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Cyprus Wealth Tax Backfires:
Withdrawals Abroad From Cypriot Banks

The hysteria surrounding the Cyprus bank deposits tax has escalated and continues to worsen day by day.

Two people detonated a bomb at a bank, after trying to break the bank office's glasses with iron rods.

Cypriot citizens and foreigners are losing patience during the long bank holiday that's blocking them from withdrawing their money from their bank accounts.

It's not sure how much has already been withdrawn or transferred to other accounts, but estimates are in the billions of euros.

Bank holidays are an extremely dangerous phenomenon. During the great crisis in the 1930's the scanrio was eerily similar. Bank holidays and bank runs.

Banks on Cyprus are supposed to stay close until Thursday, March 26th, 2013.

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