Banking is still very unstable...

  • alandob
  • 12/10/08 31/05/09
  • a depositor
  • Offline
Posted: Sat, 16/03/2013 - 17:01

The euro zone struck a deal today (16/03/2013) to give Cyprus a €10 billion bailout package, in exchange for Banks forcing savers to hand over a percentage of their deposits in order to stave off bankruptcy.

Please see this link for further details

I live in Spain and should I move my savings out - if so where?

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This is a one-off as Cyprus

  • sambururob
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Sun, 17/03/2013 - 07:41

This is a one-off as Cyprus is a special case. It has become the off-shore centre of choice for Russian tax evaders and money launderers and had built up a greatly inflated banking industry on the back of it. The E.U decided that the depositors (of which nearly 50% are Russian) could chip in even though ordinary Cypriots will get caught by the tax as well. Unlike Spain, Cypriot banking had grown like Iceland and the Isle of Man and so I feel you have little to fear.