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It "mean(s) there's no place to keep money and that the banking system has stopped working."
He's worried about Russian nationals. Of 68 billion euros in Cyprus banks, about one-third's from non-EU countries. Much comes from Russian depositors.
Economist Howard Davies says "Cyprus exposes (the) folly of eurozone banking union.""Over the past three years, the EU has shown a remarkable facility for turning problems into crises into catastrophes."
Europe remains "a long way from financial stability." Globalized economies won't escape. Desperation measures are wrongheaded. Responsible solutions aren't chosen.
Depositors think savings are safe. Once they learn otherwise, they'll take their money and run. Europe's a house of cards. Money printing madness solves nothing. Robbing ordinary people reflects tyranny.
Cyprus is a wakeup call. Most people don't pay attention. They do so at their own risk.
On March 21, Cypriot authorities announced a National Solidarity Fund. It's a thinly veiled scheme.
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