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Showing posts from March 25, 2013

Is this the end of banking as we know it? – The Cyprus factor #cyprus #banking #recession #economy

Is this the end of banking as we know it? – The Cyprus factor For those with bank accounts in Cyprus, this past week was problematic. In an unprecedented move within the Eurozone, Cyprus announced plans to impose a levy on all bank accounts as part of an agreement to be bailed out by the European Union. In essence it was a "bail in" in that the unfortunate deposit holders would be forced to accept shares in the insolvent banks in return for the theft of their money. At the time of writing a form of agreement is in place but whether the theft of depositor money is included is still to be agreed. They did agree to nationalise state pensions, and impose capital controls (restricting the flow of money out of the country) which until now has been illegal in European law (another significant factor for beleaguered Europe).The proposal was for those with less than 100,000 euros in their accounts to be "taxed" 6.75%, while those above 100,000 will be hit for 9.9%. Not surpr…

Russian Leader Warns, “Get All Money Out Of Western Banks Now!” #collapse #banks #recession #cyprus #meltdown

A Ministry of Foreign Affairs (MFA) "urgent bulletin" being sent to Embassies around the world today is advising both Russian citizens and companies to begin divesting their assets from Western banking and financial institutions "immediately" as Kremlin fears grow that both the European Union and United States are preparing for the largest theft of private wealth in modern history.

According to this "urgent bulletin," this warning is being made at the behest of Prime Minister Medvedev who earlier today warned against the Western banking systems actions against EU Member Cyprus by stating:

"All possible mistakes that could be made have been made by them, the measure that was proposed is of a confiscation nature, and unprecedented in its character. I can't compare it with anything but … decisions made by Soviet authorities … when they didn't think much about the savings of their population. But we are living in the 21st century, under market econ…