According to Natural News, in order to overcome the financial crisis, a brand new arrangement has been reached concerning Cypriot banks where 40% will be taken from selected accounts, but not from accounts holding less than 100,000 Euros. The benchmark is 100,000 Euros because all EU bank accounts are insured up to 100,000 Euros. IMF chief Christine Lagarde characterized the incident as “a lasting, durable and fully financed solution.”
Not everybody is impressed by all the bankster happy talk, of course. As Colm McCarthy writes on the Independent.ie website, “[T]he euro zone countries collectively do not have an actual deposit guarantee fund in place, and the volume of deposits in many euro zone countries, not just those already in financial distress, is large relative to the fiscal capacity of the state. Bank runs by retail depositors are a serious risk, particularly in those countries whose governments lack financial credibility.”
And from Mats Persson of GulfNews.com: “The Euro zone set a risky precedent when it decided to go for depositors. Images of long queues outside ATMs will have registered in other parts of the Mediterranean. If Cypriot depositors are forced to pay today, why not Spaniards tomorrow? … Events in Cyprus have shown just what a high-risk gamble the euro was… If you could design a system whereby a splinter could take down an elephant, this would be it.”
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The financial crash and Great Recession of 2008-09, which was felt far beyond U.S. borders, has left individuals and their families so concerned that increasingly many have begun hoarding cash in their homes rather than trust it to banks.
According to a recent report by The Associated Press, “Five years after U.S. investment bank Lehman Brothers collapsed, triggering a global financial crisis and shattering confidence worldwide, families in major countries around the world are still hunkered down, too spooked and distrustful to take chances with their money.”
To see some fascinating and interesting clips regarding the horrifying truth about the cash stash issue and more, one can easily log onto:
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