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Cyprus - negative interest

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March 18, 2013 – Comments (2)

Ugh...

I have wondered how the financial crises would play out and somewhere I read a prediction about negative interest rates on bank accounts.  I guess this special levy Cyprus is considering on deposits could be considered negative interest.  

Double ugh.  I don't think this should be dismissed as something that couldn't possibly happen, say, where you live...

2 Comments – Post Your Own

#1) On March 18, 2013 at 10:09 AM, dwot (97.58) wrote:

New story...  http://www.cbc.ca/news/business/story/2013/03/18/cyprus-bank-deposits-crisis.html

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#2) On March 18, 2013 at 12:53 PM, chk999 (99.98) wrote:

This is exactly the way to destroy the banking system. Before deposit insurance, people would pull their money out at the slightest hint of a problem. The resulting run destroyed the bank. Deposit insurance fixed this problem. The EU is being very short sighted here. People under the insured deposit limit should never lose a nickel.

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