Odd Cyprus Message: Levy Was an Absolute Necessity and It Will Never Be Repeated |
| March 17, 2013 | March 2013 Bond Updates |
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Europeans are trying to come to grips with the shocking decision of Cyprus to abruptly declare a stiff levy on bank deposits, even those under 100'000 euros. Everyone is now waiting for Monday morning and how depositors in Southern Europe will react to the sudden realization that 7-10% of their savings could be abruptly confiscated on any given weekend. Photos of Cypriots lining up in front of ATM's that no longer work will be splashed across the Sunday editions of European newspapers. |
| View more at: http://www.forbes.com/sites/terokuittinen/2013/03/16/the-odd-cyprus-message-levy-was-an-absolute-necessity-and-it-will-never-be-repeated/ |
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