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Originally Posted by Chris
With all due respect to the "ordinary savers" of Cyprus, the problem here isn't the effect the measure would have on them, it's the very principle of expropriation from private bank accounts. So long as this plan goes ahead in any form whatsoever, a line will have been crossed.
Alastair Darling pointed out on Today this morning, it's not that this will cause bank runs across Europe here and now, but what about the next time Spain or Italy or Portugal seems to be heading for the rocks and speculation about a bail-out begins? The fact that this expropriation went ahead makes it perfectly logical in future for every saver to go and withdraw his funds just in case another cash grab is announced.
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Indeed if the EU are allowed to do this then no savings account or bank account is safe from there attention
And in other news, this is the EU effect
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Cyprus Bailout: Cash Flown Out To British Troops
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Soldiers stationed on the island and their families would be able to borrow the money if cash machines and debit cards stop working completely, the Ministry of Defence said.
"The MoD is proactively approaching personnel to ask if they want their March, and future months' salaries paid into UK bank accounts, rather than Cypriot accounts," it said in a statement.
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http://news.sky.com/story/1066871/cy...british-troops
This is what you get for being part of the Eurozone. Thank god we are not part of this train wreck called the Euro