Illicit extension of the other's argument. A sign of bad faith. See Thouless's classic handbook of honesty and dishonesty in debate: "Straight and Crooked Thinking". No, nobody is asking for a blow by blow description of each negotiating point.

Secrecy means the draft documents, the nature of the deal being negotiated, its main thrust, is hidden from the population to be affected. The ill-fated Multilateral Agreement on Inveswtment (MAI) came unstuck the moment someone in Canada got hold of the secret draft and disclosed it to the world. The draft was kept secret because those cooking it up feared that it would meet massive public opposition. It did. The French Government was scared by the public reaction and pulled out. The deal was dead in the water.

Representative government means government OF the people BY the pollies and mandarins FOR those who buy them. Secret international deals always mean that this is what is playing out.

Bazz, we have not signed any agreements which alter the risk to bank depositors.

Bazz,

People depositing money in a bank are essentially lending to the bank are expecting interest which bank pays from its investments. Any lending carries a risk that the borrower will go bankrupt and default.

Banks are the only businesses which lenders get any protection. Banks are also carefully regulated so as to protect the investors which worked well for Aus. The bailout provisions are only for very, very rare circumstances. Have I mentioned scare campaign before?

SM, maybe, Well I have read the most of the documents including the
rules for siezure.
Anyway I am sure the depositors in Cyprus & Portugal will be glad to
hear they had nothing to worry about.

Bazz,

And comes the scare campaign!!

I was talking about Australian banks, and you throw in an example of EU banks that had invested heavily in Greek gov bonds. A scenario that is compatible only if say Aus defaulted.

I also never said that nobody had anything to worry about. I also commented about regulations in Aus to prevent bank default, not in Cyprus or Portugal where the banks were over-exposed to Junk Greek government bonds.

The alternative for depositors in Cyprus or Portugal if the banks were liquidated (note the governments in Cyprus and Portugal couldn't prop them up) would be having their assets frozen and getting a few cents on the dollar years later after the liquidators had finished.

Yes I agree SM with most of what you said and that Australian banks are
in good shape. Nevertheless, if all that is so why sign up and why
keep it is quiet ?

Cheers