ATMs in Cyprus were drained over the weekend, electronic transfers were
halted, and riots ensued following a decision by European Union chiefs
to raid private savings accounts to help pay for the country’s $13
billion bailout. It was believed that there were plans to stretch a bank
holiday to at least one week, while the exact measures were decided
upon. However, yesterday the Cypriot parliament rejected the scheme
outright, leading many to speculate that this would be the start of
something even worse.Sure enough, much like the U.S. Federal Reserve threatened martial law and blood in the streets if Congress didn’t accept sweeping bailouts in 2008, now Germany is saying that Cypriot banks might never reopen after parliament’s decision:
Germany’s finance minister, Wolfgang Schaeuble said major Cypriot banks were “insolvent if there are no emergency funds,” according to a BBC report, meaning savers might lose all their money if no deal was reached. (Source)Read More @ Activist Post
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