They love to frame their dirty deeds as “justice” and their theft as “asking”.Įxcept no one in Cyprus asked to have thousands of euros taken away from them, nor do they feel it is just. Among greedy governments’ favorite words are “just” and “ask”. The finance minister of the Netherlands told reporters “as a contribution to the financial stability of Cyprus, it seems just to ask for a contribution of all deposit holders”.
So predictably, the EU officials who have been pushing for this “bail-in” to save their own hides resorted to government-speak to make it all sound oh-so-reasonable. Without them, we wouldn’t be safe, prosperous, or happy. You and I know the western world has turned into a giant stage for governments to perform their theater.
Of course, the announcement was made in such a way to offer no warning and to prevent depositors from having access to their funds before banks re-open on Tuesday. It’s all subject to a vote by the Cyprus parliament, but I wouldn’t bet against their likelihood to make nice with the EU and keep using the euro. Specifically, account holders with 100,000 euros or more in their accounts will have 9.9% of their monies levied, while those with less than 100,000 euros will have 6.75% of their money confiscated. Cypriots got a rude awakening on Saturday that should serve as a lesson to us all. The European Union has decided – in its infinite wisdom – to rob the personal bank accounts of Cyprus citizens to pay for its bailout of the country.
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