Sunday, March 17, 2013

Cyprus savings theft by EU: The first time ....

... but certainly not destined to be the last:

European finance ministers have agreed an £8.7bn bailout for Cypruswhich includes all Cypriot bank customers handing over up to 10% of their savings.
Cyprus becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the eurozone for financial help amid the region's debt crisis, but also faces a possible run on its banks as depositors try to avoid losing up to 10% of their savings.
The savers, half of whom are thought to be Russian, will raise almost €6bn. It is the first time a bailout has included such a measure.
A question for the students:  how safe are you and yours when not just your government, but an international association can take your stuff without you having any recourse? 

No comments: