Banking

Cyprus ATMs Empty as Parliament Postpones Debate on Bank Bailout

Cypriots want their money before the government steals it or the banks collapse

|

Cyprus's parliament has postponed an emergency session on a controversial bailout deal for the country's banks.

The debate and a presidential address were to happen on Sunday but will now take place on Monday, state media said.

The deal reached with the EU and IMF on Friday has provoked public anger because it would impose a levy on bank deposits of up to 10%.

The president has said that refusing the bailout would lead to the collapse of the country's banks.

Worried investors have been queuing outside banks to withdraw their savings from cash machines.

Advertisement

NEXT: Schneier: We're All Under Surveillance on the Internet

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

  1. Ad in the dead-tree issue of the Chron this morning was offering a vault ‘not accessible to state or federal government’. More or less a safe-deposit box not affiliated with a bank.
    I have a feeling their business might see some growth, and with interest at near zero, there’s hardly any reason to use a savings account.

    1. What are they doing, launching it into orbit around Alpha Centauri?

      Any vault accessible to a person on earth is accessible to the fedgov.

      1. Pretty sure they’re saying ‘outside the banking laws’, so any tax or taking through the bank regulators are ixnay.
        Admittedly, since the Fedgov owns thermo-nukes, anything is ‘accessible’, but in this case, there is no regulatory body that has access. Currently.
        Let’s just say that what happened in Cyprus couldn’t happen with this outfit.

      2. Oh, and at one time, even naive rockers could get a handle on what happens:
        http://www.youtube.com/watch?v=Qmor0KgLe6g
        I’d bet now the lyrics would be ‘you steal money from me…’

Please to post comments

Comments are closed.