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Local news in Cyprus is reporting an escalation in the protests that have begun in the wake of attempts by EU chiefs to confiscate the savings of depositors. The news of possible bank closures has enraged the public..... the Central Bank is discussing a possible bank merger rather than a full shut down.
Reports sent hundreds of Cyprus Bank employees and holders of bank's bonds out into the streets. Police deployed strong force outside the Bank's headquarters in the capital Nicosia to prevent them smashing into the building.
Originally posted by Danbones
only good point is now everyone can see whats up
the PTB now have the new fear tactic
oh Noeeee! this is what will happen if you don't take the haircut...
Crooked legislators will then use that as the excuse to bend over
( like the twenty minute stock market crash pre bailout a while back )
Cypriot leaders are reportedly considering a levy of more than 10% on all bank deposits over 100,000 euros as they attempt to secure an EU bailout. The original terms of the rescue plan for Cyprus proposed by the troika of international lenders would have slapped a levy of up to 9.9% on all bank deposits, na matter how small, in order to raise 8.5bn euros (£7.23bn).
Cyprus and Russia are discussing cooperation in the banking and energy sectors in addition to a loan, and any deal to solve the island's debt crisis should also be in Moscow's interests, the Cypriot finance minister said on Thursday.
Originally posted by judus
reply to post by Shadow Herder
Is that really the reason ???
Do you have any more sources ?
Just interested to find out more on that
edit on 22-3-2013 by judus because: (no reason given)