Five days ago, on March 16, 2013, the people of Cyprus were told by the grand poobahs of the Eurozone that as much as 10% of the deposits in their personal bank accounts would be “levied”, in exchange for a $13 billion (€10 billion) bail-out of their heavily indebted country to avoid bankruptcy and a banking collapse.
Cyprus is a small island country in the Eastern Mediterranean Sea to the east of Greece, and a member of the European Union (EU). The Eurozone is an economic and monetary union of 17 EU member states that have adopted the euro (€) as their common currency and sole legal tender.
The Eurozone’s levy was contingent on the approval of the Cypriot parliament, but parliament resoundingly rejected the levy. Meanwhile, to prevent a bank run, banks in Cypriot will remain closed “until next week”, euphemistically called a “bank holiday”.
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