Experts warned that even if the levy on deposits below €100,000 was axed entirely, it would not be enough to restore confidence in the bank guarantee system put in place across the eurozone.
"The craziest thing about the Cyprus announcement is the huge potential cost of undermining the spirit of the bank deposit guarantee for what is a small saving in the overall scheme of European finances. Even if policymakers row back from taxing small depositors in Cyprus, the damage has been done," said Tristan Cooper, analyst at the fund managers Fidelity Worldwide.
They can try and undo the damage all they want.
It's baked in now.
When the shit hits the fan, they burn depositors before they burn bond holders.
A commenter on The Guardian story writes:
Disgusting theft of peoples savings by the EU. The bail out - like all the bailouts - does not go to the cyprus - it goes straight to the creditors i.e. other banks. Ordinary people are being robbed in order to preserve their profits and bonuses. The talk of money laundering is pure smokescreen - a huge proportion of the money flowing the city of london is dodgey.
This is the sort of shit that corrupt dictatorships pull - how much longer are we going to let the bankers and their political puppets ravage our societies?
A very good question.
How much longer are we going to let the bankers and their political puppets ravage our societies?
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