vocabulary matters, and there are many ways to achieve burden-sharing."
It bears repeating. Grand theft is official policy. Even bank accounts aren't safe.
Market analyst Marc Faber believes "governments one day (will) take away 20 - 30% of (his) wealth." There's no place to hide.
German Finance Minister Wolfgang Schaeuble proposed a 40% haircut on all deposits. So does IMF head Christine Lagarde.
Cypriot Finance Minister Michalis Sarris said large uninsured Laiki Bank depositors could lose up to 80% of their money. Other European depositors race similar risks. So do people elsewhere.
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