Europe Recoils In Shock After Bankster Raid, US Warned Is Next
Read More: http://newsdoors.blogspot.com/2013/03/europe-recoils-in-shock-after-bankster.html
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A truly grim Ministry of Finance (MOF) report circulating in the Kremlin today says that a state of “horror and shock” has descended upon the European Union this weekend after the unprecedented announcement that all of the bank depositors in Cyprus will be forced to give up a percentage of their savings in order to bailout their EU bankster overlords.
According to this report, EU officials demanded on Saturday that Cypriot savers pay up to 10 percent of their savings deposits as a condition for the €10 billion ($13 billion) bailout of their banking system. Newly elected Cypriot President Nicos Anastasiades, according to Western news sources, stated that refusing the bailout would lead to the collapse of the island’s two largest banks, badly singed by their exposure to bailed-out neighbour Greece.
The highly respected Zerohedge.com financial paper in reporting on this shocking theft, and the ensuing chaos it has brought to Cyprus, also says:
“Late last night, after markets closed for the weekend, following an extended discussion the European finance ministers announced their “bailout” solution for Russian oligarch depositor-haven Cyprus: a €13 billion bailout (Europe’s fifth) with a huge twist: the implementation of what has been the biggest taboo in European bailouts to date – the impairment of depositors, and a fresh, full blown escalation in the status quo’s war against savers everywhere.
Specifically, Cyprus will impose a levy of 6.75% on deposits of less than €100,000 – the ceiling for European Union account insurance, which is now effectively gone following this case study – and 9.9% above that. The measures will raise €5.8 billion, Dutch Finance Minister Jeroen Dijsselbloem, who leads the group of euro-area ministers, said.
But it doesn’t stop there: a partial “bail-in” of junior bondholders is also possible, as for the first time ever the entire liability structure of a European bank – even if it is a Cypriot bank – is open season for impairments. The logical question: why here, and why now? And what happens when the Cypriot bank run that has taken the country by storm this morning spreads everywhere else, now that the scab over Europe’s biggest festering wound is torn throughout the periphery as all the other PIIGS realize they too are expendable on the altar of mollifying voters and investors in the other countries that make up Europe’s disunion.”
Read More: http://newsdoors.blogspot.com/2013/03/europe-recoils-in-shock-after-bankster.html
