If it can happen in Cyprus, it can happen across more European nations as the EU and its ‘troika’ set a precedent by changing its own rules. What’s more is that if it can happen in Europe, it can happen in the United States.
Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe’s single currency by propping up failing banks, a senior eurozone official has announced.
The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe. Continue reading