Cyprus - Politicians Show A Bit Of Sense

[KeithD]

So the bank savings THEFT tax has been thrown out by the Cypriote politicians. Blimey, a hint of common sense in a politician ... that is a rare breed

Now we have to see what they do and what the EU does. They are going to run out of money in a few days so the clock is ticking.

It seems this THEFT tax was thought up by Germany, have they not learnt twice before not to try and take over Europe?

[Kerim]

At first I wasn't too concerned about the situation in Cyprus, but the more I think and read about it, the more it gives me pause. I think I understand the arguments for taking some of the savings of individual depositors, but man, the implications of that could really be scary -- if folks no longer believe that their regular bank savings are rock solid...

[KeithD]

Well it seems the Cypriote politicians have voted in a new law that caps the amount of money that can be taken out of a bank when they reopen, this is to prevent a run on the banks. They must be stupid as they will probably get this anyway, all they are doing is slowing down the process. Who is going to invest $XXXX in a country when they only let you withdraw $X at a time? Muppets.

They are now discussing a 25% tax on savings? Do the idiots not realise that 25% is more than the 10% they voted out the other day? Sometimes I just can't work out which politician on the planet is using the 1 brain cell between them all!!