The Phaserl


Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief

Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe’s single currency by propping up failing banks, a senior eurozone official has announced.

by Bruno Waterfield, The Telegraph:

The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

“If there is a risk in a bank, our first question should be ‘Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?’,” he said.

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2 comments to Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief

  • Cal

    The chief tenet of free enterprise/contract law is private property rights. When governments/bureaucrats can arbitrarily seize your property…bank accounts, land, guns, etc. and put you in jail without due process the great democracy experiment is over. This experiment is basic chemistry akin to electrolysis where an electric current (central bank intervention) slowly evaporates water (value of money) into combustible gas (economic turmoil) and then the lit match (bank failures) triggers an explosion destroying capitalism/private property rights. When your private property rights are gone all other freedoms you enjoy will quickly evaporate also.

  • NIX


    ****** PULLING THE PLUG *******

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