The Australian government and major-party politicians have one response to concerns that bank deposits could be “bailed in”: don’t worry, you’re protected by the $250,000 Financial Claims Scheme (FCS) deposit guarantee.
The death-knell of neoliberalism in Australia is sounding louder, with a landmark policy recommendation inserted in the end of a Parliamentary report handed down mid-March.
If your federal MP has assured you that the CEC is wrong, and that there is no “bail-in” law—to prop up failing banks with seized deposits, Cyprus-style—planned for Australia,
