NEWS: Cyprus-style solution for New Zealand?

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WEDNESDAY, MAR 20, 2013| 2 comments

Cyprus-style solution for New Zealand?

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 Englishâ€™s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bankâ€™s bail out.

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

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· Page 1 · Found: 2 user comment(s)

3/20/13 1:52 PM

jpw

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I think this situation speaks volumes for itself.

3/20/13 10:21 AM

Ancord

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Looks like mammon is failing all over the western world with countries like Greese, Cyprus, New Zealand and others going bankrupt.

This is what happens when nations reject God, His providence and His government.

"Matthew 6:24 No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. YE CANNOT SERVE GOD AND MAMMON."

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