“The tiny island of Cyprus became the center of the financial universe over the weekend, after its leaders, facing financial collapse and pressure from EU authorities, announced a plan that would let the government withdraw money directly from citizens’ savings accounts in order to fund a massive bailout. That’s the sound of Pandora’s Box being opened. European officials are now proposing directly picking the pockets of their citizens by going straight for their banking deposits, a move that Reuters says has ‘potentially severe consequences for the rest of the troubled euro zone.’ Incidentally, it’s also turning furious (and fearful) Europeans to Bitcoin.”
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