Just imagine that you were a Cypriot, happily went to sleep on Friday night, looking forward to a long weekend as Monday is a public holiday.
On early Saturday morning, while you were driving happily to the beach resort with your family, you heard over the radio that the Cyprus Government has accepted a bailout proposal in Brussels with the European Union and the International Monetary Fund that include a 6.75% to 9.9% tax on your bank deposit.
The Government termed it as ' A Contribution' from all bank depositors to ensure financial stability of Cyprus. To legalised the 'Contribution', a parliament sitting will be called on Tuesday to pass this 'new tax' to legally take your money. The bank will remain closed until Wednesday and all electronic transfers have been blocked. Once the Parliament has passed the 'law', money will be taken from your account before the bank reopen.
This is a case when your elected Government has messed up the country's economy and your banker has gambled away your money with big losses (loans to Greek borrowers that worth 160% of Cypriot GDP for high interest return), they are looking at your hard-earned money to save the bank and to get a bailout.
Click 'Confiscation' for other view.
If this can happen in Cyprus, it can happen in other countries.
So choose your Government wisely if you have the chance.
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1 comment:
Agree with you. Choose your government wisely. Stability in a country is something many of us take for granted.
Appreciate your blog and diligent work, Sir.
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