Bail-in coming to Greece
Following on from
Greece’s existing insolvency laws exclude a bail-in of the debt, according to Fitch Ratings.
So – one of the conditions for total capitualtion to German/EU supremacy is?
International creditors led by Germany are demanding that Greece agree by July 22 to adopt the European Union’s Bank Resolution and Recovery Directive, known as the BRRD, which makes it easier to impose losses on senior creditors and depositors.
“The landscape appears to be set for the banks to be restructured and for the potential bail-in of bank debt,” said Michael Doran, a partner at law firm White & Case in London, who advised on the resolution of Cypriot banks in 2013.