The Cypriot Prime Minister “agreed to force a tax on all bank deposits” to qualify for a bailout from the International Monetary Fund, the European Commission and the European Central Bank. A citizen of Cyprus or anyone having deposits in the country will pay nothing…the government will just ‘take.’ Charles Barkley is on Fox this minute saying the message to Cyprus is you’re bankrupt, you need €10 billion ($13 million). You have to come up with €6 billion before the €10 billion comes your way. So the €6 billion comes from the people’s savings. No warning. Today through Thursday, if you want to get money out of your bank in Cyprus you are SOL. Closed banks was to be a one day event, then lengthened to Thursday. The question now: which Thursday? Frozen assets, broken or frozen ATMs happening now for the people of Cyprus....
Zerohedge reports that small accounts are also included and that there is likely ◼ no way Bernanke and Obama did not know of the plan. Some of those smaller account are foreign depositors.
...Déjà vu: The people’s money will be used to shore up Cypriot banks. Sound familiar? ◼ Read what’s brewing in the U.S.
DRUDGE HEADLINES:
◼ CYPRUS SHUTS BANKS UNTIL THURSDAY - Reuters
◼ NEW EU BAILOUT PLAN: STEAL BANK ACCOUNTS...
◼ Island set to seize personal savings...
◼ Plan moves ahead as vote delayed...
◼ Putin: 'Unfair,' 'Dangerous'...
FT: Here come bank runs...Financial Times
◼ Germany: Not our idea...
◼ Will Italy follow?
◼ Markets rattled...
◼ Euro tumbles...
◼ Dow drops...
MORE:
◼ Cyprus lawmakers delay emergency vote on bank-deposit tax - LA Times
CBS: White House re:Cyprus bank deposit tax proposal--US takes care not to endorse/comment/etc on EU actions.
— Sharyl Attkisson (@SharylAttkisson) March 18, 2013
◼ First, They Came For The Cypriots... - IBD
Rule Of Law: Markets tumbled after Cyprus and the EU said they might tax private bank accounts to pay for a bailout. Arbitrary property grabs are a new low and a bad precedent in this crisis. Worse still, it can happen here.
