EU drafts law in response to Cypriot bailout

[Condi]

And instead of protecting deposits, it makes the removal of savings from banks legal.

http://uk.reuters.com/article/2013/04/10/uk-eu-ban...

Unbelievable, and although I highly doubt it will affect us, the Irish might be a bit more concerned. Basically if a bank is needing extra capital it will take shareholders capital, and then can take bank deposits over 100,000 Euros. The Cypriot bailout was a one off and allowed under emergency measures, this law would make it easier for governments to do the same.