Their banks are toast, people will go to banks out side of that nation, or use cash. It will only hurt the econ.
FYI, announced they killed the 10% raid, due to the riots.
This would be a strange twist in our electronic almost cashless society if once again a large segment of our population backed off and quit using banks system. I don't think we could, it would be a mess.
As for what it does to the economy, do you really think that the left cares about the economic impacts of their power grabs? They'll always be able to get what they want. That's what power is for. And the beauty of it is that the grubby little capitalists that they despise will have to come to them to stay in business. The elites will live better than the rest of us, on our dime, and we won't be able to do anything about it.
The worst part is, thanks to the stupidity of the populace, when things go to shit, they will blame the Republicans and the lapdogs in the media will make sure that lie sticks. As I keep saying, Geobbles would be proud.
The European Union gave Cyprus till Monday to raise the billions of euros it needs to clinch an international bailout or face the collapse of its financial system and likely exit from the euro currency zone.
I suspect it'll be an empty threat, but the EU is ramping up the pressure.
"......Isle of Man......."
Beautiful banking system, totally immune from the grubby hands of any government, and they have affiliations with most large US banks (deposits insured by Lloyds of London). You can pay your bills with their checks, and they are prompty honored......total freedom from government meddling. Been banking there for years......so long as the US income taxes are paid on any deposits, electronic transfers are easy and instantaneous.
You have to declare these offshore accounts on your 1040 annually, however the IRS has NO access to them..........
What politicians always fail to consider is that all wealth is "portable", and will gravitate naturally to the least risky and intrusive location, and where the income potential is the greatest. The dumbasses at the bottom of the income pyramid won't grasp theses esoteric solutions, however the vast majority of the "smart money" will be gone with a mouse click, should our politicians attempt a stunt like this.
The great unwashed can riot and tar and feather them, but the real money is GONE...........if you really think that a person that has amassed a substantial amount of cash reserves gives a damn about the effect of offshore banking on the US economy........you need to reconsider, I sure as hell don't. This government screwed it up, let them fix it, but not with MY MONEY..........I'll grill steaks over it first.......