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"Late last night, after markets closed for the weekend, following an extended discussion the European finance ministers announced their "bailout" solution for Russian oligarch depositor-haven Cyprus: a €13 billion bailout (Europe's fifth) with a huge twist: the implementation of what has been the biggest taboo in European bailouts to date - the impairment of depositors, and a fresh, full blown escalation in the status quo's war against savers everywhere. Specifically, Cyprus will impose a levy of 6.75% on deposits of less than €100,000 - the ceiling for European Union account insurance, which is now effectively gone following this case study - and 9.9% above that. The measures will raise €5.8 billion, Dutch Finance Minister Jeroen Dijsselbloem, who leads the group of euro-area ministers, said.
But it doesn't stop there: a partial "bail-in" of junior bondholders is also possible, as for the first time ever the entire liability structure of a European bank - even if it is a Cypriot bank - is open season for impairments. The logical question: why here, and why now? And what happens when the Cypriot bank run that has taken the country by storm this morning spreads everywhere else, now that the scab over Europe's biggest festering wound is torn throughout the periphery as all the other PIIGS realize they too are expendable on the altar of mollifying voters and investors in the other countries that make up Europe's disunion."
Scary crap isn't it. Stealing money from the people right out of there bank accounts. Notice how you have to go to Zero Hedge to find news like this. Not a word from our MSM. Just another reason I don't waste my time with them.
But the idiots in this forum can care less about this stuff, it's way above there comprehension level.
I was going through the threads and every subject is really stupid, not even worth responding to.
Apparently the froze the percentage they were stealing before folks could go get it withdrawn. Germany is pissing a lot of folks off over there with this stuff.
As an American, I (we) don't have any immediate worries from this, but, it's a reminder to get your excess cash the heck out of the banks and into something that provides growth, some inflation protection, and long-term safety from **** like this.
Not going to do this tomorrow, but def. higher on the to-do list than it was yesterday.
If I was in Greece, Italy, or Spain on the other hand I'd be calling in for half a day off to get this done tomorrow morning. People who have their money in bank exposed to the European debt crisis and under ECB regulation are under immediate risk.
Scary crap isn't it. Stealing money from the people right out of there bank accounts. Notice how you have to go to Zero Hedge to find news like this. Not a word from our MSM. Just another reason I don't waste my time with them.
But the idiots in this forum can care less about this stuff, it's way above there comprehension level.
I was going through the threads and every subject is really stupid, not even worth responding to.
Read it Sat. on HuffPo (which was an AP link), bloomberg news, CNBC & WSJ.
As an American, I (we) don't have any immediate worries from this, but, it's a reminder to get your excess cash the heck out of the banks and into something that provides growth, some inflation protection, and long-term safety from **** like this.
Not going to do this tomorrow, but def. higher on the to-do list than it was yesterday.
If I was in Greece, Italy, or Spain on the other hand I'd be calling in for half a day off to get this done tomorrow morning. People who have their money in bank exposed to the European debt crisis and under ECB regulation are under immediate risk.
You do not think they can attack those assets also?
You do not think they can attack those assets also?
And in more ways than just confiscation.
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