Lawmakers say it’s OK to seize your bank deposits to fund their bailout
Wow. This is big. What’s next? Nothing is safe. I hope you’re ready for the coming turning point in our society. If this article doesn’t make you nervous about your freedoms nothing will.
Imagine waking up to find out that as much as 40 percent of the money you thought was safely deposited in the bank was seized, without your permission, to bail out a near-bankrupt government.
That’s just what thousands of large depositors in Cyprus woke up to Monday morning after European Union officials accepted a last-minute deal offered by the island’s lawmakers to secure a $13 billion bailout to avert imminent financial meltdown.
The deal, which also slashed the island’s oversized banking sector, came as euro ministers in Brussels threatened to cut off crucial emergency assistance to Cyprus’ embattled banks after business on Monday if no agreement was reached.