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