EUROZONE/IMF TRIGGER COLLAPSE FOR A LOUSY €10 BILLION! – ARE THEY PULLING THE PLUG?

Monday, March 18, 2013
By Paul Martin

by Bill Holter
SilverDoctors.com
MARCH 18, 2013

The news over the weekend is that the Cyprus banking system will have a “holiday” on Monday which was “scheduled” AND at least Tuesday which was not. The ECB and IMF wanted a 40% haircut and apparently the deal reached is one where balances under €100,000 will be reduced by 6.75% and by 9.9% for those over €100,000. Understand that much of what is deposited in Cyprus are funds from wealthy Russian oligarchs and mafia.

This is a disaster on so many levels I can’t even count them all. First off, what happened to the rule of law? I thought that in a capitalistic society that equity holders lose first, then preferred shareholders followed by unsecured then secured debtors…DEPOSITORS are the absolute last in line to lose money. This is being called a “tax”, when in reality it is outright theft!

The Rest…HERE

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