Capital controls have officially come to Europe, specifically in Cyprus.
Having found that it couldn’t confiscate a small amount at all depositors’ savings accounts, Cyprus is now trying to confiscate a larger amount from the “wealthy,” who have savings stored there.
They’ve also implemented capital controls and staged a massive bank holiday to stop people from getting their money out of the country. So much for the concept of personal property, it’s not YOUR savings it’s the BANKS now apparently.
It is now official, the EU has broken up in fact just not yet on paper. Consider that the basic premise of the EU was open borders for people and money and you’ll see what I mean.
As soon as you start talking about limiting these things, you’ve broken up the Union. It hasn’t been passed into law… yet, but it will as soon as this round of the Crisis picks up steam.
Read more at Zero Hedge. By Phoenix Capital Research.