NIRP Strikes: Spain To Create Tax On Bank Deposits
by Tyler Durden
ZeroHedge.com
06/26/2014
It was a little over a year ago, just as the Cyprus deposit confiscation aka “bail in” was taking place, when we asked, rhetorically, if “Spain is preparing for its own deposit levy” when an announcement by Spain’s Finance Minister, Montoro, hinted at the imminent arrival of just that. Of course, back in March 2013 imposing such a tax would immediately bring up images of parallel bank runs in Cyprus and visions of confiscated deposits, culminating in an immediate collapse of the otherwise already insolvent Spanish banking system. In other words, the timing picked by Montoro to reveal what was coming couldn’t have been worse. Now, however, things are different. So different, that as Bloomberg reported moments ago, Spain is set to create a tax on bank deposits. Coming to an insolvent country near you…. everywhere.
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