Cyprus May Have Been Only The First Domino.....

[Zam-Zam]

.....Spain and Italy could be the next:


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, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

"If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?'," he said.

"If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders."


http://www.telegraph.co.uk/finance/financialcrisis/9952979/Cyprus-bail-out-savers-will-be-raided-to-save-euro-in-future-crises-says-eurozone-chief.html




For all those who think the U.S. should be more like Europe, think on it......

 

[Bernard_Fokke]

Sounds like the Russians are somewhat displeased too, I've wondered if this will trigger a civil uprising.

And I agree it's serious food for thought for the USA.

update
Looks like they like the idea ...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.

http://www.telegraph.co.uk/finance/financialcrisis/9952979/Cyprus-bail-out-savers-will-be-raided-to-save-euro-in-future-crises-says-eurozone-chief.html

 

[Zam-Zam]

Sounds like the Russians are somewhat displeased too, I've wondered if this will trigger a civil uprising.

And I agree it's serious food for thought for the USA.

update
Looks like they like the idea ...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.

http://www.telegraph.co.uk/finance/financialcrisis/9952979/Cyprus-bail-out-savers-will-be-raided-to-save-euro-in-future-crises-says-eurozone-chief.html

In the olden days, raiders were known as 'pirates'. Now they're known as 'the government'.

 

[Bernard_Fokke]

In the olden days, raiders were known as 'pirates'. Now they're known as 'the government'.

When the people have had enough history shows that they will take action, even the ones who value and much prefer peace.

 

[Lapcat]

It's going to be an era of commie one-upmanship. The Euro commies will confiscate cash deposits, and the US commies will seize IRAs and 401k savings accounts and put them under "federal control".....

for the good of the cheeeldren, dontcha know!

Sounds like the Russians are somewhat displeased too, I've wondered if this will trigger a civil uprising.

And I agree it's serious food for thought for the USA.

update
Looks like they like the idea ...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.

http://www.telegraph.co.uk/finance/financialcrisis/9952979/Cyprus-bail-out-savers-will-be-raided-to-save-euro-in-future-crises-says-eurozone-chief.html

 

[Zam-Zam]

When the people have had enough history shows that they will take action, even the ones who value and much prefer peace.

"A government big enough to give you everything you want, is a government big enough to take away everything that you have."

 

[Lapcat]

They didn't take action when gold was confiscated in the US. What makes you think that THIS generation will "take action"? They're too busy playing video games, watching American Idol, obsessing over Snookie and pondering about how much free stuff they can scam taxpayers for.

When the people have had enough history shows that they will take action, even the ones who value and much prefer peace.

 

[NightSwimmer]

I doubt it. Cyprus is a special case. Their economy has long been propped up by an over-sized banking industry that wants to offer interest rates on their savings accounts that are beyond their profitability.

Bubbles eventually pop. If the George W. Bush regime taught you nothing else, it should have taught you that much.

 

[EatTheRich]

Stealing the wealth of the middle class in order to protect the very rich isn't communism. It's capitalism.