He who pays the piper should call the tune

Some months ago when the troika bailed out Cyprus it was suggested and agreed, among the powers that be, to delve into the accounts of ordinary depositors in the banks to help make up the shortfall in required funds.

Given the reaction of the people of Cyprus and, more importantly, the rejection of the plan by the Cypriot Parliament, the plan was changed.

However, while it was considered ill-advised in the extreme to go after guaranteed savings of less than €100,000, anything above that was considered fair game. It turned out that fair game would appear to be that anywhere between 50% and 60% is being “legally” snatched and confiscated from the accounts of depositors.