EU confiscates 10% of private bank deposit in Cyprus banks

Cyprus needed 17 billion Euros in bailout. EU approved 10 billion and requested Cyprus to take some of the money directly from people that have deposits in their banks

I actually didn’t completely believe this story until I finally was able to find it confirmed at BBC on-line.

Shock in Cyprus as savers face bailout levy

Depositors will be compensated with the equivalent amount in shares in their banks. (Shares in their bankrupt banks that is...)

Update:

Banking Chief Calls For 15% Looting of Italians’ Savings

However, the scale of the robbery could have been far higher. As Zero Hedge reports, “It appears that the settled-upon 9.9% haircut is a ‘good deal’ compared to the stunning 40% of (Cypriot) total deposits that Germany’s FinMin Schaeuble and the IMF demanded.”

Now that the dictatorial EU and IMF have simply set about stealing the privately accrued wealth of lifetime savers in Europe, everyone is asking one question – who’s next?

Joerg Kraemer, chief economist of the German Commerzbank, has called for private savings accounts in Italy to be similarly plundered. “A tax rate of 15 percent on financial assets would probably be enough to push the Italian government debt to below the critical level of 100 percent of gross domestic product,” he told Handelsblatt.