- Moderator
- #1
Who says it can't happen here considering the road we're going down?
It's called big government, sir.
Britons have about £1.7billion of deposits in Cyprus and could lose up to £170million. The Cypriot government has agreed to seize up to ten per cent of savings and use the money to bail out the islands crisis-hit banking system.
The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.
Warning: Chancellor George Osborne said today on BBC One's Andrew Marr Show that the situation in Cyprus was 'an example of what happens if you don't show the world that you can pay your way'
Restrictions have been imposed to stop people emptying their accounts or moving their money out of the country following the deal with other eurozone finance ministers, under which ordinary citizens deposits will be directly raided for the first time.
One furious expat said: This is plain theft. Id love to hear someone explain to me why it isnt.
ATMs emptied across Cyprus after savers learn 10billion euro bailout agreement includes levy on all bank accounts | Mail Online
It's called big government, sir.