Tuesday, March 19, 2013

Cyprus Facing 'Financial Oblivion'

The government of Cyprus is desperately trying to push through a bill that would allow the government to effectively steal money from bank deposits with exemptions--proposed at the 11th hour--for small savers. But parliament is expected to reject the draconian measure, misrepresented (and misreported) to the world as a "tax," which the German-dominated EU is insisting on as the price (for the time being) for a $13 billion bank bailout.

So Cyprus is facing "financial oblivion," and the crisis there could trigger cascading bank runs--a crashing down of the entire European system.

Read more.