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Banco Santander, S.A. Message Board

  • isaac_dj isaac_dj Mar 20, 2013 3:18 AM Flag

    Cyprus Parliament REJECTS Saving-Account-Levy Bill !!!

    The bill was plain insane. It would authorize the government of Cyprus to confiscate 15% of all savings accounts in the banks of Cyprus. And the terms of the bill were actually suggested by the EU? What in this world were they thinking? Such a bill would have easily destroyed Cyprus's economy as most people would have pulled all of their money out of Cyprus banks.

    Anyway, in the Cyprus's 56-member parliament, "the ruling party abstained and 36 other lawmakers voted unanimously to reject the bill." And NO ONE VOTED FOR THE BILL.

    Keep this in mind: the EU could have easily approved Cyprus's bailout package, just as they did for Ireland, without requesting this draconian bill.

    Sentiment: Strong Buy

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