Will Italy and Spain also face 10% confiscation on bank deposits ?
Main comments from Lars Christensen, CEO at Saxo Bank :
*** "The confiscation of 6.75 percent of small depositors money and 9.9 percent of big depositors funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy?"
*** "This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver."
*** "If you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer's money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive."
*** "Depositors in other prospective bailout countries must be running scared - is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now."
*** "This is a major, MAJOR game changer and the fallout will be with us for a long time to come. I believe it could be the beginning of the end for the Eurozone as this is an unbelievable blow to the already challenged trust that might be left among investors."
*** "Market reaction? it must be very good for gold and for safe-haven countries like Switzerland, Singapore and economically more healthy non-Euro contries in, for example, Scandinavia."
*** "This is full-blown socialism and I still cannot believe this really happened."
