Europe: €100,000 Savings Now Considered “Wealthy”
Cyprus bailout deal loots 40% of bank deposits
Paul Joseph Watson
March 25, 2013
The deal to “save” Cyprus which, according to Cypriot President Anastasiades was struck “in the the best interests of the EU,” will inflict “huge losses on wealthy savers” of up to 40% of their bank deposits.
While savings accounts containing under €100,000 will remain untouched, those who have scrimped and saved all their lives to amass a relatively modest sum of anything over that amount face a “haircut” amounting to almost half of their wealth.
While the initial plan to take 9.9% of savings over €100,000 was met with protests and widespread fury, the media is characterizing the new deal as a huge victory worthy of celebration, without asking the key question;
Since when did having €100,000 euros in savings make anyone “wealthy”?