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The War on Savers Intensifies as Cyprus nabs depositors in bailout

Mark Jeftovic
By Mark Jeftovic / March 16, 2013

As reported via Bloomberg:

Euro-area finance ministers agreed to an unprecedented tax on Cypriot bank deposits as officials unveiled a 10 billion-euro ($13 billion) rescue plan for the country, the fifth since Europe’s debt crisis broke out in 2009.

Cyprus will impose a levy of 6.75 percent on deposits of less than 100,000 euros — the ceiling for European Union account insurance — and 9.9 percent above that.”

Used to be a time you actually earned interest on your savings. Now in this era of ZIRP for as far as the eye can see and QEternity, savers get screwed again as their reward for thinking ahead is to take a haircut to fund economic profligacy.

Queue the bank runs in 3-2-1.

Zerohedge coverage here.

Also see (for the second time today) The Tragedy of Contrarianism.

About the author

Mark Jeftovic

Mark Jeftovic is the creator of Wealth.net, founder and CEO of Canadian domain registrar and DNS provider easyDNS.com and member of the indie rock sensations The Parkdale Hookers.

His personal blog is at markable.com

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