The Latest Hairbrained Scheme of Eurocrats

by James Corbett
The International Forecaster

Shhh. Do you hear that? If you listen carefully, you can hear the sounds of worried Eurocrats trying to back away from their latest harebrained scheme. Or at least re-wrap it in a different box.

As of press time, there has still been no vote on the Cyprus bank levy deal, but it’s looking more and more certain that it is not going to pass in the form that it was presented to the world last weekend. The original deal would have seen deposits over 100,00 Euros “taxed” (to use the polite word for robbed) at 9.9% and under 100,000 Euros at 6.75%. Either the Eurocrats, IMF, and Cypriot government never considered the knock-on effect that a confiscation of funds from the Eurozone “guaranteed” 100,000 Euro deposits would have on the entire continent’s banking sector, or this is part of a testing of the waters to see how far the public can be made to go along with it. If it’s the latter, they seem to have failed miserably judging from the vociferous Cypriot protests against the deal and the Merkel effigies that are being lampooned at the marches taking place on the island last weekend.

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