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Truth is in favor of you and me; for the truth of our enemies whom we have been serving here in the U.S.A. for over 400 years (whom we did not know to be our enemies by nature) is the truth that the Black Man must have knowledge of to be able to keep from falling into the deceiving traps that are being laid by our enemies to catch us in their way which is opposed to the way of righteous of whom we are members. ~ The Honorable Elijah Muhammad

Tuesday, March 19, 2013

Collapse of the Euro? Civil Unrest in German? Cypriot bailout tax could have unintended casualty: trust in Europe's banks

Europe continued to struggle Tuesday to explain a controversial plan to bail out the troubled Cypriot economy, one that is undermining the continent’s most prized – but scarce – asset: trust.

The Eurogroup, which brings together the finance ministers of the 17-member eurozone, disclosed Saturday a 10 billion euro ($13 billion) rescue package for Cyprus that requires the fiscal haven island to raise another 5.8 billion euros from its banks by taxing depositors.
However, the loan agreement with the troika – the European Union, the International Monetary Fund, and the European Central Bank – unexpectedly included a controversial levy of 6.75 percent on bank deposits below the 100,000 euro ($130,000) benchmark, the maximum amount that accounts are insured for in Europe.  - CSMonitor.com


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Cypriot lawmakers have rejected a critical draft bill that would have seized part of people’s bank deposits in order to qualify for a vital international bailout.
The bill, which had been amended Tuesday morning to shield small deposit holders from the deposit tax, was rejected with 36 votes against, 19 abstentions and zero votes in favor. One deputy was absent.
U.S. stocks fell, with the Standard
& Poor’s 500 Index poised for the longest retreat this year, as
Cypriot lawmakers’ rejection of a bank levy sparked concern
Europe’s debt crisis will worsen.

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