The EU has now shown that it is not simply a fraudulent organisation (audits
not signed for 16 years) but a criminal one. Expropriating funds deposited in
banks is no better than daylight robbery.The lesson or ALL is to quit this organization without further delay.....Under an arrangement expected to be announced on Saturday, depositors in Bank of Cyprus will receive shares in the lender worth 37.5pc of any savings over €100,000, while the rest may never be paid back, according to Reuters, citing a source with direct knowledge of the terms. Of the 62.5pc of uninsured deposits not converted to bank shares, about 40pc will continue to accrue interest but will not be repaid unless the bank does well, while the final 22.5pc will cease to attract interest, the source told Reuters. Government figures, including finance minister Michalis Sarris and central bank governor Panicos Demetriades, had previously indicated that depositors in the island's largest lender would lose around 40pc of their uninsured savings as part of an 11th hour agreement reached in Brussels in the early hours of Monday. Meanwhile, account holders in Laiki Bank, the country's second largest, stand to lose up to 80pc of their money as the lender is wound down and insured deposits transferred to Bank of Cyprus. The harsher-than-expected terms on the Bank of Cyprus' largest depositors will provoke further anger among Cypriots, who face sharp economic decline with the contraction of their dominant banking sector. The most irritating thing about this whole tragic saga is the constant use of the euphemism 'haircut'. Theft is theft pure and simple. Theft is, and always has been a serious criminal offence; anyone found guilty of it should be properly punished for their crime. When we start trying to dilute the meaning of it and pretend to mitigate the affects of it we seriously jeopardize our morality as human beings. Perhaps rape will soon be described as undesired sex, and murder as a premature termination etc, etc.
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