A Truth Journal: Wall Street Bankers Pressuring EU Cyprus Bailout, Causing Run on Banks?: From Denny: What a political and financial mess. Germany at the helm of insistence and the EU bankers actually thought they could slap a 10 percent tax to fund a bailout for the country's banks on all depositors in Cyprus and not get any real push back. You see, the cover story was that Germany and the EU bankers didn't want to underwrite the Russian oligarchs since 40 percent of Cyprus' banks contain money from foreigners.
Cyprus is commonly suspected as a money laundering site and tax evasion for Russian criminals. What these greedy bankers got for their stupid move was a run on the all the banks as people flooded the ATM machines to withdraw all of their cash they could retrieve. That was the fun on the weekend because the banks had frozen everyone's accounts and then closed on Monday to prevent getting at their own funds. Wouldn't that make you angry too?
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