Post by Peteetongman on Mar 25, 2013 17:21:44 GMT -5
These liberal fools never learn:
Imagine waking up to find out that as much as 40 percent of the money you thought was safely deposited in the bank was seized, without your permission, to bail out a near-bankrupt government.
That's just what thousands of large depositors in Cyprus woke up to Monday morning after European Union officials accepted a last-minute deal offered by the island's lawmakers to secure a $13 billion bailout to avert imminent financial meltdown.
The deal, which also slashed the island's oversized banking sector, came as euro ministers in Brussels threatened to cut off crucial emergency assistance to Cyprus' embattled banks after business on Monday if no agreement was reached.
Without that EU funding, Cyprus' banks would have collapsed, dragging the country's economy down with them and threatening the small Mediterranean island's membership of the 17-strong group of European Union countries that use the euro -- all of which would have sent the EU's markets spinning.
"It's not that we won a battle, but we really have avoided a disastrous exit from the eurozone," Finance Minister Michalis Sarris said in Brussels.
Read more: www.foxnews.com/world/2013/03/25/cypriot-leaders-creditors-secure-agreement-toward-bailout/#ixzz2Oaoizn4b
Imagine waking up to find out that as much as 40 percent of the money you thought was safely deposited in the bank was seized, without your permission, to bail out a near-bankrupt government.
That's just what thousands of large depositors in Cyprus woke up to Monday morning after European Union officials accepted a last-minute deal offered by the island's lawmakers to secure a $13 billion bailout to avert imminent financial meltdown.
The deal, which also slashed the island's oversized banking sector, came as euro ministers in Brussels threatened to cut off crucial emergency assistance to Cyprus' embattled banks after business on Monday if no agreement was reached.
Without that EU funding, Cyprus' banks would have collapsed, dragging the country's economy down with them and threatening the small Mediterranean island's membership of the 17-strong group of European Union countries that use the euro -- all of which would have sent the EU's markets spinning.
"It's not that we won a battle, but we really have avoided a disastrous exit from the eurozone," Finance Minister Michalis Sarris said in Brussels.
Read more: www.foxnews.com/world/2013/03/25/cypriot-leaders-creditors-secure-agreement-toward-bailout/#ixzz2Oaoizn4b
