Now Socialists look at confiscating 60% of bank accounts
- The EU is a government of the Socialists, by the banks and for a centralized authoritarian state. Coming soon to the U.S.
Forced by the Socialist European Union the Bank of Cyprus depositors could have up to 60% of their savings confiscated as part of the bailout, reports BBC News.
The central bank says 37.5% of holdings over 100,000 euros will become shares.
Up to 22.5% will go into a fund attracting no interest and may be subject to further write-offs.
The other 40% will attract interest - but this will not be paid unless the bank performs well.
The fear is that once the unprecedented capital controls - which are in place for an indefinite time - are lifted, the wealthiest will rush to move their deposits abroad, the BBC's Mark Lowen reports from Nicosia.
Cyprus has become the first eurozone member country to bring in capital controls to prevent a torrent of money leaving the island and credit institutions collapsing.
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Omirou also expressed his conviction that no Attorney General would dream of not following through with the results of an investigation led by an independent committee to apportion blame on those responsible for bringing the country’s economy and banking sector near collapse reports the Famagusta Gazette.
Omirou talked about the troika demands, which according to him will multiply and will turn Cyprus to a colony of the worst possible type and warned “I would like to send a message to the Cyprus people that there is no other way, there is no alternative apart from freeing (the country) from the troika’s and the memorandum’s bonds”.
He noted that certainly, “this road will demand sacrifices”, adding that “by leaving the troika and the EMS behind us, we will ensure our national independence, our national sovereignty, our moral integrity and our economic independence”.
“If we remain bound by the Troika and the memorandum Cyprus’ destiny is already foretold and there will be no future”, he pointed out.
By mid-2012 Iceland (not a member of the European Union) was regarded as
one of Europe's recovery success stories. It has had two years of economic growth.
Unemployment was down to 6.3% and Iceland was attracting immigrants to
fill jobs. Currency devaluation effectively reduced wages by 50% making
exports more competitive and imports more expensive.
Ten year government bonds were issued below 6%, lower than some of the PIIGS nations
in the EU (Portugal, Italy, Ireland, Greece, and Spain). Tryggvi Thor Herbertsson,
a member of parliament, noted that adjustments via currency devaluations are
less painful than government labor policies and negotiations.