[Bon mots]

That’s nonsense.
They are not going to lose 60% of their deposits over €100,000.00, they are going to lose all of it.

[A Navy Vet]

Let the socialists try that in the USA. Watch the rebellion.

[Jack Hammer]

“...the first time the euro zone has made bank customers contribute to a bailout...”

In precisely the same manner that looters make citizens contribute to their home furnishings.

This is nothing more nor less than a massive act of outright theft, plain and simple; there’s no way possible to sugar coat this with tortured rhetoric.

[SeminoleCounty]

And still you have morons in this country pushing Free Trade, NAFTA, North American Union...even though the EU is falling apart and bankrupting everyone

[Jimmy Valentine]

This will turn out very badly. If I am a Russian oligarch, I’m going to put some button men together to deal with enough government officials to make them change their minds.

[spetznaz]

Amazing

[autumnraine]

I want everyone to take note (and make the case to everyone they know) that “wealthy” include those who saved all their lives for retirement.

[Sirius Lee]

Here's my confusion in all of this government lootery. Most Americans keep their cash in banks as a matter of convenience - atm cards, checks, direct deposit/bill pay...since the only other reason to keep cash in a bank is almost non-existent - namely, interest on savings.

The modern banking model no longer can sell interest for your money, so it offers those other services.

The banks are fractional reserve banks, so the money isn't even there. It's been loaned out 10:1.

How can the government confiscate 60% of something for which there is only 10% at best?

[tired&retired]

The percentage goes up as the Russians remove their money.

[freedumb2003]

EU: Hey, depositors, you screwed up - you TRUSTED US!

[Nip]

That's right folks - the loss of 60% of your life savings beyond the 100,000 Euro limit has saved the nation!!!

Excuse me, since the money stolen from successful people went to pay down a debt how can it “save” the Nation? If none of it went towards correcting the conditions which caused the banking crises what is to prevent it from happening again in 6 months or so?

The only thing that was “saved” were the politicians in Cyprus and the bureaucrats in Brussels and elsewhere.

I wonder what's the morning line for the next banking crises in Cyprus?

[The Great RJ]

The same could be easily done here. As with the SCOTUS decision on Obamacare just declare that confiscation of your bank account or other assets is a “tax” and no Constititional mandated just compensation for the seizing of your property is needed. Justice Roberts opened the door to total government taking of anything you own.

[csmusaret]

Thanks to the FED we are Cyprus...http://pricedingold.com/us-dollar/

[kenmcg]

No gun rights in Cyprus!

[Vaduz]

The same happens here but it’s called taxes.

[blueunicorn6]

What does our government fear? What they fear, they will work to defend against.

[B212]

The more I read on this Cyprus bank situation, the more I conclude, most folks, don't understand how a bank operates....when you take $5000 to the bank and “give” that to the bank for safe keeping (sic)....the bank loans out that money to a car-dealer, to buy new stock, a real estate developer to build new homes, your $5000 is not/not siting in a strong box in the banks basement.....within hours it is loaned out....gone gone down the road....hence, if the car dealer fails, then a portion of your savings is gone...fortunately if the failure is small, then other depositors pickup the slack....but if the whole country goes into default, then your money is gone...government deposit insurance will cover to a certain amount, but what happens if the government can't cover the losses?

So, don't think, you can run down to the bank, on a rainy day, and withdraw your $5000, because, you agreed to limit your withdrawals when you signed on to the bank....so on any day you arrive and want your money back, the bank can say, sorry old chap, come back in 5 days.....what the EU, has done, is exposed the fraud that most banks are...and destroyed the confidence that most have in the system....

[Caipirabob]

From Russia with love: "Vee haf complaint..."

I'm on their side. If they don't get cash, the should receive collateral until said cash owed is made good.

[csmusaret]

Think it can’t happen here?...http://investmentwatchblog.com/u-s-department-of-homeland-security-has-told-banks-in-writing-it-may-inspect-safe-deposit-boxes-without-warrant-and-sieze-any-gold-silver-guns-or-other-valuables-it-finds-inside-those-boxes/