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Activist Post

ATMs are being drained in Cyprus after European Union chiefs decided late Friday night to raid private savings accounts to help pay for the country’s $13 billion bailout.

Of course it’s a holiday weekend and banks are closed on Monday, preventing a panicked bank run. It is now being reported that the Cypriot cabinet has extended the bank holiday into Tuesday and possibly Wednesday in an effort to calm the growing unrest. Electronic transfers have also been halted in order to prevent capital flight. EU banksters really know how to pull off a heist.

Reuters reports:

The euro zone agreed on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risk of a wider run on savings.
….
In a radical departure from previous aid packages – and one that gave rise to incredulity and anger across the country – euro zone finance ministers forced Cyprus’ savers to pay up to 10 percent of their deposits to raise almost 6 billion euros.

Cyprus president Nicos Anastasiades agreed to the deal, which completely reversed his previous assurances that it would not happen. It sets a very dangerous precedent for future bailouts. As if brutal austerity wasn’t enough, the EU is now demanding a bailout tax making citizens and expat depositors alike personally liable for government and private bank debts. Reuters also notes that according to a draft of the legislation, criminal penalties of up to 3 years in jail and 50,000 euros could be imposed upon anyone who doesn’t comply…
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