It is so obvious that the EU is getting more daring at showing JUST how draconian it wishes to be with savers deposits!
Cypriot Central Bank Governor Panicos Demetriades suggested yesterday that the large uninsured depositors in the Bank of Cyprus could lose up to 40% of their money. Cypriot Finance Minister Michalis Sarris later suggested that large depositors in Laiki Bank may, at best, get 20% of their money back in several years’ time.
Sarris also stated that capital controls will be in place for seven days and will then be re-assessed – and will not apply to all banks. The controls are likely to include: weekly limit on cash withdrawals, limit on cashing cheques, extension of fixed term deposits and a limit on the cash export of euros.
So, savers in at least ONE bank will lose 80% of their assets and will not get the balance of 20% back for YEARS! And this is all aimed at appeasing the Germans and keeping the Euro afloat. Madness!