It seems that depositors in Cyprus banks with balances less than 100,000 Euro (roughly $120,000) will be spared, a blood bath is expected for those above that threshold. While the amounts are not certain yet, figures around 40% of deposits have been mentioned. That will please the Russian Mafia! Conservative estimates expect that this crisis will at least double the Cypriot unemployment rate from 15% to 30% or more. Specifically because Cyprus had become a financial hub, again especially for Russians wanting to offshore their wealth. You can imagine that it will be difficult to find people willing to use Cyprus for financial dealings for quite a while. Meanwhile, the chairman of the Eurozone has announced (see other posting in this blog) that this type of solution can be expected in other countries, in other words, savers in Spain, Italy, Greece, Ireland, etc., do not be surprised if you wake up and find your money have been raided to prop up other governments and banks that have acted irresponsibly.
You just have to know that King Barry and his court of Regressives is looking hungrily at what went in Europe and already scheming to apply the principle here.
Cyprus bail-out: live - Telegraph
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