In response to:

Private Bank Account Raids Spread to Italy, Spain

liberty not license Wrote: Mar 26, 2013 1:46 PM
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?

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.