Cyprus And Their ‘Stash

Oh boy, savings in Cyprus are not safe anymore. The banks are in trouble and the government is about to rule that everybody needs to hand over 10% of their savings in order to save the banks. The whole idea is that very wealthy Russians who stashed lots of cash with these banks will be “helping” the banks out as well. But also the poor buggar who only ‘stashed away €20,000 for example.

Weird, savings up to €100,000 per person per bank are supposed to be safe here in the EU. If a bank goes bankrupt you will still get your money up to that amount back. That’s just the way it is.

I’m glad we recently decided to throw lots of our ‘stash into our mortgage. At least they can’t take that away from us anymore…

Love,

Mrs EconoWiser

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2 thoughts on “Cyprus And Their ‘Stash

  1. Valhalla

    Guess Cyprus is just a testcase for the rest of Europe. I have that thought about the mortgage payments too but I also read that people with a house without a mortgage, were forced to take another mortgage by the government in Germany 70 years ago… There is in the Netherlands also this crazy law from 1976 that says the minister can claim practically everything like savings, houses, and well, the contents of your pantry, in case of emergency.

    I really think we’re f*cked. Privatising all of our companies, including our energy- and water and healthcare… taking our savings and all….

    Reply

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