If you are faint of heart you should not trade. If you like excitement and lots of movement here we go. Maybe see a Euro rebound?? LOL you gotta love it or hate it. Time for Euro elite to back track before the peasants with pitch forks show up at their door.
If initially Europe came out as utterly deranged in its Cyprus deposit-confiscation scheme, at least it was consistent. Now, it appears that Europe is desperate to appear not only completely incompetent but also unable to even make a simple decision and stick with it, following news from both the WSJ and the FT that the original confiscation thresholds of 6.75% and 9.9% for deposits below and over €100,000 is about to be revised.
From the FT: "a revised deal being discussed in Nicosia, with the blessing of the European Commission, would shift more of the burden on to deposits larger than €100,000, according to officials involved in the talks. Under a controversial deal struck with international bailout lenders in the early hours on Saturday, a 6.75 per cent levy would be imposed on all deposits under €100,000 while accounts over that threshold would be hit with a 9.9 per cent levy. The depositor levy was demanded by a German-led group of creditor countries to bring down the bailout’s price tag from €17bn.... Officials involved in last night’s talks said the changes in the levy’s rates were in flux, but they could see the higher rate increase to as much as 12.5 per cent while the smaller deposits could be about 3.5 per cent."
SO history experts, what is worse losing your deposit in banks to:
A. Inflation
B. Depression and banks going under
C. Govt. Confiscation to make sure the super rich get their money back.
D. Fill in the blank _____________________________
E. I hope Steve doesnt ban me.
F. Put all your money with a Forex broker and make money.
