New Legislation Permits Authorities to Freeze Accounts and Use Them For Bail-ins

"The world will soon be facing a tsunami of defaults on bad debts. This will include municipal or local government defaults, governments 'defaulting' on promises they’ve made to the people (Social Security, Medicaid), a default on the social contract between society and politicians such as the one in Cyprus (a default on the notions of private property and Democracy), stealth defaults on debts in the form of inflation and finally, of course, outright sovereign defaults."