Cypriot Savers taken Greek Style

In a shock move, well a shock for those fools that "save" in fiat currency anyway, Greek Cypriots have been just informed that up to 10% of their savings in bank accounts will be stolen to secure a €10 Billion bailout fund to recapitalise its ailing banking system.

The deal was reached during a meeting of European finance ministers,  also attending was the IMF's Chief, Christine Lagarde. She was quoted as saying " “I welcome the agreement reached today to address Cyprus’ economic challenges. The IMF has always said that we would support a solution that is sustainable, that is fully financed, and that appropriately allocates the burden sharing.”

Details are that fiat bank held savings of under €100,000 will have 6.75% stolen. This rate of theft will rise to 9.9% for those deposits over €100,000.

This theft will come into force on Tuesday local time after a "bank holiday" (the most evil combination of two words in the English language) on Monday. The Greek Cypriot government has ordered banks to kill Internet / phone banking and shut ATMs over the weekend and Monday to stop savers from transferring or withdrawing their currency to prevent said savers from defending themselves.

From Euronews