NORTH East Lincolnshire's MEP has branded news British ex-pats living in Cyprus are loosing thousands of pounds in banking taxes as "theft with a fancy name".
The levy on British bank deposits in Cyriot banks, as part of a new Eurozone-IMF bail in of the banks, has been described as "incredible" by UKIP MEP Godfrey Bloom.
Britons have about £1.7 billion of deposits in Cyprus and could lose up to £170 million after the Cypriot government agreed to seize up to ten per cent of savings and use the money to bail out the island's crisis-hit banking system.
Mr Bloom said:"This is just incredible. It is EU theft with a fancy name.
"Senior bondholders of these banks are left untouched while thousands of British savers in Cypriot banks shall have their hard earned savings stolen without their consent.
"This is corporate welfare on crystal meth. The Eurozone ministers who agreed this deal should be forced to go to Nicosia on Tuesday and take the money themselves.
"The approval of this practice should send shivers down the spine of any bank depositor in the Eurozone. It really will have large ramifications for banking stability in the EU- and none of them good," he said.
If you, or someone you know has lost money through the bail out scheme, contact our news team on 01472 372236.
Is the EU right to take this action or is it, as Mr Bloom claims, theft?
Join the debate by posting your comments here.
