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Here's the catch, this plan has to be approved by the euro-group because it can't materialise if the EU cuts ELA funding to Cypriot banks.
PARIS — Just hours after an announcement that he would be investigated on charges of tax fraud and money laundering, Budget Minister Jérôme Cahuzac resigned from the French government on Tuesday evening, though he insisted he had done nothing wrong.
In control of a crucial portfolio at a time of heightened budgetary discipline and rising taxes in France, as well as the European debt crisis and stagnant growth, Mr. Cahuzac was a highly visible public figure.
Originally posted by Rob7774
reply to post by Talliostro
[...] The problem is with politicians from all the nations of Europe who have latched onto the appealing idea of supra national control. It is they who we must direct our attention to.
Originally posted by UnderGetty
Originally posted by angelchemuel
Apparently the banks are staying shut till Thursday now......how are people there going to eat let alone anything else!!
Notice they didn't say which Thursday...
In stark twin warnings on Thursday, the European Central Bank said it would cut off liquidity to Cypriot banks and a senior EU official made clear to Reuters that the bloc was ready to see the bankrupt island banished from the euro in the belief it could then contain damage to the wider European economy......
Cyprus's central bank governor said he expected to clinch a financial support package by Monday. He did not say how.www.reuters.com...
Eurozone finance ministers have agreed a deal on a 10bn-euro bailout for Cyprus to prevent its banking system collapsing and keep the country in the eurozone.
Reports suggest the deal will include a levy on deposits of more than 100,000 euros in Cyprus's two biggest banks.
The levy on deposits in Laiki (Popular) Bank - the country's second-biggest - could be as high as 40%, reports say.
The European Central Bank had set a deadline of Monday for a deal
One key element of the deposit tax, demanded by the IMF, is that it not require a parliamentary vote [/ex[
Coming to a bank near you?
edit on 24-3-2013 by burntheships because: (no reason given)
Violent incidents like the above could be anticipated, particularly from depositors of the Popular Bank of Cyprus or Laiki after the country's officials, the European Union (EU) and the International Monetary Fund (IMF) tentatively agreed to stave the bankruptcy by shuttering Laiki, considered a bad bank.
Caught in the middle by the proposal - to be presented to eurozone finance ministers for discussion - are the bank's depositors with savings of more than €100,000. EU laws said such amounts are not insured and will be frozen to be used to cover the country's debt.