Cypriot deposits grab shocks savers across Europe

Mar 18, 2013 Full story: kansascity.com 7

It was cold, 34 degrees at the 11 a.m. start, with wind gusts and a few snowflakes blowing about.

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“frequently laughing”

Level 8

Since: Apr 09

Hotel California

#1 Mar 18, 2013
I'd be angry. Honestly it doesn't surprise me, nothing that governments do now surprises me.
The Paisan

Medford, NY

#2 Mar 18, 2013
Wow....

It's a good thing the money in my savings acct is making a whopping .5 percent. I know my future is bright.

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#3 Mar 18, 2013
Always Wary wrote:
I'd be angry. Honestly it doesn't surprise me, nothing that governments do now surprises me.
I hope Obama doesn't hear about this :)
Far Away

Anchorage, AK

#4 Mar 19, 2013
It just goes to show you that when socialists run out of other people's money... well, they haven't quite yet.

Since: Jan 13

Location hidden

#5 Mar 19, 2013
If their whole Country goes bankrupt the savings will be almost worthless anyway. Other Countries that imposed additional taxes to raise the bailout money weren't really doing anything so different. This way those who can afford to contribute, because they have savings, will be the ones to do so. And if they hit the highest savers then they will include foreigners who have saved with them to avoid taxes. Britain announced it will compensate military personal who are stationed abroad and who have saved with these banks. I think rightly so, if you invest money abroad and it goes pear-shaped, well, you take your chances. As I said, if they don't get the bailout they'll likely lose their savings. This way they'll get to keep most of their money and a fair bit they pay out would have come from previously earning interest.

“Lets redistribute the wealth!”

Level 2

Since: Nov 08

Where's my check?

#6 Mar 19, 2013
I prefer the term redistributing rather than grab.

“Geologist [I'm Climate Change]”

Level 3

Since: Mar 07

formerly Nuneaton

#7 Mar 20, 2013
Appears that the Cypriot parliament rejected the proposal.

Cypriots now facing total loss of all savings as a result of the bankruptcy of the banks holding the funds (exposed to Greek debt in an attempt to make a fast buck from the interest rates).

Apparently currently Cypriots are appealing for Russian investors to take over the collapsing banks.

UK army still preventing Turkish incursions over cease fire lines have now had wages flown in by military transport...

The usual fun & games in the post 2007 Eurozone.

Have a nice day: Ag

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