People in Cyprus have reacted with utter shock after learning of a one-off levy of up to 10% on savings as part of a €10 billion bailout agreed in Brussels. Queues formed outside savings banks and ATM’s as people desperately tried to withdraw their money, although it had already been arranged that savers could withdraw all their funds EXCEPT for an amount corresponding to the levy.
Savers will, however be compensated in respect of the levy…with shares in the bankrupt banks…which they now basically already own through the bailout…Sounds like a really good deal!…But then again, someone has to fund the bonuses.