Time to rob the Portugese of their bank accounts.....
I would say this...if Portugal repeats the Cyprus scenario...then just about everyone in Europe will lift their funds out of banks. It may take four week....maybe even twelve weeks...but they will all lack trust in banks. None of this type of business is positive for the stability of Europe. If banks lose fifty percent of their cash, it’s down hill from that point on.
You know it does irritate me to see supposed conservatives viewing what happened in Cyprus as depositors being “robbed”.
Deposit insurance is Socialism, full stop.
Deposit insurance in Cyprus was Socialism backed only by a very weak state. There was never any promise from the German people that if the criminal fronts, err, banks in Cyprus became insolvent that they would pay off the depositors.
Oh, and a word on those depositors. Jumbo depositors in Cyprus were largely Russian embezzlers and criminals who COULDN’T take their money out, because no respectable country on earth would accept it.