Cyprus steals money from personal Bank Accounts, could it happen here?

Certainly there is an enormous amount of Russian money tied up in Cyprus. 

Russia will control the situation even to the extent of annexing Cyprus to the Russian Federation in some way. Da

Cyprus and its international lenders on Monday reached a last-minute rescue deal to resolve the country's financial crisis.

The proposal includes a levy on uninsured deposits over 100,000 euros in the Popular Bank of Cyprus, known as Laiki, the country's second biggest bank, which is set to be wound down. The deal is expected to contribute around 4.2 billion euros (US$5.5 billion) towards the Cyprus rescue package, Jeroen Dijsselbloem, president of the Eurogroup said.

Deposits below 100,000 euros in Laiki will be protected and moved to the Bank of Cyprus, the country's largest bank.

The plan to secure a 10 billion euro ($13 billion) lifeline from international lenders, the European Union, the European Central Bank and International Monetary Fund, came just hours before a deadline to avert a collapse of the Cypriot banking system.

Might be good for the people of Cyprus generally, but see what the European Union tried to do, a case of 'our way or else' and in the end they dangled a carrot!

That stinks as far as I am concerned.

(Reuters) - A rescue program agreed for Cyprus will serve as a model for dealing with future euro zone banking crises and other countries will have to restructure their banking sectors, Dutch Finance Minister Jeroen Dijsselbloem the head of the region's finance ministers said.

"If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalize yourself?'. If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalizing the bank, and if necessary the uninsured deposit holder,

An afternoon statement from Mr. Dijsselbloem lifted markets off their worst levels. The Eurogroup head said, "Cyprus is a unique case...no models or templates are used." he said.

Good grief, it looks like they are going to steal money from uninsured deposit holders if banks in other EU countries get into financial trouble.It is immoral.