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March 16, 2013

Eurozone Saves Cyprus, By Grabbing 10% Of Bank Depositors Money

Of course.

I asked LauraW and DrewM for their analysis of this bold move to save the Cypriot government from bankruptcy.

That's pretty good analysis right there. DrewM noted everybody with money in a bank gets an immediate 10% haircut over the weekend (well, those with less than 100,000 euros, and no I'm not looking up that stupid symbol, they only get hammered for 6.75%) but public sector workers are shielded from any cuts to salaries or pensions). His quote "We're to the point where 'the people exist' simply to support the chosen few who selflessly devote themselves to public service."

Yup.

This blogging thing is pretty much a snap when all I do is write what other people say. Easy peasy!

UPDATE: A late Friday announcement after the markets were closed was an attempt to avoid a run on the banks. FAIL.

Course the joke's on them, the funds to pay for the levy were immediately frozen.

HAHAHA. Stupid bank runners.


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posted by Dave In Texas at 11:34 AM

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