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View Diary: Bank Run in Cyprus, Will it Spread to Southern Europe? (322 comments)

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  •  Since their Accounts are Actually Insured (2+ / 0-)
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    nchristine, Cliss

    Accounts in the EU are insured up to a 100,000 euros. If they had only levied a tax on money beyond that point it would have been more defensible. But going after the lenders whose money is supposed to be insured against loss says that bank insurance is meaningless under EU law. And their pathetic justification that it is just tiny little Cyprus being trampled on so it doesn't matter and other regions need not worry demonstrates what a sham the EU has become in that they feel free to treat some member nations more equally then others.

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