Portugal Will Raid Banks Like Cyprus

Prime Minister Pedro Passos Coelho is on the back foot as he tries to stave off another bank run and this time the Troika could confiscate all deposits.

“This is the simple redistribution of wealth from previously sovereign nations to the central bank and will also occur in Spain, Slovenia and many other Southern EU sectors who were tricked into getting into the Eurozone currency,” policy researcher, Melvin Tertorro, told the Euronews channel.

Collectivist EU techniques of wealth redistribution have already been used in the bankrupt Southern Cyprus sector.

“Cyprus was a dress rehearsal for the rest of the Southern profligate sectors who are to be made an example of. The British expats and other foreigners are simply seen as collateral damage, we will take their money as well without any qualms. As for the property they own, it is unsellable and even if they do manage to sell it, they will not be able to take the money out of that EU sector,” an unnamed unelected ECB official told EU state networks.