The Next Wave of The Economic Collapse Would Start In Europe And That Is Exactly What Is Happening! The Domino’s Are Falling: Europe Announces Stunning Bailout For Cyprus — Bank Depositors To Get Instant 10% Haircut Before Banks Reopen This Week! Biggest Bank Run In History Starts Monday!!
Eurozone leaders and the IMF on Saturday announced an unprecedented levy on all deposits in Cypriot banks as the sting in the tail of a 10-billion-euro bailout for the near-bankrupt government in Nicosia.
Intended to apply to everyone from pensioners to Russian oligarchs alleged to have billions stashed away in what officials say is a bloated Cypriot banking sector, the “stability levy” immediately raised a flood of concerns among finance experts over a possible bank run in bigger eurozone economies, where fragile public finances are also under scrutiny.
Dutch Finance Minister Jeroen Dijsselbloem, after chairing some 10 hours of talks to strike the deal with counterparts including International Monetary Fund head Christine Lagarde and the European Central Bank‘s Mario Draghi, said the “upfront, one-off” tax is expected to raise 5.8 billion euros on top of the loans still to be finalised by eurozone parliaments.
The levy will see deposits of more than 100,000 euros in Cypriot banks hit with a 9.9 percent charge when lenders re-open their doors on Tuesday after a scheduled bank holiday on Monday. Under that threshold and the levy drops to 6.75 percent.
Read more: http://www.businessinsider.com/cyprus-bailout-deal-2013-3#ixzz2NkUfUopl
Saxo Bank CEO: “This Is Full-Blown Socialism And I Still Can’t Believe It Happened”
It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors’ money and 9.9 percent of big depositors’ funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy?
I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are unpredictable, but we are clearly looking at a significant paradigm shift.
This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere – not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.
Read more at http://investmentwatchblog.com/the-next-wave-of-the-economic-collapse-would-start-in-europe-and-that-is-exactly-what-is-happening-the-dominos-are-falling-europe-announces-stunning-bailout-for-cyprus-bank-depositors-to/#0VmqO2uhB3Ii9x0O.99
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