Day: March 21, 2013

The Cyprus Scare: First of Many to Come

One of the most foreboding items in the news this week was the threat that Cyprus banks were going to confiscate personal savings tax those who have savings accounts from 6.75% up to 9.9% for the wealthiest. That would mean forking over nearly 10% of one’s savings to the government in an attempt to forestall an economic crisis. The last I heard, this has been avoided by a bailout from Russia at an interest rate lower than prevailing market rates…. Read more »