As expected, Cyprus and the EU reached a new late-night bailout deal last night that will reduce the chance that Cyprus's financial system and economy will completely implode.
The new deal is better than the last deal in one key respect:
Deposits under 100,000 euros will be protected
That's very important. Those deposits were ostensibly "insured." To seize them, the way the last bailout deal would have, would have been grossly unfair and would have set a truly alarming precedent.
Now, small depositors in European banks can breathe more easily. At least in this case of gross malpractice on the part of reckless bank managers, their life savings have been preserved.
Alas, the good news ends there. Full story...
Related posts:
The new deal is better than the last deal in one key respect:
Deposits under 100,000 euros will be protected
That's very important. Those deposits were ostensibly "insured." To seize them, the way the last bailout deal would have, would have been grossly unfair and would have set a truly alarming precedent.
Now, small depositors in European banks can breathe more easily. At least in this case of gross malpractice on the part of reckless bank managers, their life savings have been preserved.
Alas, the good news ends there. Full story...
Related posts:
- The European destruction of Cyprus has begun...
- Get all your money out of Europe now...
- Cyprus 'Eurogeddon': deserted streets of a country closed for business...
- Farage: Leaders utterly unplugged from thoughts & hopes of ordinary people...
- Nigel Farage: the Eurozone is a ponzi scheme run by communists...
- Farage: Break up the Euro, restore democracy and human dignity...
- Europe moves closer to banktatorship...
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