ATMs were drained over the weekend 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 was 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 until Thursday in an effort to calm the growing unrest. Electronic transfers have also been halted in order to prevent capital flight.
Riots are now being reported in Cyprus as citizens are furious at the Troika’s decision to rob the citizens to pay for the bad debts of banks…