Sunday, 17 March 2013

EU dawn raids on savings accounts

Truly shocked at what the EU has just done to savers, many of them British, in Cyprus. Effectively opening up their savings accounts overnight and arrogantly taking a dip, I am surprised the country hasn't gone up in flames.

Casting your minds back to my blog of last month concerning the rather nasty inclusion in the De Backer report concerning our savings, you might remember the shocking details of the proposals. Should you not, here's the exact text:

40. Notes that in some Member States there is a record amount of household savings in bank accounts, while in other Member States deposits are reducing because of the effects of the crisis; stresses that creating a proper framework of incentives to activate these household savings should facilitate SMEs’ access to finance, both domestic and cross-border, and boost the EU economy; calls on the Commission to come forward with a proposal on the activation of these savings, for example by introducing incentives based on the best practices existing in the Member States;

Whilst Telegraph readers point out that expat savers should have fiscally inoculated themselves against this kind of financial fascism perhaps they would like to consider which MEPs voted for the above or, more to the point, the handful who voted against. There's more on this here.