The EU has ordered Cyprus' government to freeze all bank deposits above 100,000 euro.
It comes equal to total confiscation.
The fact that depositors cannot get to any of their money above the sum of 100,000 euro, will cause panic among people investing in eurozone countries, including firms and businesses.
Nigel Farage was right: he said recently on Russia Today, that people would be mad to invest in the eurozone.
From Sky News:
"The plan will see the creation of a "good bank" and a "bad bank". The Popular Bank of Cyprus, known as Laiki, will effectively be shut down.
Deposits below 100,000 euros in Laiki will be transferred to Bank of Cyprus. Deposits above 100,000 euros, which under EU law are not insured, will be frozen and will be used to resolve debt."
"with the package requiring a full "bail-in" of uninsured depositors, which is likely to mean heavy losses for those with large holdings in Laiki and potentially Bank of Cyprus"
http://news.sky.com/story/1069277/cyprus-rescue-deal-wins-eurozone-approval
Which country is next?