The levy will see deposits of more than 100,000 euros in Cypriot banks hit with a 9.9 percent charge when lenders re-open their doors on Tuesday after a scheduled bank holiday on Monday. Under that threshold and the levy drops to 6.75 percent.
Oh yes, this is truly proof of the stability and safety of the Euro and banking in Europe!
The only real question: If they get away with this, and they probably will, who gets fleeced next?
“It’s something that compared to other possible outcomes, is the least onerous,” said finance minister Sarris
The least onerous…since government employees had to be spared…? What? We’re having a real breakdown right now about which came first, the People or the Government; and the Governments are using the powers given them by the People to claim it the wrong way around.