National planning Cyprus-style solution for New Zealand too

Scoop ^ | 3-18-2013 | New Zealand Green Party

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The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.

Open Bank Resolution (OBR) is Finance Minister Bill English’s favored option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.

“Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand – a solution that will see small depositors lose some of their savings to fund big bank bailouts,” said Green Party Co-leader Dr Russel Norman.

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The concept of private property in the civilized west is gone it appears as governments, after they tax vast taxes to enrich themselves will take vast sums more for their political contributors.