I warned about this starting in 2008. Now it’s happened. In Cyprus.
The tax on deposits, as well as hurting wealthy Russians with money in Cypriot banks, will also sting ordinary citizens. Some ATMs in the country ran out of cash, Erotokritos Chlorakiotis, general manager of the Cooperative Central Bank, told state-run CYBC.
Funds to pay the levy were frozen in accounts immediately, ECB Executive Board Member Joerg Asmussen said. The levy will be assessed before Cypriot banks reopen on March 19 after a March 18 national holiday. Sarris said electronic transfers will also be limited until then.
Boldfaced emphasis added by me.
Let’s cut to the damn chase: That’s not a tax. That’s a confiscation of the hard-earned money of working people to restore the losses of the idle betting classes (what are laughably called “investors” — but who aren’t).
We’re in the fifth year of this slow-motion collapse. And it’s not over yet.