Wow. EU steals 10% of bank deposits in exchange for bailout

Quote from 377OHMS:

The banks would be burnt to the ground in the USA.
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Come on OHMS, you can't be serious? Didn't most of us just witness the apathy and ignorance that took place this past November?

By the time "confiscation" becomes a policy decision, the vast majority of HNW individuals will have the tip off months in advance, the bottom feeders and "wards of the state" don't even have bank accounts...why would they give a damn about that sort of thing?

the dwindling middle class...well, after 10-15 years of ZIRP and stealth inflation, there might not be that much left...and there won't be that much will to do anything about it.
 
Maybe it's time to let the banks fail? Cyprus can drop the Euro, backstop depositors in full, and liquidate the bankers. Just like Iceland. Whose economy is rebounding.
 
The 1 and ONLY way Cyprus can cope its way out of this is by confiscating 90% of everyones savings money,
and then drip-feed returning it to everyones account at a rate of 3-4% per month.

As that will prevent everyone in the entire country withdrawing all their cash from banks (which they will do at 1st chance currently).
 
President of Cyprus is on his way to Brussels WITHOUT a plan. So there is no agreement in Cyprus on any of the proposals that were made.
 
Quote from Mtrader:

President of Cyprus is on his way to Brussels WITHOUT a plan. So there is no agreement in Cyprus on any of the proposals that were made.
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He is going to take orders :D
 
It's lose-lose for Cyprus, that's for sure. Now.. anyone on here reckon this won't escalate? Or will Draghi and Bernanke keep saving the world for ever and ever and ever?
 
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