Is Canada the next Cyprus?

Judi McLeod

It’s Good Friday and a government holiday in Ottawa.

No point trying to reach Canadian Finance Minister Jim Flaherty today.  So rather than wait until Monday, Canada Free Press (CFP) is posing this cliff-hanger question:

“Is that a Cyprus-style “Bail In” proposed in the newly-minted 2013 budget?”

That’s what economic gunslingers on both sides of the border and dozens of letters to the editor are charging.

What began as a rumble is growing into an ear-splitting cacophony—and the Canadian government should post a truthful, detailed and in-plain-English explanation on its website.

If Canada is going the same direction as Cyprus and the European Union, we need to know as soon as possible.

The concept of a Canada taking money from unknowing bank depositors is not just within the realm of hysteria and hype.

Not when Page 144 of the 2013 Canadian budget states: “The Government also recognizes the need to manage the risks associated with systemically important banks—those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy.  This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable.

Keep reading on  canadafreepress >>