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oldfashionedway (35.75)

Banking Fees? Cyprus Gets Creative/Confiscatory

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March 16, 2013 – Comments (3)

http://www.marketwatch.com/story/cyprus-bailout-comes-at-a-cost-to-bank-depositors-2013-03-16

Coming to your financial institution in the near future... 

3 Comments – Post Your Own

#1) On March 17, 2013 at 8:59 AM, MoneyWorksforMe (< 20) wrote:

People around the world are slowly losing faith in fiat currency, and the system that supports it. Japan, ~20% devaluation over several months; Venezuela 40% devalution overnight; British sterling, on the cusp of a 'Japanese-esque' devaluation, currently down 7% over the past 6 months.

Now money in a Cypriot saving's account, up to 10% is being seized. This is only the beginning. This sets a huge precedent. If I was living in the eurozone now, particularly in one of the PIIGS nations, I'd be looking to remove all of my savings from the banks immediately. 

What was once considered "safe" is no longer safe. Holding major fiat currencies, particularly within large banking institutions exposes one to significant risks. 

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#2) On March 17, 2013 at 3:27 PM, oldfashionedway (35.75) wrote:

http://www.zerohedge.com/news/2013-03-17/could-cyprus-fiasco-occur-united-states

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#3) On March 18, 2013 at 10:11 AM, dwot (50.79) wrote:

This is amazing...

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