Despite the small country of Cyprus receiving a bailout from Russia to prevent an economic collapse and bankruptcy, many with deposits in the banking system will see as much as 40 percent in losses. Before the bailout, the Cyprus government suggested confiscating private bank savings to solve the short term problem. Some have argued the confiscation of personal funds can only happen in tiny countries like Cyprus and of course couldn't happen anywhere else however, it looks like Italy and Spain are getting ready to raid private bank accounts in an attempt to offset decades of poor economic decisions....
So true. It is a strong possibility that there are Cypriots with deposits at that level, which likely represent a lifetime of work and sacrifice. And, by Cyprus's membership in the EU, the responsibility is no longer "just Cyprus's" I would think. Isn't that the whole point of belonging to the EU in the first place?
- White House knew ISIS planned to kill James Foley Noah Rothman 22 mins ago
- Report: Qatar scuttled Gaza cease-fire for not having seat at Cairo table Ed Morrissey 1 hour ago
- White House now leaning on Eric Holder to play the role of racial healer? Noah Rothman 1 hour ago
- WaPo: Was Foley’s killer a former Gitmo detainee? Ed Morrissey 2 hours ago
- Everything has changed after the execution of James Foley by ISIS Noah Rothman 3 hours ago
- Quotes of the day Allahpundit 12 hours ago