The European Union, as a condition of bailing out the Cyprus banking system, will be taxing the savings of ordinary people and corporations alike up to 10% in a one time (so far, who knows what the future holds) levy. The banks have been closed over the weekend as deposit holders have been scrambling to withdraw as much as they can from ATM's across the country. The government has imposed a banking holiday in order to stave off the expected run, and may not reopen until as late as Wednesday or Thursday. Read one of many articles here:
http://www.nytimes.com/2013/03/18/business/global/facing-bailout-tax-cypriots-rush-to-get-their-money-out-of-banks.html?_r=0
Will this happen here?
