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View Diary: Bank Run in Cyprus, Will it Spread to Southern Europe? (322 comments)

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  •  I really don't like the second sentence (29+ / 0-)

    in that WaPo article.

    And it may just mean some bad days ahead for the rest of us.
    Us?  Our banks have told us that they have very little exposure to the Eurozone, haven't they?  And they are so trustworthy.  

    The thing that bothers me a lot is that it was a decision that made this happen, not an external event, so surely there are some people who had advance knowledge and were able to avoid the "haircut".  It would be like an insider trading kind of thing. Who decided on the timing of this "next Eurozone crisis"?

    I don't think that journalist, Neil Irwin, lives in Europe. So when he says "us" I assume he means the US.  The headline on his article is "Why today’s Cyprus bailout could be the start of the next financial crisis".  The headline for the same article on the outer page is "The next Eurozone crisis begins".  There is a big difference between those two headlines. "Eurozone crisis" and "financial crisis" means two different things, if as the banks have claimed, we have limited exposure to Eurozone crises.  

    Anyway, there are going to be a lot of people thinking about those rock solid insurance guarantees on savings now, right?  Who has the authority to just change that?   All the talk about "haircuts" -- I didn't realize they'd claw away people's savings, even people have only a small amount of savings to their name.  God, that's cruel.  And regressive.  And this hits the people who have their savings in cash, primarily the little people.

    If this happened here when my kids were babies, it would mean that the little savings accounts I had for them would be robbed.   All the bits of cash and checks they got when they were born, for birthdays, etc. over the years, that I squirreled away for them -- they would just claw some of that away from little kids.  Seriously.  Some of those bank accounts being robbed in Cyrus belong to little kids and for what?  One of those savings accounts is still sitting in the bank for the one child who is still a minor.  Now I see why people of my grandmother used to hide large amounts of cash in her house.


    "Justice is a commodity"

    by joanneleon on Sun Mar 17, 2013 at 04:06:12 AM PDT

    [ Parent ]

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