Bank savings are no longer sacred.
I play chess, often that knowing experience arises when I see my doom, wherever I move I am checkmated. It is my opinion that in the endgame Cyprus faced a similar chess ending, they were going to lose whatever they did. Nobody will now invest in Cyprus, all the savers will run taking what is left of their savings with them. The banking industry of Cyprus will collapse, the Russians will flee taking all their trade and money with them. A main source of employment will evaporate for Cyprus citizens as the Russians flee on the back of loss of credit and their savings.
For me a citizen of Britain, a spectator of events in Cyprus, a person who looks to banks for his personal and business banking needs, a dread of what has just unfolded. Ordinary citizens of Cyprus had worked hard to save, their earnings already taxed, what for some was their life savings, a third or more has been stolen from them on the whim of politician and banker. The reported unfortunate business who was half way through a transaction, the proceeds of the selling of a restaurant will be grabbed before they could move to use those proceeds for investing in their business. From a business and a personal point of view I am aware that money may no longer be safe in banks.
I am a humble ordinary face in the crowd, but even I must ask if the well paid well qualified expert known as Jeroen Dijsselbloem the Eurogroup head is that stupid to make a public statement that what happened to Cyprus savers is a template for the rest of the Eurozone. Dare I suggest that even a moron can see that if everyone thinks their savings are unsafe in a bank they will clear out the bank and run for the hills?
I am amongst millions now reviewing what my options are going to be to keep my personal and business financial resources out of the clutches of greedy bankers and idiotic bureaucrats.