Euro Area

[Andres]

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.

Why doesn't the Cypriotic government show its' middlefinger to the so-called troïka?

Argentina showed its' middlefinger to the IMF and, apparently, they came through their collapse of their banking system much better than Greece does nowadays.

[InsaneApache]

Well if they carry on like this there will be unrest, perhaps even civil disorder. If that happens the EU peace prize is going to look very hollow indeed.

I've just read that initially they wanted to confiscate steal 40% of the savings, Now that would have started a revolution never mind a riot.

[Andres]

Well if they carry on like this there will be unrest, perhaps even civil disorder. If that happens the EU peace prize is going to look very hollow indeed.

I'm afraid we're only seeing the beginning of our downfall.

I've just read that initially they wanted to confiscate steal 40% of the savings, Now that would have started a revolution never mind a riot.

If we let them get away with stealing 10 % of the Cypriotic people, then maybe next time, they'll simply take everything.

[Vladimir]

I recently spoke with a car salesman from Cork the other day and he impressed upon me that Ireland was for the next 100 years. It seems the most sensible option was to hit the reset button even if 100% of savings were lost. The quick suffering for a decade not being as bad as a slow suffering for ten.

He seemed amused at the thought that the Germans couldn't conquer Europe with their military and that they're trying to do so with their banks.

[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.

[HopAlongBunny]

It certainly does not seem designed to instil confidence in the banking system; but most confidence games are about getting hold of other peoples money...

[Husar]

Oh come on, the spice money must flow.

And if it's sitting idle on some bank account, it is actively hurting the economy, they should take 50% and tell people to invest or lose.
It's also funny how everybody is putting the blame on Germany when we wanted to spare the small savers who have below 100k.
I just heard on the radio that that was our plan but cypriot politicians (the elected kind) and the EU(the bank mostly IIRC) wanted to include everyone.

This little BBC article supports that notion with the following quote:

The speaker of the European Parliament, Germany's Martin Schulz, has called for the levy to be revised to protect small-scale bank customers.

There was even an idea they mentioned that the small savers would be given shares of the bank in return.
You can put your sensationalist outrage under your pillows, next to that stash of money that is destroying your economy a bit more every day.