Cyprus Debacle Has Investors Shifting Assets
The Financial Times published a story on Friday featuring Peter Schiff’s new offshore investment bank, Euro Pacific Bank, which has seen a 150% increase in new customer interest since the news of deposit confiscations in Cyprus. The article examines new ways for investors to protect their wealth from irresponsible central banks.
“‘Banks in Cyprus took deposits and lent them to the Greek government by buying Greek government bonds,’ [Peter Schiff] notes.
Under bailout plans hammered out this week, large depositors in Cyprus’s two biggest banks will pay the price for those loans; they could see their money wiped out entirely.
‘What’s going on now is a wake-up call from Cyprus. People are thinking about these things more and doing more research,’ says Mr Schiff.”