As Europe rejoices on March 25 as the ECB and EU complete a program to save the banks of Cyprus, other institutions in the island nation are not so jubilant. The church of Cyprus, which is part of the Greek Eastern Orthodox church, is expected to lose $100 million of their money, as the Euro Zone bailout plan intends to steal 40% of everyone's money over $100 thousand euros.
The Orthodox Church of Cyprus has lost over EUR100 million reacted to its holdings in Bank of Cyprus. Church leader Archbishop Chrysostomos II, in comments on TV, noted that "Cyprus asked for 'crumbs' compared to large size of Europe’s budget," and that those responsible in Cyprus should be punished (he blames the outgoing government, Ministers of Finance, the Central Bank, and the Executive Directors of Banks) - "those that brought the place into this mess, should sit on the stool." - Church of Cyprus via Zerohedge
The church joins with former Russian KGB and current FSB depositors who themselves are expected to lose over $7 billion of their money, simply because they stored it legally in banks that corrupt ECB officials used to purchase toxic assets, derivatives, and massive bonuses.
Funny how legal depositors can lose 40% of their money simply for being a good customer, but a bank like HSBC can earn 90% of their windfall for providing money laundering services to known terrorists, drug cartels, and international criminals.