'International creditors take Cypriots' savings, give austerity'


The financial and banking crisis in Cyprus is taking a toll on larger depositors with major depositors in the Bank of Cyprus facing potential loss of 60 percent of their assets, which would be converted into market rate bank shares. Regarded as legal bank theft by some, growing public awareness that money deposited in banks actually becomes legally owned by the bank to do with what they want has the world watching Cyprus as an example of what could be faced by Europeans of other countries in the future at any time especially in PIGS countries suffering most from the social and financial consequences of excessive debt and austerity. 

Interview with Dean Henderson.

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