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....
How long is it going to take for depositors to take their money out of the banks all across europe? That statement is very irresponsible as it will be the trigger to a run.... And that threat hanging over the heads of the people will cause them to demand to be paid in cash so they don't have to go through a bank to cash a check and face a sure to be fee (10%?) just for the honor of cashing their check. Wow... these guys are clueless!
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