What is going on on Cyprus could be called that. Imagine depositing money in, let's say Bank of America. After a while, for example 10 years, you have a $100,000. On Monday morning you open account online and see that you only have $37,000. You turn on your TV and some egghead, let's call him Timmy, announces that BOA had to be bailed out and as part of the deal "millionaires" will have to say good buy to 63% of their deposits. What would you call that? Yes, I know some of you would call it justice. Some will call it redistribution. How about you? Are you a millionaire? Did you have to work really hard to save that much?
Well, that's what is happening on Cyprus. But, since it's not our money we don't have to care. Or should we? Yes, we should. Because it could happen here too.
Big depositors in Cyprus to lose far more than feared
Online since year 2000.// Online od roku 2000.
