Today, it was announced that Cyprus's parliament has postponed until Monday an emergency session to vote on a levy on bank deposits after signs that lawmakers might block the surprise move agreed in Brussels to help fund a bailout and avert national bankruptcy.
The proposed levy, or tax, would cost folks up to 9.9 percent of their deposits in return for a 10 billion euro ($13 billion) bailout to the island, which has been financially crippled by its exposure to neighboring Greece.
Because of the possibility of this levy being passed, folks are emptying out their bank accounts primarily by using ATM machines. However, all electronic transfers have been halted by the island country.
The radical move as far as aid packages go is a major step into forbidden territory from previous aid packages as far as Cyprus consumers are concerned.
The EU is in dire financial straights. Not that the US isn't, but the US is one country, the EU is made up of 27 different countries that are all obligated to obey the direction of the EU Parliament regardless what their country might have to say about issues and practices.
France, Germany, Italy and others are in the same financial boat. The EU is failing miserably and now they want the folks who work hard and want to keep some of their savings to pay the bill! However, it's not just about Cyprus.
The EU was started by wishful thinking financial globalists who thought they could bring down the dollar and the U.S. Perhaps that worked for a while, but it seems all to curious that they are failing now. So is the dollar you say? However, did you ever wonder if the U.S. dollar was allowed to fall with the intention of destroying the EU because it went totally against the U.S.? Some folks believe that, and it seems to be working.
So, say goodbye to the E.U., or perhaps an "adios amigo" would be better since they still have a little time, but time without power is worthless.
Copyright © 2013 by: Jake Jones