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Private Bank Account Raids Spread to Italy, Spain

Shieldwolf Wrote: Mar 26, 2013 5:17 PM
These Banks are commiting suicide with this move. Now that people know their governments can raid their accounts directly... the at home Matress is looking to be a better investment.

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.