The Cypriot Government was racing against the clock today to push through a deeply unpopular levy on bank deposits that it agreed to in return for a €10 billion (£8.66 billion) bailout from the European Union. The levy, which will apply to all account holders from pensioners to Russian oligarchs, was part of a deal struck in Brussels last night. Those with deposits of more than €100,000 will be hit with a 9.9 per cent charge; under that the levy drops to 6.75 per cent - raising a total of around €5.8 billion (£5 billion). The deal was timed to coincide with a holiday weekend on the Mediterranean island, with banks now closed on Tuesday - giving the Government the chance to make the deductions…

Read More:

Could this happen here? Confiscation of funds? While this is not the US, it did just happen in the financial world last night. The boldness of this government act and thinking they will get away with it, should awaken us all.