Europe announces stunning bailout for Cyprus — Bank depositors to get instant 10% tax before banks reopen this week. Eurocrats gonna swoop in and take something from everybody: the “stability levy” will take 10% of the accounts over 100,000 Euros, 6.75% for accounts with less than that. … The challenges we were facing in Cyprus were of an exceptional nature”… i.e. the pols were nearly out of money to hand out to their cronies. More here: Cyprus Depositor Haircut “Bailout” Turns Into Saver “Panic”, Frozen Assets, Bank Runs, Broken ATMs. Wealthy Russians have a lot of money in those banks. Odds are they are not amused.
