One flabbergasted Larnaca bank employee, 28, was grabbing a coffee before returning to the rolling TV news he said the nation was glued to. He found the bank levy an "extraordinary" surprise. "Are we the guinea pigs? There's a feeling they are trying this out on us before they do it elsewhere. Let's see how the markets react."
So now it looks like they may lower the levy on accounts under $130,000 to 3% in some attempt to assuage people that it's not so bad.
But make no mistake - if they get away with this here, they will do this elsewhere in the near future.
And make no mistake, they WILL get away with it. As you have said often on this blog, the game is rigged.ReplyDelete
It is rigged - but sometimes the Masters of the Universe miscalculate and set off consequences they're not prepared to handle. Lehman is a case in point. They eventually managed to get it under control, but there were some moments when Timmeh and Hank and Uncle Ben and the rest weren't so sure it could be handled without total collapse.Delete
Perhaps they'll handle Cyprus fine. Maybe they'll lower the levy on working class depositors and no one outside of Cyprus will blink and everything will be fine.
But perhaps they have set something in motion which they will not be able to contain. If another country needs a bailout in the near future, you can bet people will pull their money out of that country long before the ECB and the IMF can come in and take it from them forcibly. And that just sets up all kinds of bad possibilities...
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