RED ALERT! THE SHUT DOWN HAS BEGUN!!!!!!!
On Sunday, April 10, 2016, the Austrian Financial Market Authority (FMA) issued a press release for the resolution [pursuant of the Bank Recovery and Resolution Act—BaSAG – Bundesgesetz über die Sanierung und Abwicklung von Banken] of the Heta Asset Resolution AG, announcing involuntary “bail-in” measures for creditors, and even depositors.
Said to be the first “official” proposed “bail-In” of creditors, these measures included cuts to Heta’s senior liabilities by up to 54%, with extended maturities of all eligible debt to Dec. 31, 2023—to help cover an 8 billion-euro ($9.1 billion) hole in Heta’s balance sheet. This bail-in announcement was made shortly after the destabilization of the Hypo Alpe Adria bank, due to the European debt crisis of 2014.
Couple that with the ongoing economy status in Greece, Italy, Portugal, China, Japan, Venezuela, and Cyprus, and it’s NOT looking good… Because remember, these are only just TESTS…
It’s only a matter of time until ALL of this reaches American shores, and it’s EVEN at the Door.