Opinion (Lars Seier Christensen, CEO of the SAXO Bank): “It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors’ money and 9.9 percent of big depositors’ funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy? …
“Depositors in other prospective bailout countries must be running scared – is it safe to keep money in an Italian, Spanish or Greek bank any more? I don’t know, must be the answer. …
“This is a major, MAJOR game changer and the fallout will be with us for a long time to come. I believe it could be the beginning of the end for the Eurozone as this is an unbelievable blow to the already challenged trust that might be left among investors. Talk about a possible own goal.
“Market reaction? it must be very good for gold – and for safe-haven countries like Switzerland, Singapore and economically more healthy non-Euro countries in, for example, Scandinavia. I would think the EURO and associated markets will be undermined by increasing lack of confidence when the full implications become clear for investors.
“This is full-blown socialism and I still cannot believe this really happened.
“Be careful out there…”
My Comment: We are being forced to change all the rules, then the game itself, and then the players, that is, it will force people to correct their nature because they will become convinced that there is no other way out.