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....
And rich people are demonized for putting their money in foreign bank accounts. could this be why??
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