Here's what they want to do:
• Savers with under 100,000 euros deposited must pay 6.75%
• Those with more than 100,000 in their accounts must pay 9.9%
• Savers will be compensated with the equivalent amount in shares in their banks
• The levy is a one-off measure - so they say...
No one could have prepared for this... so I am advising you ALL wherever you live to beware of the banks. All banks are interconnected and your money is not necessarily safe in a bank. Make sure you have enough cash out of the bank. And invest the rest in gold and silver. Right now, the prices are quite low and in the future, because of the uncertainty in the world economy, the value of your bullion will increase greatly. But don't buy it for that reason. Buy it because it gives you insurance: something that is outside of the control of governments. Don't buy shares in gold and silver, but buy the actual coins and bars that you can hold in your hand. Don't let anyone else take care of your bullion, keep it yourself.
Innocent people are being condemned for the greed and mistakes of their banks. They trusted their banks to take care of their savings and without warning, the bank steals from 6.75% to 10% of people's wealth overnight. The Cypriot government is having a rethink about the situation and meets tomorrow, but even if this particular robbery doesn't go ahead, the writing is on the wall: governments can steal our money overnight and we have no power to stop them if we continue to keep our money in the banks.
Cyprus is a tiny country and may not have as much power as one of the bigger EU countries, but what if this happens in Spain or Italy as it could?? Can you imagine the uproar and the civil unrest?
And they say that the levy is a one-off measure - but of course the government could change their minds about that next month.
The positive outcome that could come from this is that we can start to work together outside of the system. By using barter and exchange we can swap products and services within our communities without having to be penalised by our tax systems. The taxation regimes of failing states and governments are going to get more and more invasive and controlling as time goes on. Let's not allow the banks rip us off and let's try to prepare for the coming changes.