CYPRUS BAILOUT -- 40% TAX ON DEPOSITS
Cyprus and its institutional lenders have reached a bailout deal, according to reports citing European Union officials.
As part of the agreement the country will impose a 40% haircut on Bank of Cyprus depositors holding more than $129,760 in their accounts, Agence France Presse reported. The deal followed a weekend of tense meetings between Cyprus and the Troika -- the European Commission, the European Central Bank and the International Monetary Fund -- to reach a deal before a Monday evening funding deadline.
Friends, given the government we have today, this could well be a model for the USA. Probably seems far-fetched for many, especially those of you who are left leaning and support the current administration. It will baffle me for the rest of my life that thinking people can support Obama and those he appoints when he promotes all the policies that have brought Europe to a disastrous state....bankruptcy and more. Think about Obama seeking unlimited debt ("no debt ceiling"). What is his intent??
Oh, maybe "thinking people" is oxymoronic for too many. Truth can hurt.