In the U.K., the strategy has been developed on the basis of the powers provided by the U.K. Banking Act 2009 and in anticipation of the further powers that will be provided by the European Union Recovery and Resolution Directive and the domestic reforms that implement the recommendations of the U.K. Independent Commission on Banking. Such a strategy would involve the bail-in (write-down or conversion) of creditors at the top of the group in order to restore the whole group to solvency.
And that the legal authority has already been given in the US buried in Dodd-Frank:
In Europe and America Nigel farage believes people are now incredibly cynical about their governments, and their central banks, People no longer believe what they are being told in the main stream media,a sign of panic is the unbelievable scenes of people queued up around the block of coin and bullion shop’s buying physical metal which we are seeing in Europe, these are sure signs of panic which has accelerated after the Cyprus incident. Once this gains momentum in country after country it has a snowball type effect, chaos will reign as people become angry and rightly so with the illegal theft by Central bankers made legal by European politician’s. Germany which ultimately as the strongest economy in Europe is now in control of the European Union’s finances and the money inside the European’s people’s bank accounts.