Infringing upon the Eurozone’s Sovereignty on behalf of Wall Street. The ECB’s “Haircut” Measures, Undermining Trade and Investment with Russia and China | Global Research
The Single Resolution Mechanism – SRM – is the European Central Bank’s
strong arm to save or liquidate ‘troubled’ banks. In other words, it
will administer ‘bail-ins’ to ‘too-big-to-fail’ banks in distress;
meaning – over-indebted banks will rescue themselves from depositors’
money, or from shareholders. This practice was tested in Cyprus in 2013.
As reported by Reuters on 30 July 2013 – According to Cyprus’s central
bank, “47.5 percent of deposits exceeding 100,000 euros in Bank of
Cyprus would be converted into equity to recapitalize the troubled
lender as part of an international financial bailout for the island”.
