March 16, 2013

GOOD GRIEF: Europe Does It Again: Cyprus Depositor Haircut “Bailout” Turns Into Saver “Panic”, Frozen Assets, Bank Runs, Broken ATMs. “Late last night, after markets closed for the weekend, following an extended discussion the European finance ministers announced their ‘bailout’ solution for Russian oligarch depositor-haven Cyprus: a €13 billion bailout (Europe’s fifth) with a huge twist: the implementation of what has been the biggest taboo in European bailouts to date – the impairment of depositors, and a fresh, full blown escalation in the status quo’s war against savers everywhere.”

UPDATE: More bad economic news from southern Europe.

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