More haircuts on the way

I’m a little surprised at Mr. Evans-Pritchard’s dismay.  What else did he expect?

Another shameful day for Europe as EMU creditor states betray South.
So much for the denials. The Cyprus “template” for banking crises is to be eurozone policy for other countries after all.

Don’t be complacent if you’re on the other side of the Atlantic.  The same “bail-ins” are coming to the USA too.  In fact, two have already taken place there, compared to the one in Cyprus.  It’s already been determined by the courts that “your” money in the bank is not yours, it is merely an unsecured loan you have made to the bank… for what is effectively a negative interest rate.