The Largest Bank Robbery in History 03/26/2013

The government of Cyprus has taken near 5 billions dollars from her bank's large depositers. Russian Prime Minister Dmitry Medvedev called it “stealing.”

The excuse for the theft was they had to take the money to save their government. Cyprus government spokesman Christos Stylianides said: "We averted a disorderly bankruptcy which would have led to an exit of Cyprus from the euro zone with unforeseeable consequences."

Asked about the level of losses of the large depositors, he told state radio: "The assessment (stealing) is that it will be under or around 30 percent." The raid on uninsured Laiki depositors is expected to raise 4.2 billion euros, Eurogroup chairman Jeroen Dijssebloem said. This makes it possible for them to prevent bankruptcy.

The greatest danger of this theft is it could destroy public confidence and start a run on banks all over Europe.

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