ticktock I don't know if this is a good idea or not but I do wonder what effect it will have on the rest of the Eurozone. Will people move their savings to other countries outside the euro? If they do, will that mean an influx of cash into the UK? If that happens will our savings interest rates plunge even lower? Will the £ gain in value and make our exports dearer? As it hasn't happened before the consequences are unknown but could be dramatic, that is of course if it goes through.
I am amazed the markets didn't fall and the eurozone countries Bond Yields rise highly yesterday.
What is the point to a bank if this happens???
IT IS CRAZY. It has the potential to cause a run on the banks, obviously. What must the population of countries such as Italy and Spain be thinking. They know they are also in danger. I think it is unfair to the populas of Cyprus and I don't care if you have 10 euros or 1 million euros in your account, it is so wrong to 'thieve' anybody's money.
I am interested to see what Russia will do as they are not to be messed with. I am also interested to see what happens in Germany 'IF' their Bond Yields and Dax fall dramatically.
I see they are going to give an allowance of 20,000,00 euros before 'stealing' anyones cash. What about the poor sods who have just sold their house and are buying another but their have their cash in holding. What about the business person who has cash from customers in their accounts. There are so many reasons why this is madness.