Telegraph Live - Cyprus Crisis: Reports the following on the money controls set in place by the Government of Cyprus, " Cypriots face a suspension of credit card payments for overseas goods and a ban on cashing cheques under draft capital controls designed to avert a run on the banks. ".
Lets Get Real:
The dirty secret of the EU is out folks, the template for future bailouts will be for the savers in EU banks with over a 100k to lose up 40% of their savings, no matter if your Russian or not, or a small business. An interesting BBC 2 Newsnight report on Cyprus showed how small business in Cyprus will be hurt, as the Bank is the common link between customers to a business buying products for its business, if the transaction is over a 100k it could be hit with the 40% tax, thus everyone in the lines gets hit, the idea that this will stay in Cyprus is a MAD view of the global economy, somewhere folks the Cyprus link will have consequences outside the Cyprus and it will hurt the global economy, its a GLOBAL economy folks, the idea that you can collapse the banking system of Cyprus and for not results outside Cyprus shows a real lack of understanding how the everything is connected. The Banks in Cyprus bought a lot of Greek bonds, with the haircut they lost millions, even billions, did the banks in Cyprus insure their bonds against this, and those that have Cyprus bonds will be looking to get some money back or to get rid of them, then they will have insurance, you get the idea folks. This is not over folks, also if you have big savings or a small business in the PIGS Countries time to move your savings to non EU Countries, or turn your assets in to gold etc. The financial crisis of 2008 is not over folks and the policy of theft by the EU is going to make it a lot worse.
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