London, United Kingdom – March 19, 2013. The news regarding the proposed levy on savings in Cyprus is well documented. With a vote scheduled for today which looks likely to end in defeat it is likely that savers will be none the wiser on what is going to happen to their hard earned savings and with Cyprus taking the unprecedented step of closing the Banks until Thursday it appears highly likely that a crisis cannot be averted.
"If there is a vote against the levy or another postponement" says David White, "I can envisage the closure of banks being extended to avoid a run on the Banks but this will merely have the effect of increasing the panic as and when they do open."
David White believes the important thing to think about is what is going to happen once there is some clarity and the Banks re-open their doors and how does it affect the 60,000 Britons caught up in this situation? Britain has already withheld pension payments...