Cyprus Bank Depositor Tax Could Lead To Run On Europe Banks

” Ordinary people with bank accounts in Cyprus have been well and truly screwed by eurozone officials who raided their savings with a one off solidarity tax levy. The fall out could be a run on European banks.

People across Europe can hardly be expected to trust a word that comes out of the mouths of their political masters after the unprecedented bailout levy enforced on Cypriot bank deposits.

No distinction was drawn between the bank accounts of supposed Russian money launderers and ordinary citizens in Cyprus with accounts containing less than €100,000. Britons, not even part of the eurozone, have an estimated €2 billion in Cyriot accounts. As Forbes pointed out, these depositors were under the “impression they were protected by a deposit guarantee scheme.” Now they find their accounts raided and 6.75 percent of their cash deposits stolen in a hastily dreamt up tax. It will be little consolation to receive bank shares in compensation, particularly if deposits were needed to finance standing orders and mortgage payments.”

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