Ever since I heard about Cyprus' financial crisis, I have been watching international news whenever I have the chance.
This seems to be the first case of having depositors being penalized for saving when the nation require bailing out. Even though Cyprus is a small nation, depositors of other nations would be affected. I wonder if those who are affected are from Cyprus or are they mainly from Russia as reported? Today I heard from a middle eastern TV news that badly affected depositors are given Cyprus citizenship.
When I mentioned the last bit to my husband, he doubted any foreign depositors would want to live in Cyprus with the current financial climate. Now I see why Asians prefer to convert liquid wealth of a certain strata to real estate. A piece of land or a building could not be taken away by any financial institution as easily. Real estate in prime sites would appreciate over a period of years too.
I have long ago given up my career to bring up my children. Since my husband had a business failure, I have learnt to live a simple life. Whatever little surplus I have, I give away to God's work. In that sense, I don't have to worry about any authority taking away my wealth in any local or foreign bank. God is no man's debtor, the bread I have cast over the water did come back in ways I earlier could not imagine.
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