In response to:

Have Money in a Spanish Bank? Take It Out Now

David4 Wrote: Mar 18, 2013 2:26 PM
Argentina has been there, done that. Right now Argentina is suffering from home invasion robberies, to take the money that people are keeping under their mattresses. We all need a better idea.

In Cyprus, a decision was made to screw savers with a 6.75% to 9.9% "Tax" on deposits.

Supposedly this move was made to "avoid unsettling investors in larger countries and sparking a new round of market contagion."

In reality, the action was mandated theft, imposed by EU officials to protect senior bondholders.

How can such an action do anything but cause contagion?

The move is expected to raise a mere 5.8 billion euros according to Dutch Finance Minister Jeroen Dijsselbloem, leader of the euro-area ministers. Fallout...