Search This Blog

De Omnibus Dubitandum - Lux Veritas

Saturday, April 6, 2013

Must Read Article: Lessons from Cyprus

Friday, April 05, 2013 by Robert Wenzel
On March 16, 2013 an alarm should have gone off in the minds of any who held money in a bank anywhere in the world. On that day, banksters attempted an unprecedented money grab of depositor money held at banks in Cyprus.
In a new plan to bail out the government of Cyprus, under the watchful eye of the European Commission, the International Monetary Fund, and the European Central Bank (the “troika”), depositors in Cypriot banks were to be hit with a one-time tax on their savings, as part of a €10 billion ($12.96 billion) bailout.
In a deal, announced early that Saturday, accounts with more than €100,000 would be taxed at 9.9%, those with less at 6.75%, raising an expected €5.8 billion for the near-bankrupt nation…..[in the eventual deal] small depositors were protected against the tax, while larger depositors are now to suffer even greater losses of 40% or
The first lesson to be learned is not to trust pronouncements about the safety of banks. Chris Rossini writing at EconomicPolicyJournal.com detailed pronouncements, almost up to the minute of collapse, from the global banking community that Cyprus banks were safe……..on Feb 25, 2011, The Banker magazine ranked the Bank of Cyprus among the leading banks of the world.
JPMorgan Chase and Citibank gave the Bank of Cyprus prestigious awards…..during the years 2011 and 2012, no less than nine awards for excellence were given to the Bank of Cyprus.   To Read More….

No comments:

Post a Comment