As ZeroHedge writes.....
moments ago Cyprus became the first Eurozone country to officially implement governmental capital controls into legislation. At this point it had no choice: whatever happens with the deposit haircut, or with everything else, it is now inevitable that the local Cypriots will do all they can to pull as much money from domestic banking system as possible following the complete loss of faith and trust in banks, which is why the government had no choice but to intervene with its own "controls."
There appears to be more 'work' the legislators in Cyprus still need to complete , like for instance how to steal from the bank accounts of depositors, as this article from Bloomberg implies. Whatever the eventual outcome, this cannot be a good predicament as it relates to the confidence in that Europeans will have in the banking system. Gold on the other hand.......
moments ago Cyprus became the first Eurozone country to officially implement governmental capital controls into legislation. At this point it had no choice: whatever happens with the deposit haircut, or with everything else, it is now inevitable that the local Cypriots will do all they can to pull as much money from domestic banking system as possible following the complete loss of faith and trust in banks, which is why the government had no choice but to intervene with its own "controls."
There appears to be more 'work' the legislators in Cyprus still need to complete , like for instance how to steal from the bank accounts of depositors, as this article from Bloomberg implies. Whatever the eventual outcome, this cannot be a good predicament as it relates to the confidence in that Europeans will have in the banking system. Gold on the other hand.......
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