Chariman of eurozone says cyprus policy of stealing folks money will be implemented in future crisis situations (wisdom, Obama)

[KUchief25]

Well I guess the question is how long until this starts happening here. Obama and co aren't going to sit around and let folks money sit there when they can steal it and spend it on nonsense. I guess I better go buy a new mattress. Looks like Bernanke isn't "propping up" their banks for em anymore.

"Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced. The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, told the FT and Reuters that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe."


Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief - Telegraph

[shooting4life]

If you can't hold it you don't own it.

[KUchief25]

Originally Posted by shooting4life

If you can't hold it you don't own it.

They'll probably start breaking in to folks homes saying they are checking for that mattress tag next and then if they see a bunch of money in it confiscate the whole thing. lol

[Dane_in_LA]

It's very clever of the Telegraph and like-minded publications to spin this as big bad EU stealing the pensioner's savings, when in fact the exact opposite is taking place: The banks of Cyprus, in their infinite wisdom, decided to gamble their depositor's money on Greek bonds, and those bonds are junk now. The EU is showing up with money to bail them out. And yes, there's a condition on Cyprus' government: Raise some cash on your own. Also, don't run your country's economy as a tool for laundering the money of Russian crimelords.

Cyprus is perfectly free to say "no thanks", leave the EU and let their banks collapse. That will of course pretty much wipe out everybody's savings, beginning with the private deposits of small-scale Cypriot bank customers.

[KUchief25]

They are doing that very thing and say they will do it again. Like I said Bernanke must have shut the spigot down because that was what was keeping em afloat up to now. I think the EU is about to collapse on itself here soon anyway. We shall see. German people are tired of seeing their money go to bail folks out too.