Cyprus to Vote on Plan to Fund Bailout With Tax on Bank Accounts; Could the Same Thing Happen in U.S.?
In order to fund a bailout of Cyprus, European leaders have proposed the institution of a tax on bank deposits for residents of the small island nation. A vote is expected on the plan on Tuesday.
Cypriots rushed to pull their money out of banks and ATMs before the tiny Mediterranean nation’s government could finalize a plan to seize depositors’ funds to satisfy austerity demands from euro zone leaders, sparking a run that prompted banks to be closed until at least Thursday.
The island nation’s leaders were huddling to come up with a way to soften the blow on average depositors, with one proposal targeting accounts with deposits above $130,000.
So, could the same thing happen in America? Judge Napolitano says yes. “The people who have more than $100,000 in the bank are targets for any government that’s looking for money to shore up its own inability to manage its finances.”
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