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Draconian restrictions were imposed. Contagion's spreading. It's planned for other European countries.
According to Weiss, restricting free capital movement directly violates EU treaties. No matter. Eurocrats have final say. Depositor haircuts and capital controls were imposed.
"What message does THAT send to global investors who have trillions of euros and pounds on deposit in Europe?""The answer is simple. The message is better get the hell out of Europe while you still can, before the Troika helps other countries slap on more capital controls, trapping your money there, too."
If only Cypriot banks were troubled, "damage to depositor confidence might be minimized."
That's "absolutely not the case. Some of the most endangered banks are among the largest (ones) in the world." European banks are especially troubled.
Contagion's heading their way. European Parliament legislation explained. Depositor haircuts are planned. Major French, British, Spanish, German, Italian and other European banks are "knee deep in bad loans."
They're all in or "near the same condition as Cyprus banks were a year or two ago." Three major banks have E- ratings. Others approach them.
European banks reflect a "forest of dry timber that could burst into flames with the slightest spark."
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