The story of recent unfolding events linked to the Cyprus economic crisis and eventual so called “Bail-In” deal, will now likely play out across Europe and beyond as EU citizens and foreign investors holding deposits within the EU start to contemplate this question “Could it happen to me?”.
In an unprecedented step the Troika (name given to the collection of EU & International money lenders) forced the recently elected Cypriot Government to accept what basically amounts to daylight robbery of depositors accounts within the 2 main Banks of Cyprus (Marfin Popular Laiki Bank and Bank of Cyprus). Everyone with more than 100,000 euro deposited within these 2 Banks will surely lose out in a significant way.
Question is, what will the people of other economically struggling member nations think now? Greece, Spain, Ireland and Portugal already received Bail-Outs and more are possible down the line. Behind EU closed doors it is thought that the Cypriot so called “Bail-In” is a kind of pilot template to use for the next country in trouble, which is likely to be Italy.
If the people of the EU are not over taxed enough already, it now seems that the enduring unelected EU bureaucracy is desperately attempting to save the euro, by confiscating the life savings of ordinary people to pay for it.
There are however some Political voices telling the true story of how it really is. The leader “Nigel Farage” of the party in the UK called “UKIP” with a dramatically rising popularity has an interesting take on the matter. Check out the Video on top.
There are however some Political voices telling the true story of how it really is. The leader “Nigel Farage” of the party in the UK called “UKIP” with a dramatically rising popularity has an interesting take on the matter. Check out the Video on top.
Written by Progress
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