Is there a cypress bank run on the way? Especially with all these talks of a cypress bank bailout on the cards.
The cypress 10% levy of bank saving has the I.M.F worried. They say it sets a dangerous precedence and fears a mass withdraw of funds in Cypress and abroad. A cypress bank run could have massive ramification for both the public and governments, but tensions are tight right now, and fevers high.
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Pictures above show protesters writing the words NO on their hands, opposing banks penalizing depositors this week. They are angry that even small account holders will be raided to help fund the cypress bailout. The deal by the European Union has already been rejected amid fears for a massive cypress bank run.
Protesters are angry it has taken 40 years to build up their economy to the state it is right now, and within 24 hours it has been shot down in flames. One protester stated the obvious. "If they can do this to depositors here, they can do it to depositors anywhere in the world, and that is pure theft to all of us!"
Europeans believe in Europe but the government has now betrayed that trust, increasing the chances of a run of banks, or a cypress bank run.
Banks and some ATM's have been closed till THURSDAY fearing a possible cypress bank run or run on banks in some areas, and it has the public very nervous. Some ATM's are limiting funds but the theory there is a possible cypress bank run could quickly turn into a stampede of people scrambling to get their money out at the same time which could have severe consequences.
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Bankers on the other hand are worried that doing a bailout could send signals that banks are no more a safe option just as people were beginning to regain a little confidence.
Right now everyone is on edge as a cypress bank run is a possibility and it seems a total revision is coming down the track in EUROPE and right now things are way to fragile to risk another full blow crisis.
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