When It Comes Time to Steal… They’re Coming After YOUR Money… This Is What Systemic Failure Looks Like… . And Eventually It Will Be Making Its Way Around The World As The Overleveraged Financial System Breaks Down

Tuesday, April 2, 2013
By Paul Martin

Investmentwatchblog.com
April 2nd, 2013

by Phoenix Capital Research

Cyprus should scare the living daylights out of everyone.

Cyprus has shown us that when things get bad enough in Europe, bureaucrats will STEAL money from the people. That is bad enough as it completely goes against the central tenants of Capitalism and Democracy. Not to mention it also targets the wrong people (average citizens) instead of the banks that created this whole mess.

However, we now know that when it comes time to STEAL, the STEALING will only hit those who are not well connected with the corrupt elite. To wit, the media has revealed that a number of Cypriots actually managed to transfer funds outside of Cyprus right before the banking holiday was put in place.

A company owned by in-laws of Cypriot President Nicos Anastasiades wired €21 million from Laiki Bank to London days before the Eurogroup’s crisis-triggering levy proposal, claims a Cypriot newspaper. The president demands an investigation.

During two days, 12 and 13 of March, the company A.Loutsios & Sons Ltd., co-owned by Loutsios John, the husband of Nikos Anastasiadis’ daughter, Elsa, took five promissory notes worth €21 million from Laiki Bank. The money was then transferred to London, reported Cypriot newspaper Haravgi, affiliated to the communist-rooted AKEL party.

The withdrawal was fulfilled just three days before the Eurogroup meeting when euro finance ministers agreed a 10 billion euro ($13 billion) bailout for Cyprus.

The Rest…HERE

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