Monday, April 01, 2013

The hits keep on coming

I wonder just how accurate and how far this austerity bite is?
Depositors in Cyprus with savings of more than 100,000 euros ($128,000) could face losses of up to 60 percent, under tough conditions attached to an international bailout, Finance Minister Michalis Sarris said Saturday.

The deal would force large depositors at the country's two largest lenders - Bank of Cyprus and Laiki - to take heavy losses, while smaller deposits would be guaranteed.
When austerity starts hitting the wealthy in larger countries that will probably be its final end...not the fact that it does not work.
 
[Cross-posted at Firedoglake]

3 comments:

StonyPillow said...

They might be astonished how many other good uses we could find for that belt.

sdean7855 said...

Seen this? 'Pears the Russian oligarchs got theirs....
http://eb-misfit.blogspot.ca/2013/03/cypriot-bank-withdrawls-why-is-this.html

pansypoo said...

wonder if thei 'tax' is higher than the tax they were trying to avoid.