Rising Hegemon
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:
They might be astonished how many other good uses we could find for that belt.
Seen this? 'Pears the Russian oligarchs got theirs....
http://eb-misfit.blogspot.ca/2013/03/cypriot-bank-withdrawls-why-is-this.html
wonder if thei 'tax' is higher than the tax they were trying to avoid.
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