toedtoes wrote:
T18skyguy wrote:
I recently read that to solve a budget crisis, a foreign government just electronically cleaned out it's citizen's bank accounts. Yup, just took all their money in an instant.
Not quite what happened. The Cyprus bank accounts were insured for up to 100,000 euros. Accounts that had more than 100,000 euros had 40-50% of that additional money taken to pay for the bailout. There are big questions as to the source of those large accounts - many Russian depositors. And the Cyprus banks' deposits were at about 800% of the Cyprus GDP - again something smells.
My grandfather never put more than the insured amount into any single bank because he knew anything over that amount was at great risk. That's common sense. Hiding your money in your mattress is just as likely to get it wiped out in one blow as putting it all in one bank.
Thank you for that clarification. I couldn't remember what country. Here's another gem. Facebook has been making a push to get into our banking records. Wouldn't that be great? Apparently they've been put off for now, but the tone of the article seemed to imply they'll try again.
