View Single Post
Old 03-25-2013, 06:31 PM   #123
Happy camper
baja's Avatar

Join Date: Apr 2001
Location: in the present moment
Posts: 60,205


Originally Posted by DenverBrit View Post
If you put your money in a European bank, your deposits are insured to 100k Euros (US, $250k).

If you put it in an 'offshore bank' looking for high returns (Cyprus) you have no insurance.....excepting that because Cyprus is in the EuroZone, they were able to get a bailout and bank deposits were insured to 100k.

If that were a Cayman or Bahamian bank, depositors would lose all.
What you fail to address is why the banks are in trouble in the first place. They are doing nothing short of gambling in the derivative market which would be illegal if the banksters had not strong armed governments to remove controls such the Glass Steagall Act.
baja is offline   Reply With Quote