After Cyprus? Beware deposits in Spain, France, Italy (and equities and bonds too)
The events of the last 10 days have taken the level of incompetence of EU decision makers to a new level. The original decision to steal, sorry, apply a levy to all deposit holders, however small, was perfectly legal. The decision this weekend to exclude small savers was purely political - and the damage had already been done. Now UK savers and investors must be very wary if they have deposit accounts, or other financial interests, in Spain, France, Italy, and Portugal. Here we explain why and consider alternatives.