It is important to note that the ECB could have avoided this mess by simply printing up several billion euros and giving it to the banks, in effect sweeping the mess under the rug. Instead, the eurocrats decided to play hardball. One has to ask why.
The reason for this is because they are getting ready for bigger bank failures. The Dutch EU minister said taking depositor money is going to be the template throughout the EU, which should send shivers up the spine of everyone, whether or not they have money on deposit in a bank.
As if that were not enough, this Friday, Argentina is probably going to default on billions of dollars it owes banks. When this year began, I was saying that we will a see another Lehman-type collapse in 2013. Cyprus is the tremor, but the real earthquake isn’t far away.
Read the complete article at King World News here.
Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.