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Saturday, March 16, 2013

Bank Runs In Eurozone Possible After Cyprus Emergency Meeting Sunday

A shocking development this weekend. Residents of Cyprus have run on the banks on the small Mediterranean island, after news that Cyprus is considering instituting a 9.9 percent tax on wealthy bank depositors' accounts with balances over 100,000 Euros, with ordinary accounts hit with a 6.75 percent tax, as part of Eurozone austerity measures imposed Saturday.  The Cypriot government will meet to vote Sunday on whether to adopt the measure.

Eurozone ministers have declined to rule out similar measures in other countries.  This may weaken many Eurozone banks as well as spark a flight to quality -- hell, a flight to pure safety -- as capital preservation becomes the immediate concern over any concern over returns on investment. 

One wonders if the United States will see a flood of new capital, as well as increased commodity buying from abroad as people seek to convert seizable assets into less liquid assets.  Gold and silver, anyone?

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