Deal with failed banks the Dutch way: rely on the ECB, deposit insurance, and the public’s faith in the government
FT Alphaville » Jeroen Dijsselbloem 2013-08-01
Summary:
The irony police dropped by FT Alphaville on Tuesday. They asked us to reverse back to the last European bank bailout before Cyprus: the nationalisation of Dutch financial group SNS Reaal. The government of the Netherlands, complete with a finance minister by the name of Jeroen Dijsselbloem (have you heard of him?), used their freshly minted Intervention Act to expropriate the shareholders and subordinated bondholders in order to help finance the February 1st nationalisation.
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