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Friday, January 07, 2011

The Road To Dictatorship

The EU, hardly an example of financial probity, intends to give itself more powers to intervene when it perceives a bank to be failing and overrule national governments in the process.

Among the powers that the EU intends to award itself are powers for regulators to seize failing EU banks, sack board members, and impose haircuts on senior bank debt.

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