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Cyprus - Politicians Show A Bit Of Sense
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 Big Grin

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? Tongue
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...
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!!

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