The banks promise to look after your money but when you really need it the ATM will not dispense cash.Image

The banks own your hard working money.

We must be free from the banks. The lesson we have learnt from Cyprus is do not put your money in the bank. Instead invest in a good safe.

March 25 is normally a day of celebration in Cyprus, marking the Greek revolution nearly 200 years ago that led to independence from the Ottoman Empire.

The €10 billion European Union rescue that Cyprus secured at dawn on Monday will prevent a chaotic financial collapse and secures the island’s future in the eurozone. But it will also exact a heavy toll on the Cyprus financial sector and economy.

The EU deal means the closure of Cyprus’ second biggest bank — Popular Bank of Cyprus — and radical surgery at other banks that will cut the industry in half, cost thousands of jobs and starve the economy of credit, deepening a painful recession.

The deal has been structured to avoid adding significantly to Cyprus’ national debt, which should not exceed 100% of gross domestic product by 2020. Instead, it places much of the immediate burden on local and foreign individuals and businesses with more than €100,000 at Popular Bank and market leader Bank of Cyprus.

We must ask the question who are these mysterious creditors?


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