Cyprus has decided to raid the piggy banks of depositors. In order to fund the excesses of wayward borrowers and a spendthrift government they have decided to scalp up to 10% from saved funds in their banks. Stealing the wealth of those who have done it right…as Cactus Kate rightly says Cypriots riot for much less.
There is going to be bloodshed and politicians will cop it.
Imagine over your weekend your government announced they are going to steal 6.75-9.9 per cent of your total savings to pay for those who ran up all the debt?