Unless you have been living under a rock for the past three weeks, you're well aware of the first of MANY bank depositor confiscations. A small country the size of Shaq's penis caused the global financial markets to freeze in shock at the ballsiness of its central bankers. Cypress is the Euro's smallest nation, but it's crisis set such a disgusting, despicable precedent, as part of the bailout mandated a 40% levy on any account balance over €100k for Bank of Cyprus depositors and a 60% levy for Laiki (competing bank) depositors. The total bailout was about €17b, of which half will be pulled straight from it's own people. Of course, the Russian oligarchs and government officials had removed their billions from the banks in the weeks leading up to the crisis. Cypress banks had at least 70% of their investments in Greek sovereign debt. So when Greece got pneumonia, Cypress went into a coma. Germany basically said (rightfully so), "Screw you, come up with your own money, we're done paying for your mistakes." They're sick of bailing out countries in the Eurozone who can't keep their shit together. I don't blame them. At this point, since all member countries are wary of leaving the Euro, these types of events will become commonplace. Europe appears to be fracturing into two parties - the responsible nations (Germany, Sweden, Switzerland, other Scandinavian countries) vs the socialist model dumbass nations (Portugal, Italy, Ireland, Greece, Spain, etc). Cyprus was a small petri dish to test the severity of this cash grab. It worked without riots, so the ante will be upped when the next country comes to the Troika (European Commission with the European Central Bank and the International Monetary Fund) asking for money. Most likely Slovakia, Slovenia, Malta, or even Portugal or Spain. Do you think it began and ended with Cyprus? Of course not, you big dummy! Spain, Australia and New Zealand now have proposals to have a similar plan when their economies go belly up. And soon the rest of Europe will too.
|And you thought mullets were the worst haircuts....|