This is really a mistake for the Banking Sector. Consider this, Banks pay interest in order to attract depositors, so the banks can turn around and invest their depositor's money in other areas of the business. If a Bank "taxes" people's deposits then they are, in essence, charging them to deposit their money. It would make more sense for people just to keep their money in a mattress, or convert it into precious metals than use a bank. This is really a short-sighted idea, and that is probably why the Banks are staying closed until Thursday. From a depositor's perspective, you should withdraw your cash and stash it somewhere so it won't be confiscated by the ECB.
Read the Article at HuffingtonPost
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