We have rules against political opinions?
I'm pretty sure all the "opinion" rules are just to keep the discussion mostly civilized.
Regarding Cyprus: This is big. This is ugly. This is getting scary. Then again, Greece is still in the Eurozone for some reason, so I don't think Cyprus will be forced out. On the other hand, if the other EU banks put too much pressure on Cyprus, things get dangerously unpredictable. One thing the markets hate is uncertainty.
What worries me in the long run is that the option of confiscating deposited funds from bank accounts even got put on the table. What terrifies me is that it's still on the table for accounts over 100,000 Euros. That's the sort of thing a 3rd world dictatorship does when the government get desperate for cash. That ANYONE involved with ANY European government or bank would seriously suggest this shows an amazing change in attitude regarding just who owns bank deposits.
Now that it's on the table for Cyprus, then it could easily be considered as a viable option for any country in the EuroZone any time there's an issue in the banking sector. If enough Europeans wake up to this horrifying possibility and all the governments in the EuroZone don't 100% repudiate the very concept of taking deposits to balance the books, we could be looking at massive bank runs.
Cyprus itself is having to impose all sorts of emergency measures to keep people from emptying their accounts.
Those with over 100,000 Euros on deposit are still looking a the possibility of having a "levy" imposed on their funds. Call it a levy. Call it a tax. It's really a government stepping in and unilaterally confiscating deposits that legally belong to individuals and companies. It's legalized bank robbery.
If I were in Europe, I'd leave no more cash in any bank other than enough to cover normal paying of my utility bills.
Mattress Bank - Protecting YOUR money since 1929. The only bank in the EuroZone that's 100% safe from government levies.