So, if concrete proof were needed yet again that your money is not safe even in the bank, the majority of hard working people, who work hard and save for their future – just like they are told to do as part of their civic duty so as not to be a burden on society and the financial system – could now be hammered by a one-off (do we believe it will be a one-off?) ‘tax’ on their savings.
It is incredible that the whole financial system crashes and the banks are supported by those in power, not really held accountable. And who is left to pick up the tab? I don’t remember this fuss when Woolworths went bankrupt. The scary fact is that the banks are still here, bonuses are still being paid, profits are still being made and yet whole Countries are now falling into the abyss.
In the case of Cyprus, whoever is pulling the strings behind the scenes has looked at how Cyprus can pay back a bailout and have decided that there are a lot of accounts belonging to overseas clients, mainly Russian by the look of it, and an easy target because they are not part of the EU. But the question arises, these accounts have kept banks afloat in Cyprus, are they a drain on the benefit system? No, of course not. So they are actually helping the situation, obviously not as much as some people would like so, if this ‘tax’ on bank accounts gets voted in, short-term Cyprus gains about 5 billion towards its bailout – and then what?
I am sure most of these Russians and anybody else with a sizeable chunk of money in Cyprus will be moving it pretty sharply. The problem is the government know where to go when the coffers are empty again, because if they have no money now when will they? This time next year? I can see them now sitting round a table asking the question…………..now where can we put our hands on a few billion euros to keep the lights on?
