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OpEdNews Op Eds    H3'ed 3/31/13

Depositor Haircuts Spreading

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Amounts "below 100,000 euros are protected. Deposits above 100,000 euros are not protected, and shall be treated as part of the capital that can be bailed in."

Don't bet against all deposits being tapped. If enough funds are needed, they're fair game. The sky's the limit. Entire accounts may be taken. Saving banks matters most. All options are on the table.

Legislation awaits Euroland member states' approval. Early 2015 implementation is planned. If trouble erupts sooner, it could happen any time. 

Depositor confiscation is policy. It's spreading like wildfire. It may, show up anywhere. Your money is theirs. It's there for the taking. As much as needed can be seized. Life savings can be wiped out. There's no place to hide. Forewarned is forearmed.

Financial analyst Martin Weiss suggests troubled Cypriot banks are canaries in the coal mine. TV talking heads say "no one could have possibly known" what was coming.

"Don't believe them!" Last April, Weiss Ratings gave Bank of Cyprus and Laiki Bank D- grades. In December they were downgraded to E-. Doing so put them on death watch. They stood on the "very brink of failure."

Don't believe claims about "stabilized" or "contained" crisis conditions. 

"Nothing could be further from the truth," said Weiss. The worst is yet to come. Expect "massive losses from 40 to 80 percent on uninsured deposits."

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