Banking Chief Calls For 15% Looting of Italians’ Savings
Is the financial rape of Cyprus another IMF riot waiting to happen?
Paul Joseph Watson
March 18, 2013
News that the International Monetary Fund initially demanded to loot a shocking 40% of savings from the private bank accounts of Cypriots underscores how residents of the Mediterranean country could be the latest victims of the infamous “IMF riot,” as the chief economist of the German Commerzbank calls for Italians to be similarly plundered for 15% of their savings.
The government of Cyprus is set to vote tomorrow on enforcing a “tax,” which in reality is nothing less than a confiscation of private wealth, that would hit savers with between 100,000 to 500,000 euros with a levy of 9.9%. Those with over half a million euros will face an even higher rate of 15%.
However, the scale of the robbery could have been far higher. As Zero Hedge reports, “It appears that the settled-upon 9.9% haircut is a ‘good deal’ compared to the stunning 40% of total deposits that Germany’s FinMin Schaeuble and the IMF demanded.”