Euro Area

[gaelic cowboy]

This austerity rubbish will not fix our banks unless they start some proper write offs our problems will continue.

The thing is this sets a precedent. How long before other governments, under orders from Bruxelles, start to pinch people money from their banks? This is why I dislike the EU. Accountable to no one. Can't be sacked.

Any Euro fans like to defend this latest outrage?

A comment from a Telegraph article on this sums it up.

It's such a laugh you need to increase capital in banks so you steal savers money, it'll encourage people to remove all there deposits just in case they go looking for another 10%.

If people take out there money there gonna need more capital and potentially another bailout.

Plus they have breached a principle in that people's money is now not safer in banks, this could have a ripple through the whole EU banking system.