European officials in Brussels required that part of a new €10 billion bailout be paid for directly from the bank accounts of ordinary savers. http://www.nytimes.com/2013/03/18/business/global/facing-bailout-tax-cypriots-rush-to-get-their-money-out-of-banks.html?ref=world A move that could set off new fears of contagion across the euro zone as anxious depositors drained cash from automated teller machines in Cyprus over the weekend. “This is a clear-cut robbery,” Calls went out on the social media to protest the abrupt decision, which came with almost no warning at the beginning of a three-day religious holiday on the island. Cypriot creditors will be confiscating money directly from retirees, workers and regular depositors to pay off the bailout tab. The accord amounted to a “grabbing of ordinary depositors’ money” in the guise of a tax.
Jacob F. Kirkegaard, an economist and European specialist at the Peterson Institute for International Economics in Washington said, “We are in a new world.” NWO. The surprise policy by the International Monetary Fund, the European Central Bank and the European Commission is the first to take money directly from ordinary savers. They said the consequences of rejecting the deal would be the collapse of at least one of Cyprus’s major banks, amid widespread weakness in the country’s banking system. Let then fail!