Cyprus Extends "Bank Holiday" Blocks Transfers From Depositor's AccountsSubmitted by Paulreal on Sun, 03/17/2013 - 10:11
Yesterday the European Union ministers agreed to bail out Cyprus in part by imposing a tax on money held on deposit by Cypriots.
A bank holiday was declared for Monday and the depositors would wake up Tuesday with their banks open and part of their money gone- no matter this would be a one time charge and Cyprus would be saved- so said the EU masters and the media.
More details here: Cyprus Bank Depositors Forced to Forfeit Money To Fund Bailout
Yesterday the Cypriot legisature was supposed to hastily meet to rubber stamp the bailout terms, but cancelled the meeting when it was realized that the measure might not pass.
The status now is the bank holiday has been extended and depositors have been blocked from their money until the Cypriot legislature can get the votes for the bailout to pass.
Stay tuned for dire warnings and threats if Cyprus doesn't agree to take it bank depositors' money to pay for the bailout.