CBC is reporting: Four Reasons Tiny Cyprus Matters To Canada.
Under the terms of the Cypriot proposal that emerged Friday evening from EU, any bank account with less than €100,000 in assets would see 6.75 per cent withdrawn as part of the one-time levy. Anything over that level would get an even larger haircut — 9.9 per cent.
“Pay attention, please,” Southwest Securities managing director Mark Grant told clients in a recent note. “The European Union and the European Central Bank and the IMF have just advocated the confiscation of private property for their own indulgence.
“Bank accounts are not bonds or stocks or some other form of investments,” Grant said. “It is private property like your house or your car. Germany, France et al came in and said, ‘We want it and we are taking it.’”
Faith that your bank savings are safe is the bedrock of a healthy economy. So a lack of faith in the banking system is the kind of thing that leads to the next reason Canadians ought to be concerned about Cyprus.
All of the reasons given are very valid about why we should all be very concerned about what is happening in Cyprus.
Does the CBC know what is happening in Canada with FATCA? That should matter to Canadians even more.
Yet, our government and media remain silent.