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Nothing big ever happens without a test run....
The thing that keeps getting lost in all these tales of doom and gloom...
..
food
ammo
guns
survival gear
gold and silver
The banks are on hiliday in Cyprus which means they are closed and you can get no cash. How long will you be able to live when our banks do the same?
Don't really know how to feel on this.
A bunch of people who flee to Cyprus to seek out a tax haven with "flexible" banking regulations are now forced to pay 10% of their account values so that other countires will dump a whole lot more money to keep you from loosing more than 10%. Seems like a deal to me.
While Spain's economy minister Luis De Guindos proclaimed in the Senate today that bank deposits under EUR100,000 are "sacred"and that "Spanish savers should stay calm," Spain, it would appear, has changed constitutional rules to enable a so-called 'moderate' levy on deposits - as under previous Spanish law this was prohibited. For now, they claim the 'levy' will be "not much higher than 0%" and is mainly aimed at regions in Spain that have "made no effort to collect taxes" based on new revenue expectations. As El Pais reports, the minister of finance and public administration, Cristobal Montoro, defends the need for such a 'levy' in their constitution on the basis of standardizing taxes across regions (and is preparing a proposal on the amounts to be paid) and although it would appear that while the European Commission could previously argue that such a 'tax' would violate the free movement of capital in Europe, it now leaves the door open to eventually effectively taxing the deposits. We can't help but remember the Tequila crisis and the constant reassurances from Zedillo up until even the night before Mexico devalued...